ARK Invest bought about $12 million of SpaceX on Tuesday, adding 105,108 shares across its ETFs as the stock rose 2.6% to $116.41, per the firm’s trading disclosure. The stock has fallen 29% over the past month and trades well below its $135 June IPO price.

The Cathie Wood-owned firm, meanwhile, sold crypto-linked names. ARK trimmed about $4 million of Robinhood, $2.3 million of Block and $1.6 million of Bullish, the crypto exchange that owns CoinDesk, all companies whose fortunes track digital-asset activity.

It further added small positions in Bitmine and a Solana staking ETF, but the larger rotation ran out of crypto equities and into AI and space trade.

One of the market’s most vocal bitcoin bulls is treating a beaten-down AI-and-space stock as the better place for risk capital, even as she trims her exposure to the crypto-adjacent equities.

The purchases come as major bank Morgan Stanley said earlier this week that SpaceX’s selloff has pushed it to a level pricing its AI business at zero. It kept a $300 target.