Key Takeaways
- A Bank of Montreal-controlled investment adviser managed about $3,000 worth of XRP fund shares.
- The filing does not identify the beneficial owner or investment strategy.
- One fund seeks to follow XRP, while the other targets twice its daily move.
Two Line Items Inside a 14,271-Position Filing
Bank of Montreal (NYSE: BMO) filed a consolidated report containing $2,970 of XRP-linked fund shares in the quarterly holdings report it submitted to the U.S. Securities and Exchange Commission (SEC) on Aug. 12. The document covers positions as of June 30 and spans 14,271 entries worth $303.65 billion.
Two entries carry the whole exposure, and both are attributed to Stoker Ostler Wealth Advisors Inc., a Bank of Montreal-controlled investment adviser listed as other manager 12 in the filing. One line shows 323 shares of the REX-Osprey XRP ETF at $2,771. The other lists 20 shares of the Proshares Ultra XRP ETF at $199.
The combined stake equals roughly one part in 102 million of the reported securities, or 0.000001% of their total value. Per-share arithmetic produces implied filing values 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 as North America’s eighth-largest bank by assets, with C$1.5 trillion (US$1.10 trillion) in assets, C$967 billion in deposits and about 13 million customers as of April 30. The financial group employs approximately 53,000 people and operates 1,806 branches across its network, reflecting its substantial presence in Canada and the United States.
Designated as one of Canada’s six systemically important banks, Bank of Montreal reported C$344 billion in gross loans and acceptances and C$305 billion in deposits within its Canadian personal and commercial banking division.
What a 13F Filing Captures
Form 13F obliges institutional managers that exercise investment discretion over Section 13(f) securities worth $100 million or more to disclose reportable holdings every quarter. The form omits short positions, direct token custody and any trade executed after the snapshot date.
Investment discretion means authority to select securities for an account, not ownership of the money or assets in that account. SEC rules deem Bank of Montreal to share that authority with controlled managers such as Stoker Ostler, allowing their positions to appear in its consolidated filing.
Reports can arrive up to 45 days after the end of each quarter, so a June 30 picture reaches the public in mid-August. Changes after June 30 are absent, while the next filing will disclose only reportable securities held on Sept. 30.
Is the REX-Osprey Fund a Spot XRP ETF?
REX Shares brought XRPR to market in September 2025 under an Investment Company Act of 1940 structure that differs from U.S. spot XRP grantor trusts. Bloomberg analyst James Seyffart cautioned at the time that the fund “isn’t ‘pure’ spot.”
The Proshares product differs again, since it pursues twice XRP’s daily performance through futures and other derivatives rather than plain price tracking. Coverage that groups both funds together as spot exposure blurs a distinction that changes each share’s role in a portfolio.
Meanwhile, Goldman Sachs (NYSE: GS) reported a $153.8 million position in spot XRP ETFs through a fourth-quarter 2025 filing, which Ripple called the largest known U.S. institutional stake in the category at that point. Stoker Ostler’s reported lines amount to about one fifty-thousandth of that sum.
What the XRP Fund Position Actually Represents
An ETF share represents an ownership interest in a fund, while the underlying exposure depends on that fund’s strategy. Shareholders do not receive private keys or gain the ability to transfer XRP across its network. Annual fees reduce fund assets and investment returns rather than reducing an investor’s share count.
XRP belongs to the broad altcoin category, a label covering any cryptocurrency other than bitcoin. XRP’s total market capitalization fell 29% over the three months through Aug. 12.
Nothing in the disclosure identifies the beneficial owner, account type, or investment purpose behind either holding. Stoker Ostler may have managed the shares for advisory clients, so neither its inclusion nor Bank of Montreal’s consolidated filing establishes that either company beneficially owned the position.
