Canada's Big Banks Are Quietly Moving Into XRP

Two of Canada's major banks have disclosed positions in $XRP-linked exchange-traded funds through regulatory filings with the U.S. Securities and Exchange Commission, adding to a growing body of evidence that traditional financial institutions are cautiously but deliberately building crypto exposure.

BMO Discloses XRP ETF Stakes in $303 Billion Portfolio

Bank of Montreal (BMO), Canada's second-largest bank, has become the latest major Canadian lender to report XRP-linked positions. The disclosure places XRP-linked investment products inside a portfolio valued at more than $303 billion as of the end of June 2026, with reported exposure including 323 shares of the REX-Osprey XRP ETF (XRPR) and 20 shares of the ProShares Ultra XRP ETF.

Rather than holding XRP directly, BMO accessed the asset through regulated exchange-traded products, reflecting how traditional financial institutions can gain crypto exposure without directly managing tokens or private keys. It used regulated U.S. infrastructure in the form of spot and derivatives-based ETF products, allowing it to integrate the token into a giant portfolio within a familiar legal framework and without direct custody risks.

National Bank of Canada Also on Record

The BMO filing follows a similar disclosure from National Bank of Canada. The disclosure, made public in a Form 13F filing covering holdings as of June 30, 2026, gives a rare glimpse into how a major Canadian financial institution is approaching digital assets, not through direct token ownership, but through regulated investment wrappers listed on U.S. exchanges.

The bank reported 3,848 shares of Bitwise's XRP ETF, valued at roughly $330,000, along with approximately $6.4 million in ProShares and Fidelity Bitcoin ETF exposure. The XRP position is modest in size, but its presence in a formal SEC filing carries symbolic weight for the asset class.

A 13F captures long positions in reportable U.S.-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 positions may have changed since the June 30 reference date. Still, the filings are notable because they show regulated financial institutions continuing to use crypto wrappers for portfolio exposure.

For Canada's banking sector, this is becoming a recognisable pattern. Conservative capital has effectively adopted a single playbook: entering the cryptocurrency market selectively and through transparent, regulated funds rather than direct token custody.

Sources:
Crypto Economy: Bank of Montreal Reveals XRP Fund Exposure in New $303B Portfolio Disclosure
TheStreet: National Bank of Canada Reveals XRP Holdings
Bitcoinist: National Bank of Canada Discloses XRP and Bitcoin ETF Holdings