Key Takeaways:
National Bank of Canada disclosed $6.98 million in five US-listed crypto ETFs, including a Bitwise XRP position, in its June 30 Form 13F.
The filing, dated Aug. 11, shows the Montreal-based lender's largest crypto exposure was 42,321 shares of the ProShares Bitcoin ETF at about $5.31 million, followed by 55,644 shares of the Fidelity Wise Origin Bitcoin Fund at roughly $1.09 million.
The bank also reported 6,831 shares of the Grayscale Bitcoin Trust ETF at about $150,000 and 2,596 shares of the Grayscale Bitcoin Mini Trust ETF at roughly $100,000. The Bitwise XRP ETF was the outlier — 3,848 shares worth about $330,000, the only position not tied to Bitcoin.
The disclosure lands as Grayscale's XRP Trust sold $180.78 million of XRP — roughly 103.41 million tokens — in the first half of 2026 to meet investor redemptions, recording more than $34 million in realized losses as XRP's price fell across the same window.
A 13F captures long positions in reportable US-listed securities at one quarter-end date. It does not show whether the shares back the bank's own book or hedge a client product, and it does not capture anything sold before the snapshot or bought after it. The document also says nothing about direct token custody, the route other institutions have taken through venues such as Clearstream's crypto custody rollout.
The Grayscale XRP Trust's holdings fell from 122.23 million tokens at the end of 2025 to 55.04 million by June 30, according to the trust's SEC filing. The value of those holdings dropped from $223.36 million to $57.41 million over the same period. The trust created an additional 36.27 million XRP valued at $66.58 million during the six-month period, but those additions did not offset redemptions. Outstanding shares declined from 6.30 million to 2.84 million.
XRP traded at $1.02 as of Aug. 10, down more than 40 percent from $1.84 on Jan. 1, according to CoinGecko data. Weekly inflows into XRP exchange-traded funds dropped to about $1 million from $14.9 million the previous week, per CoinGlass data. The US Senate delayed consideration of the CLARITY Act until at least September, cooling near-term regulatory optimism for the token. Bitcoin traded at $64,529 as of Aug. 10, up 1.7 percent over 24 hours, per CoinGecko data.
Three things the filings do not answer: whether National Bank raised, trimmed, or held these positions against its March snapshot; whether the ETF shares support a client-facing structured product or a market-making desk; and whether Grayscale's redemption pace carried into the third quarter, which no filing covers yet. The two disclosures capture opposite ends of the same asset — a commercial bank's regulatory snapshot showing a five-figure share count in an XRP wrapper, while a redemption-driven trust shipped nine figures of the underlying token out the door.
This article is for informational purposes only and does not constitute investment advice.
