T. Rowe Price Seeks SEC Approval for Actively Managed Crypto ETF

T. Rowe Price, one of the world’s largest asset managers with $1.77 trillion in assets under management as of September 2025, has filed for a new exchange-traded fund (ETF) that would offer direct exposure to a basket of cryptocurrencies. The proposed product, called the T. Rowe Price Active Crypto ETF, was detailed in a Form S-1 registration statement submitted to the U.S. Securities and Exchange Commission (SEC) on October 22, 2025.

If approved, the ETF would list on NYSE Arca and seek to outperform the FTSE Crypto US Listed Index through active management. According to the filing, the fund would invest directly in a diversified mix of digital assets including bitcoin (BTC), ether (ETH), solana (SOL), XRP, cardano (ADA), avalanche (AVAX), litecoin (LTC), polkadot (DOT), dogecoin (DOGE), hedera (HBAR), bitcoin cash (BCH), chainlink (LINK), stellar (XLM), and shiba inu (SHIB). The ETF would not use leverage or derivatives but may hold cash, stablecoins, and other liquid instruments for operational purposes.

The filing describes the strategy as a “model-driven, fundamentals-based approach” aimed at identifying market inefficiencies, with flexibility to adjust asset allocations based on conditions. T. Rowe Price Sponsor LLC will serve as the sponsor, while CSC Delaware Trust Company will act as trustee.

Market analysts characterized the move as a notable shift among traditional financial institutions toward digital assets. Bloomberg ETF analyst Eric Balchunas described the filing as a “semi-shock,” noting that T. Rowe Price is among the top five active managers globally. Nate Geraci, president of Novadius Wealth Management, called it a “significant development,” adding that legacy asset managers “want to avoid missing out on the crypto opportunity as they did during the ETF boom.”

Industry observers say the filing underscores how mainstream financial players are increasingly positioning themselves to compete in the evolving digital asset market as cryptocurrencies gain broader institutional recognition.