T. Rowe Price Files to Launch Active Crypto ETF in Bold Bid to Dominate Digital Asset Space
A major traditional asset manager is preparing to expand into digital assets. T. Rowe Price, which reported $1.77 trillion in assets under management as of Sept. 30, 2025, filed a Form S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) on Oct. 22, 2025, outlining plans for its “T. Rowe Price Active Crypto ETF.”
The proposed exchange-traded fund (ETF) would be an actively managed crypto fund that seeks to outperform the FTSE Crypto US Listed Index through direct exposure to select cryptocurrencies. If approved, the ETF would list on NYSE Arca, offering both institutional and retail investors a regulated way to invest in digital assets. According to the filing:
T. Rowe Price Active Crypto ETF is an actively-managed exchange-traded product (ETP) that seeks to outperform the FTSE Crypto US Listed Index (the ‘Index’).
“Shares can be purchased and sold by investors through their broker-dealer. Under its current investment objective, the Fund is limited to holding crypto assets which satisfy the criteria set forth under ‘Business of the Fund — Asset Eligibility’ section,” the filing adds. T. Rowe Price Active Crypto ETF will invest directly in a diversified mix of eligible crypto assets while maintaining flexibility to hold more or fewer assets depending on market conditions.
“As of the date of this prospectus, based on the Sponsor’s assessment of available data, the following crypto assets are considered Eligible Assets as they meet all eligibility criteria: bitcoin ( BTC), ether ( ETH), SOL ( SOL), XRP ( XRP), ADA ( ADA), AVAX (AVAX), litecoin ( LTC), DOT (DOT), dogecoin (DOGE), HBAR (HBAR), bitcoin cash ( BCH), LINK (LINK), lumen ( XLM), and shiba inu ( SHIB),” the filing details.
The fund’s strategy will employ a model-driven, fundamentals-based approach, taking positions that differ from the Index’s weights to capture market inefficiencies. The filing states:
The Fund’s investment objective is to outperform the Index over a long term, i.e. typically over a period of a year or longer.
It will also hold cash, cash equivalents, and stablecoins to manage liquidity and operational needs, without using leverage or derivatives. The ETF will be structured as a Delaware statutory trust, sponsored by T. Rowe Price Sponsor LLC, with CSC Delaware Trust Company as trustee and T. Rowe Price Associates acting as administrator.
Market analysts described the filing as a surprising and strategically significant development for legacy finance. Bloomberg ETF analyst Eric Balchunas posted on social media platform X: “Semi-shock: T. Rowe Price just filed for an Active Crypto ETF. They are a top 5 active manager by assets (mostly mutual funds). Did not expect it but I get it. There’s gonna be land rush for this space too.” Nate Geraci, president of Novadius Wealth Management, commented:
Can’t overstate significance of T. Rowe Price filing for an actively managed crypto ETF out of left field.
“Legacy asset managers are quickly trying to figure out how to implement some semblance of a crypto strategy… A number of these firms actually missed out on ETF boom. They want to avoid same mistake w/ crypto. Hoping crypto goes away is not a good biz strategy,” he opined. Analysts say the move could signal a broader wave of traditional asset managers positioning to compete in digital markets as crypto continues to mature into a mainstream investment class.
