National Bank of Canada has entered the U.S. crypto ETF arena with a modest but notable $330,000 position disclosed in its second-quarter 13F filing. The allocation spans both bitcoin and XRP exchange-traded products, according to the regulatory document reviewed by Coinpedia. While the dollar amount is small relative to the bank's C$300 billion balance sheet, the move signals growing comfort among Schedule I Canadian lenders with regulated digital-asset vehicles.
The filing shows the bank acquired shares in multiple U.S.-listed crypto ETFs during the April-to-June window. Bitcoin ETFs have absorbed the bulk of institutional flows since their January launch, with BlackRock's IBIT and Fidelity's FBTC leading cumulative net inflows above $18 billion. XRP-focused products remain thinner; the 21Shares XRP ETF (XRPH) and Bitwise XRP ETF (XRPW) together hold under $50 million in assets, making National Bank's participation a rare institutional footprint in that niche.
Bitcoin traded at $64,300 during the reporting period, down 0.9% in the prior 24 hours but clinging to a 1% weekly gain. XRP changed hands at $1.006, extending a weekly slide of 6.2% as the token failed to reclaim the $1.05 level. The broader crypto market cap stood at $2.28 trillion, with 24-hour volume of $52.5 billion and bitcoin dominance holding at 56.5%.
| Asset | Price | 24h Change | 7d Change | 24h Volume |
|---|---|---|---|---|
| --- | --- | --- | --- | --- |
| BTC | $64,300 | -0.90% | +1.00% | $21.3B |
|---|---|---|---|---|
| XRP | $1.006 | -2.30% | -6.20% | $1.1B |
The bank's custody arrangement for these positions remains undisclosed in the 13F. Most Canadian peers that have appeared in U.S. ETF filings — including CI Financial and Mackenzie Investments — route holdings through State Street or BNY Mellon custodial platforms. National Bank's own broker-dealer subsidiary, NBCN, could theoretically self-custody, though regulatory guidance on bank custody of spot crypto ETF shares remains evolving.
What triggered the move appears to be client demand for regulated exposure rather than proprietary trading. The bank's wealth management division manages over C$400 billion in client assets, and several advisor teams have reportedly fielded requests for bitcoin ETF allocations since the SEC approval wave. The XRP position suggests either a specific client mandate or a tactical bet on the token's regulatory clarity following the July 2023 court ruling that XRP is not a security when sold on digital-asset exchanges.
How desks are positioning: flow data from the past month shows bitcoin ETFs absorbing $1.2 billion in net inflows while XRP products saw marginal outflows. National Bank's dual allocation may reflect a barbell approach — core bitcoin exposure with a satellite XRP position sized for optionality. The $330K total implies a starter allocation; subsequent filings will reveal whether the bank treats this as a permanent sleeve or a tactical trade.
Next filing dates and flow catalysts: the bank's Q3 13F is due by November 14. Before then, the SEC's decision on spot ether ETF options (expected September) and the November U.S. election could shift institutional sentiment. A Trump victory is widely seen as favorable for crypto ETF expansion, while a Harris administration may maintain the current pace of approvals. The XRP ETF pipeline also bears watching — Franklin Templeton and Canary Capital have filed for XRP products, and approvals would deepen the liquidity pool National Bank is now tapping.