Cathie Wood’s ARK Invest is betting big on crypto-linked stocks despite a sharp downturn across the sector. The firm’s flagship ARK Innovation ETF (ARKK) purchased $21.2 million worth of Bullish shares and another $16.2 million in Robinhood Markets on Tuesday, according to trade disclosures.

This fresh round of buying follows last week’s massive move when ARK scooped up 2.53 million Bullish shares across three ETFs, a haul worth $172 million after the crypto exchange’s high-profile debut on the New York Stock Exchange.

ARK has also been steadily increasing its Robinhood position. The investment firm added $14 million in shares on Monday and $9 million last Friday, marking its third straight session of accumulation. The buying spree comes after ARK was forced to sell portions of its Robinhood stake last year due to regulatory limits preventing ETFs from holding more than 5% in securities tied to registered brokers.

Despite Wood’s confidence, both stocks slumped on Tuesday. Bullish dropped 6.09% to close at $59.51 before sliding another 3.24% after hours. Robinhood fell 6.54% to $107.50 and slipped 1.23% in late trading. The sell-off extended across crypto-exposed equities, with Coinbase down nearly 6%, Galaxy Digital off 10%, MicroStrategy losing over 7%, and Circle falling more than 4%. The Nasdaq Composite also declined 1.46%, reflecting wider investor caution.

Market jitters come ahead of the Federal Reserve’s Jackson Hole symposium, where Chair Jerome Powell may signal future rate cuts. Analysts say a dovish stance could reignite momentum in crypto markets.

Bullish, which also owns CoinDesk, recently raised $1.1 billion in its IPO, pricing shares above expectations at $37 each. The Cayman Islands-based company surged as much as 215% on its opening day before retreating, underscoring the extreme volatility Wood appears willing to embrace.