T. Rowe Price, a mainstay of investment management, has filed with the Securities and Exchange Commission (SEC) to launch an actively managed crypto exchange-traded fund (ETF) that will provide exposure to multiple digital assets.
This high-profile move arrives during a period marked by regulatory delays, but traditional financial institutions are eager to advance. An increasing number of ETF filings signals the growing urgency and changing attitudes across the industry as legacy firms position themselves for the future of crypto investing.
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T. Rowe Price Files to Launch Active Crypto ETF
T. Rowe Price is a legacy asset manager founded in 1937. The firm currently oversees $1.77 trillion in assets. On October 22, it filed a Form S-1 registration with the SEC to launch the T. Rowe Price Active Crypto ETF.
As per the filing, the proposed ETF will hold multiple digital assets, ranging from 5 to 15. The initial ‘Eligible Assets’ list includes: Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP (XRP), Cardano (ADA), Avalanche (AVAX), Litecoin (LTC), Polkadot (DOT), Dogecoin (DOGE), Chainlink (LINK), Bitcoin Cash (BCH), Hedera (HBAR), Stellar (XLM), and Shiba Inu (SHIB).
The T. Rowe Price Active Crypto ETF aims to outperform the FTSE Crypto US Listed Index over the long term (generally one year or more).
Nate Geraci, President of NovaDius Wealth Management, underlined the strategic logic driving T. Rowe Price’s move. He emphasized that firms can no longer afford to ‘hope crypto goes away’ and are building exposure to avoid missing out.
Furthermore, Eric Balchunas, Bloomberg’s senior ETF analyst, suggested that competition among major financial firms to claim their share of the crypto ETF market will continue increasing.
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Over 150 Crypto ETF Filings Await SEC Nod Amid US Government Shutdown
Meanwhile, T. Rowe Price’s submission joins a rising tally of crypto ETF filings. Recently, Balchunas highlighted that 155 crypto ETP filings are awaiting approval from the SEC.
However, crypto ETF approvals are paused due to the ongoing US government shutdown. Traders on Polymarket, a prediction platform, now assign a 63% chance that Congress will resolve the impasse by November 15. At the same time, the odds for later dates are much higher.
US Government Shutdown Ending Odds. Source: PolymarketIf operations resume, market watchers expect the backlog of ETF applications to move forward, potentially bringing in a new capital influx for cryptocurrencies.
Thus, as the market awaits the shutdown’s resolution, anticipation continues to build. Once operations resume, it remains to be seen whether the government will prioritize the review of pending ETF applications or if the industry will face further roadblocks.
Source: https://beincrypto.com/t-rowe-price-active-crypto-etf-filing/
