Cathie Wood's ARK Investment Management bought another 176,945 shares ($1.46 million) in Grayscale's Bitcoin Trust (GBTC) on Monday as the crypto market slumped to a two-year low. The purchase comes as GBTC shares trade at a record 45% discount to net asset value (NAV) as negative sentiment continues to spread following the collapse of FTX.

ARK also purchased 315,259 shares worth $2.8 million of GBTC, last week as it continues to double down in the ongoing bear market. The investment firm now holds 6.357 million GBTC shares worth $53 million.