Cathie Wood, chief of Ark Investment Management, often adjusts her top holdings, buying more stocks when prices dip and selling as they rise.

In the past week, she sold a stock that has surged 37% over the past month.

Cathie Wood sold $47.9 million of Coinbase stock

From June 30 to July 2, Wood’s Ark funds sold 137,075 shares of Coinbase Global Inc.  (COIN) . That chunk of stocks is worth roughly $47.9 million.

Coinbase runs the biggest crypto exchange in the U.S. and generates revenue through transaction fees from cryptocurrency trading on its platform.

Despite Wood's recent sales, Coinbase remains the second-largest holding in the ARK Innovation ETF, accounting for 8.4% of the portfolio.

The stock closed at $355.80 on July 3, up 37.4% over the past month, lifted by a wave of optimism around crypto regulation, product expansion, and investor interest in Bitcoin.

One of the key drivers was the U.S. Senate’s passage of the GENIUS Act, a bill that outlines clearer rules for stablecoins. The legislation could help ease uncertainty around crypto compliance and pushed Coinbase stock sharply higher in mid-June.

Coinbase's rally also gained momentum as it launched its new payment service, Coinbase Payments, which allows 24/7 USD Coin (USDC) transactions. The platform is already being used by Shopify and has attracted interest from major retailers like Amazon and Walmart.

Bernstein analysts called Coinbase “the most misunderstood company” and raised their price target to $510 from $310, according to a research note published in late June.

"The bear thesis on Coinbase has not played out," Bernstein analysts said, adding that "Coinbase’s market share has been persistent despite new competition."

The broader crypto rally has further supported Coinbase’s recent gains.

Trump's tariff policy led to Bitcoin's price falling to about $75,000 on Apr. 9 until he withdrew some of those hikes. The cryptocurrency soon bounced back and hit a new all-time high of $111,970 on May 22.

Though Bitcoin's price fell below $99,000 on June 22 during the U.S.-Israel-Iran conflict, it quickly recovered above $105,000 on June 24. At the time of writing, Bitcoin was trading at $108,585.

Wood recently highlighted Bitcoin's resilience amid recent crises. "Bitcoin really held its own," she said during ARK's "In The Know" show on July 3. "I think that's a very, very positive thing."

Wood has long been an advocate for Bitcoin. She has previously forecast that the cryptocurrency’s price could top $1.5 million, and now she reaffirms her stance.

“We are still in a bull market for Bitcoin,” she said during the show, adding that Bitcoin has been “threatening new highs” and acting more like a risk-off asset. She also noticed that more people are willing to hold Bitcoin and gold, “especially during the market tremor.”