Cathie Wood’s ARK Invest has sold more than $25 million in Coinbase (COIN), from two of their exchange-traded fund (ETF) on Wednesday.

The investment firm sold 166,183 shares of COIN from its Innovation ETFs (ARKK) & Next Generation Internet ETFs (ARKW), valuing the sale at $25.3 million based on the closing price of the crypto exchange.

Coinbase’s Nasdaq listed shares fell by 2.96% on Wednesday to $152.24 as the crypto market rally stopped and bitcoin dropped. This was partly due to leverage flush when the market became too hot.

ARK ETFs are governed by a target holdings weighting, which means that no single investment can exceed 10% of the total fund value. COIN’s price has more than doubled over the last three-months of 2023. This has led to Cathie Wood’s firm selling the crypto exchange’s shares regularly.

Read more: Cathie Wood’s ARK Invests In ProShares Bitcoin ETF After Dumping Grayscale Holdings

Sheldon Reback is the editor.