Bank of Montreal discloses XRP ETF holdings in $303B portfolio

Bank of Montreal (BMO) has disclosed exposure to XRP-linked exchange-traded funds as institutional interest in the cryptocurrency continues to expand through regulated investment products.

The Canadian bank reported holdings in the REX-Osprey XRP ETF and ProShares Ultra XRP ETF, according to its U.S. Securities and Exchange Commission (SEC) 13F filing. The filing covers a portfolio worth more than $303 billion at the end of June 2026.

BMO's reported exposure does not mean the bank purchased XRP directly. Instead, its disclosed positions provide exposure through U.S.-listed investment products, giving the institution access to XRP-related assets without directly holding the underlying token.

BMO reports two XRP-linked ETF positions

BMO's filing lists 323 shares of the REX-Osprey XRP ETF (XRPR) and 20 shares of the ProShares Ultra XRP ETF (UXRP).

The two products offer different types of exposure. The REX-Osprey fund provides direct exposure to XRP through an exchange-traded structure, while ProShares Ultra XRP is a leveraged product designed to provide amplified daily exposure to XRP.

That makes BMO's reported positions notable for another reason: the bank's XRP exposure is not limited to a single type of investment product.

The positions are also very small relative to BMO's overall portfolio. The bank's SEC filings show thousands of individual securities across its investment portfolio, meaning the XRP-linked holdings represent only a tiny portion of its total disclosed assets.

What the 13F filing actually shows

A Form 13F provides a quarterly snapshot of certain U.S.-listed securities held by institutional investment managers.

It does not show every asset an institution owns, and it does not provide a real-time view of its portfolio. The filing also does not necessarily explain why an institution holds a particular security or whether it has changed its position since the reporting date.

That matters when interpreting BMO's XRP exposure.

The disclosure confirms that the bank had positions in XRP-related ETFs, but it should not be interpreted as proof that BMO directly owns XRP or that it has made a large strategic allocation to the cryptocurrency.

The SEC's filing itself identifies Bank of Montreal as the institutional manager reporting the holdings.

XRP enters another major Canadian bank's investment portfolio

BMO's disclosure adds to signs that Canadian financial institutions are gaining exposure to XRP through regulated market products.

National Bank of Canada has also been reported to hold shares in the Bitwise XRP ETF. Its reported position included 3,848 shares, valued at roughly $330,000 based on the figures provided in the source material.

The broader trend is less about banks buying XRP directly and more about traditional financial institutions using regulated funds to gain exposure to the asset.

For large financial institutions, this approach can provide exposure within established brokerage, custody and reporting systems. It also avoids the need to manage direct XRP custody on a corporate balance sheet.

XRP exposure is spreading beyond early institutional holders

The latest 13F disclosures also point to changes among institutional XRP investors.

Some large financial firms that held sizable XRP-linked positions earlier in the cycle have reduced or exited those holdings, according to the source material. Goldman Sachs was among the larger early holders, with positions reportedly exceeding $150 million around the end of 2025 and start of 2026.

Those positions were later reduced or closed, while other asset managers and investment firms appeared among XRP ETF holders.

The new group includes firms such as Arax Advisory Partners, Gerber, Vista Finance and Gallacher Capital, according to the source material.

This suggests that institutional XRP exposure is not following a single strategy. Some investors use traditional spot-based XRP products, while others are taking more tactical positions through leveraged instruments.

Leveraged XRP products add another layer of risk

BMO's reported position in ProShares Ultra XRP is particularly notable because the product is designed to provide leveraged exposure to XRP's daily performance.

That is different from simply holding a spot XRP ETF.

Leveraged ETFs can amplify both gains and losses and are generally designed around daily investment objectives. Their performance over longer periods can therefore differ significantly from simply multiplying XRP's long-term return.

For an institution such as BMO, the presence of a small position in such a product does not necessarily indicate a long-term bullish view on XRP. It could instead reflect a short-term trading, hedging or portfolio-management strategy.

This is why 13F data needs to be read as a record of disclosed positions rather than a direct statement of an institution's investment thesis.

XRP institutional demand remains difficult to measure

The latest filings provide another signal of institutional access to XRP, but they have clear limitations.

13F reports are filed after the end of each quarter, meaning investors see the positions with a delay. The filings also cover only certain securities and do not show direct cryptocurrency holdings that fall outside the reporting framework.

As a result, BMO's disclosure is best viewed as a snapshot of institutional XRP exposure, rather than evidence of current buying activity.

Still, the presence of XRP-linked products in a major Canadian bank's disclosed portfolio shows how digital assets are becoming easier for traditional financial institutions to access through regulated investment vehicles.

What happens next for XRP institutional adoption?

The next wave of 13F filings will provide more information about whether institutional exposure to XRP is expanding or simply moving between different investors.

The key figures to watch will be new holdings in spot XRP ETFs, changes in existing positions and the emergence of larger institutional allocations.

BMO's disclosure is unlikely to move XRP's price on its own because the reported positions are small compared with the bank's overall portfolio and the wider XRP market.

However, the development adds to a broader shift in how traditional financial institutions access crypto assets.

If more banks, asset managers and family offices continue using regulated XRP investment products, institutional exposure could become a more established part of the XRP market. At the same time, the quarterly and delayed nature of 13F filings means investors should avoid treating each disclosure as proof of an active accumulation trend.

For now, BMO's filing shows that XRP has gained another foothold inside a major financial institution's disclosed investment portfolio, but the size and structure of that exposure remain limited.