On Monday, Katie Wood’s ARK Invest investment fund bought up 315,000 shares of Grayscale Bitcoin Trust for the first time in almost a year and a half while this bitcoin fund is trading at a steep discount amid the overall sharp underperformance of the entire cryptocurrency sector, writes Business Insider.

Thus, the famous investment manager decided to look for bargains in the sagging cryptocurrency market.

The ARK Next Generation Internet ETF bought 315,000 shares of Grayscale for about $2.83 million, based on Tuesday afternoon’s closing price of $9 per share. That purchase at current prices is comparable to buying BTC for about $11,000 versus $16,000, the price at which the token actually trades, which represents an attractive proposition for the Katie Wood fund.

Overall, bitcoin fell more than 12% to its lowest level in more than 2 years, briefly trading below $16,000. On Monday, the world’s largest cryptocurrency by market capitalization was trading at $16,577.