Bank of Montreal (NYSE: BMO) filed a consolidated report containing data on equity securities of funds tied to $XRP, worth $2,970, as part of its quarterly asset portfolio report submitted to the U.S. Securities and Exchange Commission (SEC) on August 12. The document covers positions as of June 30 and contains 14,271 entries totaling $303.65 billion.
The entire exposure consists of two entries, and both relate to Stoker Ostler Wealth Advisors Inc. — an investment advisor controlled by Bank of Montreal, which is listed in the report as "other manager No 12." One line shows 323 shares of the REX-Osprey $XRP ETF priced at $2,771. The other shows 20 shares of the Proshares Ultra $XRP ETF priced at $199.
The aggregate share constitutes approximately one part out of 102 million of the reported securities, or 0.000001% of their total value. A per-share calculation yields an implied reported value of $8.58 for the REX-Osprey fund and $9.95 for the Proshares product.
How Large is Bank of Montreal?
Bank of Montreal ranks eighth among the largest banks in North America by asset size: as of April 30, its assets were C$1.5 trillion (US$1.10 trillion), deposits were C$967 billion, and its customer base was approximately 13 million. The financial group employs about 53,000 people, and its network comprises 1,806 branches, indicating a significant presence in Canada and the United States.
Bank of Montreal, recognized as one of Canada's six systemically important banks, reported gross loans and acceptances of C$344 billion and deposit volume of C$305 billion under its Canadian personal and commercial banking unit.
What is Reflected in the Form 13F Report
Form 13F obligates institutional managers with investment discretion over reportable securities under Section 13(f) valued at $100 million or more to disclose their reportable positions quarterly. The form does not specify short positions, direct token holdings, or any transactions entered into after the snapshot date.
Investment discretion means the authority to select securities for an account, not ownership of the cash or assets in that account. According to Securities and Exchange Commission (SEC) rules, Bank of Montreal shares this discretion with managers under its control, such as Stoker Ostler, allowing their positions to be reflected in the bank's consolidated reporting.
Reports can be filed within 45 days after the end of each quarter, so data as of June 30 becomes public in mid-August. Changes occurring after June 30 are not reflected in the report, and the next filing will only disclose reportable securities held in the portfolio as of September 30.
Is the REX-Osprey Fund a Spot $XRP ETF?
REX Shares launched XRPR in September 2025 under a structure based on the Investment Company Act of 1940, which differs from U.S. spot $XRP grantor trusts. Bloomberg analyst James Seyffart warned at the time that the fund "is not a 'pure' spot" product.
The Proshares product is different again, as it seeks to provide twice the daily return of $XRP through futures and other derivatives, rather than simply tracking the price. Coverage that groups both funds together as spot positions blurs the distinction that defines each share's role in a portfolio.
Meanwhile, Goldman Sachs (NYSE: GS) reported a $153.8 million position in spot $XRP ETFs in its Q4 2025 filing, which Ripple called the largest known U.S. institutional stake in the category at the time. The reported Stoker Ostler positions amount to approximately one fifty-thousandth of that figure.
What Does a $XRP Fund Position Actually Represent?
An ETF share represents an ownership stake in a fund, while the underlying investment depends on that fund's strategy. Shareholders do not receive private keys nor acquire the ability to transfer $XRP on the network. Annual fees diminish the fund's assets and investment returns, rather than reducing the investor's number of shares.
$XRP falls under the broad altcoin category — a term covering any cryptocurrency other than Bitcoin. The total market capitalization of $XRP fell 29% over the three months ending August 12.
Nothing in the disclosure indicates the beneficial owner, account type, or investment objective behind any of these positions. Stoker Ostler may have been managing the shares for clients to whom it provided advisory services, so neither its inclusion in the report nor Bank of Montreal's consolidated reporting confirms that either company was the beneficial owner of the position.
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