National Bank of Canada Dives into Crypto via Regulated ETFs
National Bank of Canada has become one of the latest traditional lenders to dip its toes into crypto, according to a recent regulatory filing. The bank's Form 13F filing reveals that it holds shares in several Bitcoin ETFs and an XRP ETF.
The filing shows that National Bank of Canada owns approximately $6.4 million worth of Bitcoin through ProShares and Fidelity funds. In contrast, its XRP exposure is much smaller, with around $330,000 invested in 3,848 shares of Bitwise's XRP ETF.
This distinction between ETF holdings and direct token custody is crucial when interpreting the news. The bank is not holding onto XRP or Bitcoin tokens directly but rather investing in regulated securities that track crypto price movements. This approach signals a comfort with crypto exposure wrapped inside a securities framework, which is a lower-friction way to engage with digital assets.