National Bank of Canada Reports Holdings in XRP and Bitcoin ETFs
The National Bank of Canada has recently disclosed its holdings in U.S.-listed cryptocurrency investment products, including shares in an XRP ETF and various Bitcoin ETFs. This disclosure was made through a Form 13F filing, which details the bank's holdings as of June 30, 2026.
According to the filing, the bank reported 3,848 shares of Bitwise’s XRP ETF, valued at approximately $330,000, alongside around $6.4 million in exposure to ProShares and Fidelity Bitcoin ETFs. It is important to note that these figures represent ETF exposure rather than direct custody of XRP or Bitcoin, indicating that the bank does not hold physical tokens on-chain.
This filing is significant as it highlights the ongoing trend of regulated financial institutions utilizing crypto wrappers for portfolio exposure. The presence of XRP in the bank's holdings is particularly noteworthy, as Bitcoin ETF positions are more common among institutional investors. This suggests that institutions are beginning to explore a wider range of crypto products beyond Bitcoin, albeit at a modest scale.
The reported Bitcoin ETF exposure of approximately $6.4 million far exceeds the XRP position, reflecting Bitcoin's status as the most widely accepted cryptocurrency among traditional investors. While the XRP exposure remains relatively small, it does indicate a growing acceptance of altcoin ETF products in institutional portfolios.
Overall, the filing from the National Bank of Canada serves as a data point in the narrative of institutional adoption of cryptocurrencies, showcasing that banks and asset managers are increasingly comfortable with regulated crypto investment products.
Updated 10:32 UTC
Recent Developments
On August 9, an attacker exploited the Coreum cross-blockchain bridge, draining 99.7% of its XRP reserve, which amounted to over $200,000. The exploit was executed by presenting fake evidence of deposits, tricking the bridge's operators into authorizing withdrawals.
As a result of the hack, Coreum's bridge liquidity account paid out 199,916 XRP across 94 transactions, leaving only 493 XRP remaining in the account. The exploit was facilitated by a flaw in the relayer software, which failed to verify the actual payment destination, allowing the hacker to receive the funds.
Coreum confirmed the incident and acknowledged that the software had incorrectly registered transactions that did not deliver any XRP to the bridge as deposits. They also admitted that the bridged XRP on the transaction chain is not currently fully backed and have filed a complaint with the FBI.
Following the exploit, the price of XRP fell below $1 for the first time since November 2024, marking a 45% decline in value for the year and a 74% drop from its all-time high.
Updated 11:30 UTC
New Insights on XRP Futures Activity
Futures activity on XRP has surged to its highest level since October, following the recent Consumer Price Index (CPI) report. This uptick indicates that market participants are bracing for increased volatility in response to U.S. inflation data.
Historically, CPI reports have significantly impacted the cryptocurrency market, influencing both XRP and other risk assets. A higher-than-expected CPI figure can pressure risk assets, while a lower figure may support crypto market rallies.
Currently, the odds of XRP reaching a new all-time high by December 31, 2026, stand at 6.7%. Despite this, the recent rise in futures activity suggests a shift in market sentiment as participants consider macroeconomic factors affecting XRP's price trajectory.
What to Watch
- Monitor upcoming U.S. economic data releases for potential impacts on XRP pricing.
- Pay attention to any significant changes in future CPI reports that could influence market sentiment.
- Stay updated on Federal Reserve policy developments and broader crypto market trends.
FAQ
What cryptocurrencies does the National Bank of Canada hold in its ETF investments?
The National Bank of Canada holds shares in an XRP ETF and various Bitcoin ETFs, as disclosed in its recent Form 13F filing.
How much exposure does the National Bank of Canada have to Bitcoin ETFs?
The bank reported approximately $6.4 million in exposure to ProShares and Fidelity Bitcoin ETFs.
What does the Form 13F filing indicate about the bank's cryptocurrency holdings?
The Form 13F filing indicates that the bank's reported figures represent ETF exposure rather than direct custody of XRP or Bitcoin, meaning they do not hold physical tokens on-chain.
Why is the inclusion of XRP in the bank's holdings significant?
The inclusion of XRP is significant because it suggests that institutions are beginning to explore a wider range of crypto products beyond Bitcoin, which is more commonly held among institutional investors.
What does the National Bank of Canada's filing indicate about institutional adoption of cryptocurrencies?
The filing indicates a growing acceptance of regulated crypto investment products among banks and asset managers, showcasing an increasing comfort level with cryptocurrencies in institutional portfolios.
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