Ark Invest is known for its “buy the dip” strategy, frequently increasing exposure to crypto-related equities when prices weaken, and June proved to be no exception.

Bitcoin, the largest cryptocurrency, logged its worst monthly performance in four years, pulling down shares of digital asset companies, which Ark viewed as an accumulation opportunity.

The St. Petersburg, Florida-based investment manager bought roughly $44 million worth of Coinbase (COIN) shares based on closing prices at the time of purchase. It also added $25.25 million of Circle Internet (CRCL), issuer of the USDC stablecoin, and $8.2 million of Bullish (BLSH), the crypto exchange and parent of CoinDesk, according to disclosed filings.

Circle shares fell about 40% in June, ending the month at $62.63. The decline included an 18% drop on June 30 after the debut of rival stablecoin Open USD, backed by more than 140 firms including Coinbase, Stripe, Visa, Mastercard, and BlackRock.

Coinbase (COIN) closed June down nearly 20% at $146.19, while Bullish (BLSH) declined 27% to $23.43.