T. Rowe Price Managing $1.8T Files for Active Crypto ETF

Rowe Price, the 87-year-old investment firm managing over $1.8 trillion in assets, has officially entered the digital asset market.

The Baltimore-based asset manager filed an S-1 registration statement with the US Securities and Exchange Commission (SEC) to launch the T. Rowe Price Active Crypto ETF, its first cryptocurrency-focused exchange-traded fund.

The ETF would be actively managed, offering exposure to a basket of 5–15 cryptocurrencies, including Bitcoin BTC $109 608 24h volatility: 1.3% Market cap: $2.19 T Vol. 24h: $77.86 B , Ethereum ETH $3 894 24h volatility: 1.0% Market cap: $470.10 B Vol. 24h: $40.34 B , Solana SOL $187.9 24h volatility: 1.8% Market cap: $102.76 B Vol. 24h: $7.19 B , Dogecoin DOGE $0.19 24h volatility: 1.6% Market cap: $29.45 B Vol. 24h: $2.21 B , and Shiba Inu SHIB $0.000010 24h volatility: 1.0% Market cap: $5.92 B Vol. 24h: $184.80 M .

The fund aims to outperform the FTSE Crypto US Listed Index by using a mix of fundamental, valuation, and momentum factors to determine holdings and their weights.

Active Strategy and Industry Impact

Unlike spot ETFs that simply track an index, T. Rowe Price’s active approach allows its managers to adjust positions dynamically, shifting between coins based on market conditions.

Analysts say this gives the fund flexibility to navigate volatile markets and potentially outperform passive benchmarks.

“It’s a surprise to see them as a relatively late entrant, but they’re planning to offer something differentiated to try and break into the space,” said Bryan Armour, an ETF analyst at Morningstar. He added that multi-coin, actively managed crypto ETFs are still rare.

The filing also shows T. Rowe’s growing commitment to digital assets. In 2022, the firm hired former crypto hedge fund executive Blue Macellari as head of digital asset strategy. Earlier this year, the company also hinted at expanding beyond stocks and bonds.

Broader ETF Momentum

Meanwhile, more than 150 applications are awaiting SEC approval, including new products from VanEck, BlackRock, and Fidelity.

Regulatory progress has accelerated after the SEC’s approval of generic listing standards for commodity-based ETFs, reducing the waiting period for crypto funds to go live.

The SEC’s review process has stalled amid the ongoing US government shutdown, now stretching into its third week. With limited staffing, the agency is unlikely to process crypto ETF filings until the government reopens.

Nate Geraci, president of NovaDius Wealth Management, said that the significance of T. Rowe Price filing for an actively managed crypto ETF cannot be overstated.

Rowe Price, founded in 1937, is now building a full infrastructure to handle crypto trading and ETF management, Geraci noted, while highlighting that crypto is now an integral part of finance.

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