T. Rowe Price has taken a major step toward launching an actively managed crypto ETF that could include major tokens and meme coins alike. The 87-year-old asset manager, which oversees roughly $1.8 trillion, filed an amended S-1 registration statement with the SEC on Monday outlining the planned Price Active Crypto ETF and the digital-asset universe it may hold.
What’s in the proposed roster
The filing lists a wide set of eligible cryptocurrencies, including:
- Bitcoin (BTC) and Ether (ETH)
- Solana (SOL), XRP, Cardano (ADA), Avalanche (AVAX)
- Litecoin (LTC), Polkadot (DOT), Chainlink (LINK)
- Stellar (XLM), Hedera (HBAR), Bitcoin Cash (BCH)
- Dogecoin (DOGE) and Shiba Inu (SHIB)
- SUI
Important: the fund would not hold all of these at once. Under normal conditions it expects to maintain between five and fifteen crypto assets simultaneously.
Active management, quantitative rebalancing
Unlike passive products that track a single token or index, T. Rowe Price proposes an actively managed strategy. Portfolio decisions and rebalances would rely on quantitative models that weigh fundamentals, valuation and market momentum, with the stated goal of outperforming the FTSE US Listed Crypto Index.
Custody, subscriptions and staking
Anchorage Digital Bank N.A. is named as the ETF’s custodian, responsible for safeguarding the underlying tokens. Initially, the fund would use a cash subscription/redemption model (investors create or redeem shares with cash rather than in-kind token transfers), though the filing allows for the possibility of moving to in-kind transactions later. The document also leaves open the possibility of participating in staking—locking tokens to secure proof-of-stake networks for rewards—subject to risk, tax and regulatory considerations.
Why it matters
If approved, T. Rowe Price’s product would join a growing roster of crypto investment vehicles that let traditional investors access digital assets through brokerage accounts. Its active approach could differentiate it from the wave of spot bitcoin ETFs that launched in the U.S. in 2024 by giving managers more flexibility to shift exposures as markets evolve.
The amended filing expands on an original October application and represents another sign that large, established asset managers are moving deeper into the crypto space.
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