Rothschild Investment Corp shared in a new filing that it has more than tripled its bitcoin exposure through GBTC over the past quarter.

According to a filing with the United States Securities and Exchange Commission (SEC) from July 19, Rothschild Investment Corp has almost quadrupled its indirect bitcoin position since April, showing a “buy the dip” mentality during BTC’s recent price decline.

The document details that the investment manager based out of Chicago increased its holdings of Grayscale Bitcoin Trust (GBTC) shares to 141,405 from 38,346 over the last quarter. Rothschild’s indirect position in BTC now represents approximately $4.2 million, compared to $1.92 million in the first quarter.

GBTC shares attempt to become a proxy for the BTC/USD pair by tracking the bitcoin market price, less fees and expenses. As a result, it has become a popular investment vehicle among institutional investors seeking indirect exposure to the bitcoin price in dollar terms. The trust currently embarks $20.2 billion of assets under management.

Rothschild more than tripling their bitcoin position also comes amid the recent short-term price consolidation for bitcoin, demonstrating a “buy the dip” mentality by the institution.

Grayscale CEO Michael Sonnenshein also recently commented on the profile of GBTC investors in general, reiterating that they are not worried about short-term fluctuations in price. Instead, he said, “these are investors looking at their allocations over the medium to longer term…so any volatility is not something anyone is fazed by.”

Sonnenshein also gave an update on Grayscale’s plans for turning GBTC into an ETF soon. He said that “a bitcoin ETF in the U.S. is really a matter of when, not a matter of if.” He later added that his company is currently “looking for a couple of different points of maturation in the underlying market,” which he claims represents the “final stages of what regulators need to approve this type of product.”