Key Takeaways
- • National Bank of Canada disclosed cryptocurrency ETF holdings totaling approximately $6.98 million across five US-based funds in its latest SEC 13F filing, marking a significant institutional move into digital assets.
- • The bank's largest crypto position is the ProShares Bitcoin ETF with 42,321 shares valued at approximately $5.31 million, followed by a $330,000 position in the Bitwise XRP ETF holding 3,848 shares.
- • Additional Bitcoin exposure includes 55,644 shares of the Fidelity Wise Origin Bitcoin Fund ($1.09 million), 6,831 shares of Grayscale Bitcoin Trust ETF ($150,000), and 2,596 shares of Grayscale Bitcoin Mini Trust ETF ($100,000).
- • The disclosure reflects growing institutional appetite for cryptocurrency exposure via regulated ETF vehicles, following Canada's pioneering approval of Bitcoin and Ethereum-based exchange-traded funds.
- • Context from supplemental sources indicates Bank of Montreal separately revealed a $150 million investment in US Bitcoin ETFs, suggesting broader movement among Canada's major financial institutions toward digital asset allocation.
Summary
National Bank of Canada has disclosed substantial cryptocurrency ETF holdings in its latest SEC 13F regulatory filing, signaling institutional acceptance of digital asset exposure through regulated investment vehicles. The disclosure reveals approximately $6.98 million in aggregate positions across five US-based cryptocurrency ETFs, including both Bitcoin and XRP exposure.
The bank's most significant position is in the ProShares Bitcoin ETF, where it holds 42,321 shares valued at approximately $5.31 million. This represents the cornerstone of its cryptocurrency allocation strategy. Secondary Bitcoin positions include 55,644 shares of the Fidelity Wise Origin Bitcoin Fund ($1.09 million), 6,831 shares of the Grayscale Bitcoin Trust ETF ($150,000), and 2,596 shares of the Grayscale Bitcoin Mini Trust ETF ($100,000). The bank also maintains exposure to alternative cryptocurrencies through a $330,000 position in the Bitwise XRP ETF, comprising 3,848 shares.
The announcement arrives amid growing institutional adoption of cryptocurrency ETFs following Canada's status as the first country to approve Bitcoin and Ethereum-based exchange-traded funds. This regulatory framework has enabled major financial institutions to incorporate digital assets into their portfolios with greater confidence. The timing also follows Grayscale's reported significant XRP sales from its XRP Trust ETF during the first half of 2026, indicating dynamic positioning within the crypto ETF space.
These disclosures demonstrate that Canada's largest financial institutions are moving beyond earlier skepticism toward digital assets, now viewing regulated ETF structures as acceptable vehicles for cryptocurrency exposure. The diversified approach across multiple issuers—ProShares, Fidelity, Grayscale, and Bitwise—reflects institutional best practices in managing exposure while accessing different product structures and fee arrangements.
The bank's most significant position is in the ProShares Bitcoin ETF, where it holds 42,321 shares valued at approximately $5.31 million. This represents the cornerstone of its cryptocurrency allocation strategy. Secondary Bitcoin positions include 55,644 shares of the Fidelity Wise Origin Bitcoin Fund ($1.09 million), 6,831 shares of the Grayscale Bitcoin Trust ETF ($150,000), and 2,596 shares of the Grayscale Bitcoin Mini Trust ETF ($100,000). The bank also maintains exposure to alternative cryptocurrencies through a $330,000 position in the Bitwise XRP ETF, comprising 3,848 shares.
The announcement arrives amid growing institutional adoption of cryptocurrency ETFs following Canada's status as the first country to approve Bitcoin and Ethereum-based exchange-traded funds. This regulatory framework has enabled major financial institutions to incorporate digital assets into their portfolios with greater confidence. The timing also follows Grayscale's reported significant XRP sales from its XRP Trust ETF during the first half of 2026, indicating dynamic positioning within the crypto ETF space.
These disclosures demonstrate that Canada's largest financial institutions are moving beyond earlier skepticism toward digital assets, now viewing regulated ETF structures as acceptable vehicles for cryptocurrency exposure. The diversified approach across multiple issuers—ProShares, Fidelity, Grayscale, and Bitwise—reflects institutional best practices in managing exposure while accessing different product structures and fee arrangements.
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