Cathie Wood’s ARK Invest offloaded $49 million worth of Coinbase (COIN) shares on Friday, according to the investment firm’s daily trade update email. The move followed a $24 million sale earlier last week. The continued selloff is likely due to COIN’s stock rally rather than a bearish stance, however, given the weighting policies of ARK’s funds.  

The 335,860 shares were sold across three funds, which amounts to about $49 million at Friday’s $146.62 closing price. The three funds were ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW) and Ark Fintech Innovation ETF (ARKF). The majority (326,925 shares) came from ARKK. 

Coinbase shares surged 60% in November as the crypto exchange got a boost from the general market optimism around potential spot bitcoin (BTC) ETF approvals. Coinbase also gained after rival Binance agreed in late November to pay more than $4 billion to resolve a criminal investigation brought by the U.S. Department of Justice. 

Read more: Coinbase Shares Surge 60% in November Amid ETF Optimism, Binance Fallout

The rally has impacted Coinbase’s weighting in the ARK funds. ETFs typically calculate the weight of each stock based on its market value as a proportion of the overall market value of the portfolio. A stock rally would raise a company’s market asset value within the portfolio and increase its weight. 

In ARK ETF portfolios, the top ten holdings generally account for 50% of the portfolio, while the maximum position for each stock is typically 10%. After the recent sales, Coinbase still accounts for 11.1% of the ARKK fund, 11.89% of ARKW and 13.3% of ARKF

Coinbase shares are down 6.5% to $137.05 on Monday amidst a broader crypto market pullback.