According to The Block, ARKW, a fund under Ark Investment, sold 118209 shares of ARKB, a Bitcoin ETF jointly issued by Ark Investment and 21Shares, yesterday and simultaneously bought 33143 shares of Tesla. This is the first time that Ark Investment has sold its ARKB stake since January. However, this does not mean that Ark Investment is bearish on the future of Bitcoin.

The investment strategy of Ark Investment aims to ensure that any single holding does not exceed 10% of the ETF investment portfolio. This is to maintain as much diversification as possible in its fund, which means that when the ARKB increases relative to other holdings in the fund, it may undergo rebalancing to adjust its weights. Since its launch, the Bitcoin spot ETF has risen by about 31%, and overall, the ARKW ETF has grown by 33% in the past year.

According to the information disclosed by the company, ARKB is the largest holding in its ARKW ETF, with a weight of 10.98% as of July 24th and a market value of approximately $162.5 million, surpassing the holdings of Tesla, Roku, and Coinbase, each holding 9.5%, 8.48%, and 8.23% respectively.

Last week, Ark Investment also sold its largest stake in Coinbase since May, worth approximately $4.3 million, from the ARKW fund.