Ark Invest sold 44,609 shares of the ARKB Spot Bitcoin ETF on Monday, valued at $2.8 million, as the investment firm rebalanced its fund weights, The Block reported.

The firm led by Catherine Wood sold a total of $17.5 million in ARKB shares from its ARKW fund, but still holds $139.7 million in the spot Bitcoin ETF.

Ark Invest sold 44,609 shares of the ARKB Spot Bitcoin exchange-traded fund from its Next Generation Internet ETF (ARKW) on Monday, valued at $2.8 million.

The sale follows the company’s sale of shares of its own spot Bitcoin ETF on August 1, when it sold $6.9 million worth of ARKB.

Ark Invest has sold a total of $17.5 million worth of Bitcoin ETFs so far, and also sold $7.8 million of ARKB shares in July. The company's strategy is to ensure that no single holding accounts for more than 10% of the ETF portfolio. This is intended to maintain the diversification of its funds, meaning that if ARKB appreciates relative to other holdings in the Ark fund, it may continue to rebalance its asset weights.

According to the company's disclosure, ARKB remains the second-largest holding in the ARKW fund as of September 24, accounting for 9.93% and worth $139.7 million. This is equivalent to nearly 5% of the total assets managed by the spot Bitcoin ETF of $2.9 billion. According to Blockchain's ARK 21Shares Bitcoin ETF page, Tesla stock is the largest holding in the ARKW fund, accounting for 10.15% and worth $142.9 million.