Cathie Wood’s ARK Invest drew attention after sharply increasing the weight of major cryptocurrency-related stocks despite a broad decline across the crypto market.

On Jan. 26, CoinDesk reported that ARK Invest said it bought an additional $21.5 million worth of shares in crypto-linked companies including Coinbase, Circle and Bullish. It was the first large purchase of those stocks since mid-December last year.

According to ARK’s recently disclosed daily trading records, the firm increased its stakes through the ARK Innovation ETF and the ARK Fintech Innovation ETF. ARK Innovation bought 38,854 shares of Coinbase Global Inc., and ARK Fintech Innovation purchased an additional 3,325 shares.

ARK also bought a total of 129,446 shares of Circle Internet Group through ARK Innovation and ARK Fintech Innovation on the same day, worth about $9.2 million based on Friday’s closing price. Circle shares ended the day flat but were down about 10 percent on the week. ARK also bought 88,533 shares of Bullish, known as CoinDesk’s parent company, for about $3.17 million. Bullish shares fell 2 percent the same day.

The purchases came as the broader crypto market has recently been weak. Bitcoin fell about 6 percent on the week last week and slipped below $90,000, while major altcoins and related stocks also declined. The weakness is seen as the result of a combination of global monetary tightening, regulatory uncertainty and profit-taking.

ARK Invest has consistently maintained a strategy of buying stocks when market volatility increases. Wood has previously raised allocations when technology stocks and crypto-linked assets come under correction, citing long-term growth potential, and this purchase is also interpreted as a decision focused on medium- to long-term value gains rather than short-term price moves.

Some in the market say ARK Invest’s move signals renewed medium- to long-term confidence in the cryptocurrency and blockchain industry. Still, analysts say the short-term volatility of cryptocurrencies remains high, and swings in related stocks are likely to continue for the time being.