Cathie Wood’s Ark Investment Management ($ARKK@US) has been bullish on crypto stocks in the past, and the firm is targeting a crypto stock that has been underperforming. Silvergate Capital Corp ($SI@US) posted lower-than-expected quarterly results with investors expecting much better results, and that has sent the stock tumbling, falling over 25% in the past 24 hours and losing over 30% since 2022 began. As a result, Ark Invest bought nearly 80,000 shares that were worth over $8 million at the time of the purchase. These shares are part of the Ark Fintech Innovation ETF ($ARKF@US), with no other ETF hosted by ARK owning shares in Silvergate. In total, ARKF owns over 375,000 shares of Silvergate that are worth about $52 million. Because Silvergate’s growth is tied to the crypto market—and the crypto market cap is dropping—the firm is struggling. Even so, Ark is bullish on crypto as it also owns massive stakes in Coinbase ($COIN@US) and Robinhood ($HOOD@US). At press time, the Ark Invest Fintech Innovation ETF was trading at $34, up almost 2% in early activity.