The Brief
- National Bank of Canada told the SEC it held five US-listed crypto exchange-traded products on June 30, 2026, worth about $6.98 million in total.
- The XRP line is the smallest of the five. The bank reported 3,848 shares of the Bitwise XRP ETF, valued near $330,000.
- Grayscale’s XRP trust ran the other way this year. It sold 103.41 million XRP and booked more than $34 million in realized losses.
National Bank of Canada disclosed stakes in five US-listed crypto exchange-traded products, including the Bitwise XRP ETF, in the Form 13F holdings report it filed with the Securities and Exchange Commission for positions held as of June 30, 2026.
The five lines add up to roughly $6.98 million. ProShares Bitcoin ETF carries the largest of them at 42,321 shares worth about $5.31 million, followed by the Fidelity Wise Origin Bitcoin Fund at 55,644 shares and about $1.09 million.
The two Grayscale vehicles sit at the bottom of the list. The bank reported 6,831 shares of the Grayscale Bitcoin Trust ETF at roughly $150,000 and 2,596 shares of the Grayscale Bitcoin Mini Trust ETF at roughly $100,000.
National Bank of Canada disclosed five US-listed crypto ETFs in its June 30 Form 13F, worth about $6.98M combined.
— CoinLaw (@coinlaw_io) August 11, 2026
Largest: @ProShares Bitcoin ETF, 42,321 shares (~$5.31M).
Smallest: @Bitwise XRP ETF, 3,848 shares (~$330K)https://t.co/dhZ1X3VoNe
XRP is the outlier in the group. The Montreal-based lender reported 3,848 shares of the Bitwise XRP ETF, about $330,000, the only product on the list that is not tied to Bitcoin. Every other crypto line in the filing tracks Bitcoin.
What the filing proves is narrow. A 13F captures long positions in reportable US-listed securities at one quarter-end date, so 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 XRP supply story ran the opposite direction
Grayscale’s XRP Trust sold $180.78 million of XRP over the first half of 2026, roughly 103.41 million tokens, to meet investor redemptions. The trust reported more than $34 million in realized losses on those sales, with XRP’s price falling across the same window.
Both disclosures land on the same asset from opposite ends of the pipe. A commercial bank’s regulatory snapshot carries a five-figure share count in an XRP wrapper while a redemption driven trust shipped nine figures of the underlying token out the door. Neither number tells you what XRP’s issuer or the funds expect next.
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.
