T. Rowe Price, the $1.8 trillion asset manager, submitted Amendment No. 2 to its S-1 registration statement for the proposed T. Rowe Price Active Crypto ETF on March 16, 2026, updating the fund’s eligible asset list and operational structure.
The filing with the U.S. Securities and Exchange Commission (SEC) names Anchorage Digital Bank N.A. as the ETF’s crypto custodian, adds Sui (SUI) to the list of 15 eligible digital assets, and expands disclosures around share creation, redemption, and active trading strategy risks.
The fund, which plans to list on NYSE Arca under the ticker “TKNZ,” would be actively managed, holding between five and 15 crypto assets at any given time with the goal of outperforming the FTSE US Listed Crypto Index.
Expanded Asset Universe and Active Management Strategy
Eligible Digital Assets
The amended filing confirms a broad list of 15 eligible digital assets that may be considered for the portfolio:
Major assets: Bitcoin (BTC), Ether (ETH), Solana (SOL)
Altcoins: XRP (XRP), Cardano (ADA), Avalanche (AVAX), Litecoin (LTC), Polkadot (DOT), Hedera (HBAR), Bitcoin Cash (BCH), Chainlink (LINK), Stellar (XLM), Sui (SUI)
Meme tokens: Dogecoin (DOGE), Shiba Inu (SHIB)
The inclusion of DOGE and SHIB in a filing from the 87-year-old traditional asset manager reflects the broadening scope of institutional crypto products. However, the fund will not hold all assets simultaneously; portfolio managers will maintain discretion over which assets to include based on the fund’s investment criteria.
Active Management Approach
Unlike the majority of approved crypto ETFs that passively track single assets such as Bitcoin or Ethereum, the T. Rowe Price fund would be actively managed. The portfolio will be rebalanced using quantitative models that incorporate:
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Fundamental analysis
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Valuation metrics
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Market momentum signals
The stated objective is to outperform the FTSE US Listed Crypto Index, which serves as the fund’s benchmark. This active structure introduces manager risk alongside market risk but allows the fund to rotate away from underperforming assets and toward emerging opportunities in ways passive index products cannot.
Custody, Trading, and Staking Considerations
Custody Arrangement
The amendment names Anchorage Digital Bank N.A. as the ETF’s crypto asset custodian. Anchorage is a federally chartered digital asset bank regulated by the Office of the Comptroller of the Currency (OCC), providing institutional-grade custody services.
Subscription and Redemption Model
The fund will initially operate using a cash subscription and redemption model, meaning investors will create or redeem ETF shares using cash rather than transferring cryptocurrency directly. The filing notes that the structure could evolve to allow in-kind transactions in the future, depending on market and regulatory developments.
Potential Staking Participation
The amended filing introduces the possibility that the fund may participate in staking—the process by which token holders lock up assets to help secure proof-of-stake blockchains in exchange for rewards. T. Rowe Price stated that staking could be pursued in the future based on risk considerations, tax treatment, and regulatory guidance.
Filing Context and Market Timing
Initial Submission and Market Conditions
The original S-1 filing was submitted in October 2025, shortly after Bitcoin surged above $120,000 and near the peak of the crypto market rally. The filing coincided with the Oct. 10, 2025 liquidation event, when a sharp market reversal triggered billions of dollars in forced liquidations across leveraged crypto derivatives positions.
Since then, digital asset prices have retreated, and crypto ETFs have recorded notable outflows, reflecting cooling investor sentiment after the 2024-2025 rally. However, data shows net inflows have turned positive in recent weeks after a turbulent five-month period.
Industry Context
T. Rowe Price joins a growing list of traditional financial institutions that have launched or proposed crypto investment products, including BlackRock, Fidelity, Franklin Templeton, VanEck, and Invesco. The filing represents a significant strategic move for the 87-year-old asset manager, which has historically focused on traditional mutual funds and retirement accounts.
Regulatory Pathway and Next Steps
Current Status
The SEC previously extended its review period beyond a late February 2026 deadline. Amendment No. 2 reflects ongoing dialogue between T. Rowe Price and regulators to refine the compliance framework rather than representing a final submission awaiting a binary decision.
Neither the management fee nor additional commercial terms have been disclosed in the current filing. These details typically emerge closer to final approval.
Regulatory Environment
The broader regulatory landscape for crypto ETFs has shifted considerably since the first spot Bitcoin ETF approvals in early 2024. Proposed legislation such as the CLARITY Act and ongoing stablecoin framework discussions reflect a more constructive engagement between regulators and the digital asset industry.
Frequently Asked Questions
What assets will the T. Rowe Price Active Crypto ETF hold?
The fund may invest in up to 15 eligible digital assets, including Bitcoin (BTC), Ether (ETH), Solana (SOL), XRP (XRP), Cardano (ADA), Avalanche (AVAX), Litecoin (LTC), Polkadot (DOT), Dogecoin (DOGE), Hedera (HBAR), Bitcoin Cash (BCH), Chainlink (LINK), Stellar (XLM), Shiba Inu (SHIB), and Sui (SUI). However, under normal circumstances, the fund will hold between five and 15 assets at any given time, with portfolio managers making active allocation decisions.
Why did T. Rowe Price choose Anchorage Digital Bank as custodian?
Anchorage Digital Bank N.A. is a federally chartered digital asset bank regulated by the U.S. Office of the Comptroller of the Currency (OCC), making it one of the few institutional-grade custody providers with a federal banking charter. This regulatory status provides the compliance framework required for SEC-registered investment products.
How does this active ETF differ from existing spot Bitcoin ETFs?
Most approved crypto ETFs are passive vehicles that track a single asset such as Bitcoin or Ethereum. The T. Rowe Price fund would be actively managed, with portfolio managers making ongoing allocation decisions across a basket of crypto assets based on quantitative models incorporating fundamentals, valuation, and market momentum. This structure allows the fund to rotate away from underperforming assets and toward emerging opportunities, but also introduces manager risk alongside market risk.
