In the month of July alone, ARK Invest has purchased 876,157 shares of Coinbase (COIN) and 450,224 shares of the Grayscale Bitcoin Trust (GBTC) across a number of its ETFs. ARK's trade activity can be seen through a subscription to the firm's trade activity. 

At today's value, the COIN shares purchased in July would be worth over $197 million while the GBTC shares purchased are worth over $10.8 million. 

Don’t miss out on how smart money is playing the crypto game. Subscribe to our premium newsletter - Crypto Investor.

The company has been buying crypto-related stock on a near-daily basis over the course of the month. On July 8th ARK added 255,478 shares of COIN and another 206,410 on July 14th. But the companies July investments have not been an outlier. 

On June 28th, ARK bought 82,414 shares of COIN. On June 22nd, ARK bought a staggering 1,046,002 shares of GBTC and 214,718 shares of COIN. ARK has not faltered in its confidence in the crypto industry and has taken full advantage of the recent price slump. 

Cathie Wood, the CEO of ARK Invest, is a firm believer in cryptocurrency and Bitcoin specifically. On July 15th she told CNBC that she thinks that what is happening with Bitcoin miners now is similar to when China banned crypto exchanges in 2017. She also said that the upcoming "The B Word" conference by Twitter founder Jack Dorsey would help alleviate some ESG concerns. 

"In 2017 China shut down all of its Bitcoin exchanges and the market went through a big fallout because most people thought 'oh my gosh most of the trading is taking place in China, this is the end.' Well, guess what, it migrated elsewhere in the world. After that Bitcoin started to scale from $1,000 to $20,000 in that one year," said Wood. 

"We have just done a paper with Square. We're going to have a conference on July 21st. We're one of the hosts with Square where we're going to explain how Bitcoin mining will probably become part of t utility ecosystems and will proliferate renewables faster than would be the case."

This story is developing.