National Bank’s XRP ETF Stake Stands Out Amid Cooling Demand

National Bank of Canada has disclosed a position in the Bitwise XRP ETF alongside several Bitcoin ETF holdings, adding a named traditional lender to the still-small roster of institutions with disclosed XRP exposure through a U.S.-listed fund. The filing shows 3,848 shares of the Bitwise product valued at roughly $330,000, a modest line item next to the bank’s much larger Bitcoin ETF book.

What the Filing Shows

The disclosure breaks down into five positions. The XRP allocation sits at 3,848 shares of the Bitwise XRP ETF, worth approximately $330,000. It’s a regulated wrapper rather than direct token custody, which is the mechanism most banks are using to get XRP exposure onto their books without touching a wallet.

The Bitcoin side of the ledger is considerably heavier. National Bank of Canada’s largest crypto position is 42,321 shares of the ProShares Bitcoin ETF, valued at roughly $5.31 million. It also holds 55,644 shares of the Fidelity Wise Origin Bitcoin Fund worth about $1.09 million, plus 6,831 shares of the Grayscale Bitcoin Trust ETF (roughly $150,000) and 2,596 shares of the Grayscale Bitcoin Mini Trust ETF (about $100,000). Combined, the five positions total approximately $6.98 million, with Bitcoin products accounting for the overwhelming majority of that figure, according to the disclosure covered by Coinpedia.

Separate reporting on the same underlying filing has placed National Bank of Canada’s holdings at a June 30 quarter-end, consistent with the cadence of institutional 13F-style disclosures, though the bank’s own filing language wasn’t detailed in the source reviewed here. Readers should treat the dollar figures above as the authoritative valuations tied to this disclosure rather than the varying totals that have circulated across other outlets covering the same filing.

XRP ETF Demand Is Cooling Right Now

The timing is notable because XRP ETF inflows have gone quiet. SoSoValue data cited in the disclosure shows zero daily net inflows on both August 7 and August 10, a sharp drop-off from the roughly $3.45 million in net inflows recorded on August 6. Total XRP ETF assets fell from about $993.38 million on August 5 to $950.05 million on August 10, a real if not dramatic contraction over a five-day window.

Cumulative net inflows into XRP ETFs still sit around $1.51 billion, which is the number that matters more than any single day’s flow – it shows the category has pulled in real money since launch even as short-term demand stalls. XRP itself was trading down about 2.4% at $1 at the time of the disclosure, with Bitcoin off roughly 1.1% near $64,287, so the broader market backdrop was soft rather than supportive when this filing surfaced.

A Small Position, But a Visible One

National Bank of Canada isn’t a new name to XRP ETF trackers – it had previously appeared among institutional holders of the Bitwise product, so this disclosure confirms continuity of exposure rather than a fresh entry. What it adds is a concrete, dollar-denominated data point at a moment when institutional ownership of XRP-specific funds is still thin relative to Bitcoin’s ETF complex.

The relative sizing tells its own story. A $330,000 XRP position next to a $6.98 million total crypto ETF book means XRP represents well under 5% of the bank’s disclosed digital-asset exposure. That’s consistent with how most traditional institutions appear to be approaching XRP right now – a small, exploratory allocation sitting alongside a much larger, more established Bitcoin position, rather than a signal that banks are rotating meaningfully out of Bitcoin and into XRP.

For XRP holders parsing this for bullish signal, the honest read is mixed. The disclosure is real evidence that at least one regulated bank is comfortable holding XRP exposure on its books via a U.S.-listed vehicle, which matters for the institutionalization narrative retail investors have been watching since spot XRP funds launched. But the size of the position, combined with the cooling inflow data from the same week, argues against reading this as a wave of imminent institutional demand. Readers tracking the broader altcoin institutionalization theme may find useful context in how other regulated crypto products are attracting institutional interest beyond XRP alone.

What Comes Next

The near-term question is whether the slowdown in XRP ETF flows seen on August 7 and August 10 extends into a longer stretch of outflows or proves to be a brief pause after the August 6 inflow spike. SoSoValue’s daily tracking will be the fastest read on that, and a return to positive net flows would matter more for sentiment than any single bank’s quarterly disclosure.

It’s also worth watching whether other Canadian and U.S. banks follow with similar disclosures in coming filing cycles, since National Bank of Canada is not operating in isolation – regulated exposure to Ripple-linked assets is broadening across multiple fronts, including RLUSD’s expanding presence on exchanges in markets like South Korea. Whether the $1.51 billion in cumulative XRP ETF inflows keeps growing, or whether National Bank of Canada’s stake proves to be a one-off curiosity, will depend on flow data over the coming weeks rather than on this single filing.

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