National Bank of Canada Discloses XRP, Bitcoin ETF Stakes as Grayscale Trust Halves

National Bank of Canada has disclosed millions of dollars in crypto exchange-traded fund holdings, including an XRP ETF and several Bitcoin ETFs, in its latest SEC Form 13F filing. The disclosure lands the same week Grayscale’s XRP Trust reported that its holdings fell by more than half during the first half of 2026, as redemptions forced token sales and shrank the trust’s outstanding share count.

A Canadian bank’s crypto ETF exposure surfaces in a routine filing

Institutional investment managers with at least $100 million in US equity assets under management must file Form 13F with the SEC each quarter, listing their holdings in publicly traded securities — including ETFs. National Bank of Canada’s latest filing shows the bank carrying positions in an XRP-linked ETF alongside stakes in multiple spot Bitcoin ETFs.

The filing does not name a single crypto allocation strategy; rather, it places the bank among a growing list of traditional financial institutions using regulated ETF wrappers to gain exposure to digital assets rather than holding tokens directly. For a bank of National Bank of Canada’s size, a multi-million-dollar ETF position is a modest line item on a balance sheet, but the disclosure itself is notable: it confirms that regulated XRP investment products have found buyers among mainstream lenders, not just retail traders and crypto-native funds.

Grayscale’s XRP Trust holdings cut in half

The bank’s disclosure comes as separate SEC filings show Grayscale’s XRP Trust shrank sharply over the first half of the year. Total holdings in the trust dropped by more than half, driven by a wave of redemptions that forced the trust to sell XRP to meet outflows and pushed its outstanding share count lower.

Redemption-driven shrinkage in a trust like Grayscale’s XRP product typically reflects investors cashing out of a legacy, closed-end structure — often in favor of newer, more liquid ETF alternatives that trade closer to net asset value. The timing lines up with the broader rollout of additional XRP-linked ETF products this year, which has given institutional and retail buyers more competitive vehicles to choose from.

Why this matters for XRP holders

The two filings tell complementary stories about how institutional money is moving through XRP exposure. On one side, a regulated bank is adding an XRP ETF position to its books via 13F disclosure — a signal that regulated demand for XRP exposure among traditional finance players has not disappeared. On the other, Grayscale’s older trust structure is bleeding assets as investors rotate toward newer products.

For traders watching XRP flows, the net effect is a reshuffling rather than a wholesale retreat: capital appears to be migrating between competing XRP investment vehicles rather than exiting the asset class outright. Investors tracking 13F season should watch for further disclosures from other banks and asset managers in the coming weeks, which will clarify whether National Bank of Canada’s move is an outlier or part of a broader trend of traditional lenders adding crypto ETF lines to their books.

Sources

• coingape.com
• cryptonews.com