T. Rowe Price Files for First Active Crypto ETF in the US, Marking Entry Into Digital Assets

T Rowe Price files to launch its first active crypto ETF in the US, signaling a new strategy move.

The ETF will hold 5 to 15 cryptocurrencies, including Bitcoin, Ether, and Solana, based on market factors.

The SEC approval delay continues due to the government shutdown affecting crypto ETF applications.

T. Rowe Price, a $1.8 trillion asset manager, has filed to list an Active Crypto ETF in the United States. This marks the company’s first formal move into cryptocurrency. Known primarily for its conservative mutual fund offerings, the filing surprised many industry analysts

The fund would actively manage a portfolio of digital assets, signaling a shift in the firm’s strategy. The registration was submitted to the Securities and Exchange Commission (SEC) on Wednesday.

Fund Details and Crypto Selection

The proposed ETF aims to hold between five and fifteen cryptocurrencies. Eligible assets must meet the SEC’s generic listing standards. The anticipated positions are Bitcoin, Ether, Solana, and XRP. The other possible coins include Cardano, Avalanche, Litecoin, Dogecoin, Hedera, Bitcoin Cash, Chainlink, Stellar, and Shiba Inu

The fund intends to outperform the FTSE Crypto US Listed Index by using fundamentals, valuation, and momentum to weight assets. This active approach differs from many current crypto ETF applications, which often focus on a single cryptocurrency.

Industry Reaction and Market Context

Analysts called the filing unexpected, especially from a firm with an 87-year history focused on mutual funds. Some noted that legacy asset managers are seeking new opportunities in crypto after missing earlier ETF waves

Bloomberg Intelligence’s ETF analyst described the move as a surprise but understandable given growing investor interest. The crypto ETF market has faced delays, partly due to the ongoing US government shutdown, which has paused SEC approvals. This shutdown, now over three weeks long, has stalled many crypto-related filings. For example, Canary Capital updated its Litecoin and Hedera ETF filings despite the government shutdown.

T. Rowe Price’s Evolving Crypto Strategy

T. Rowe Price has hinted at crypto interest in recent months. Earlier this year, company representatives acknowledged bitcoin’s increasing appeal, comparing it to a commodity tied to mining costs. This filing follows comments from former leadership noting that crypto was still in early development stages years ago

The proposed ETF would provide investors with active exposure to digital assets without direct coin ownership. If approved, it could help T. Rowe Price diversify beyond its traditional mutual fund base and tap into the rising demand for crypto investment options. Other than T. Rowe Price, REX & Osprey recently filed for 21 single-asset crypto ETFs with staking rewards for multiple tokens.