Cathie Wood's disruptive tech-focused ARK Investment Management sold $49 million worth of Coinbase shares on Friday amid the cryptocurrency exchange's ongoing price resurgence.

ARK liquidated 335,860 Coinbase stocks across three of its exchange-traded funds as the company's weighting grew over 10% on swelling valuations - surpassing mandated concentration limits. The sale marked ARK's largest Coinbase disposal since offloading $50 million in July 2022.

Despite trimming exposure, Coinbase still accounts for over 11% of ARK's flagship Innovation ETF and FinTech fund. The crypto platform closed Friday up nearly 8% at $146, accelerating a revival from 2022 lows over recent weeks.

ARK has consistently pared Coinbase holdings even as prices rebounded given its relative outperformance pushed allocations above internal policy guardrails. The Friday liquidation followed additional sales of Grayscale's bitcoin trust.

But ARK's trading likely reflects rebalancing needs rather than souring conviction. The ETF operator remains a premier crypto asset manager with broad digital currency exposure across vehicles. Its latest moves unlocked funds after stellar growth rather than signaled concern.