Daniel Walker
T. Rowe Price, one of the world’s most established asset managers with $1.77 trillion in assets under management, has filed an S-1 registration with the U.S. Securities and Exchange Commission (SEC) to launch its first crypto exchange-traded fund (ETF).
The fund, called the T. Rowe Price Active Crypto ETF, will be actively managed and aims to outperform the FTSE Crypto US Listed Index, which tracks the performance of the 10 largest U.S.-listed cryptocurrencies by market capitalization.
The filing states that the ETF will invest in “eligible” cryptocurrencies such as Bitcoin, Ethereum, Solana, XRP, Cardano, Avalanche, Litecoin, Polkadot, Dogecoin, Hedera, Bitcoin Cash, Chainlink, Stellar, and Shiba Inu.
This move represents a major step for T. Rowe Price, a company long known for its focus on traditional mutual funds. It joins other major asset managers like BlackRock and Fidelity, who have already launched successful crypto-related products.
Industry Reaction
The news drew attention from across the financial sector. Nate Geraci, President of NovaDius Wealth Management, described the move as “a significant moment for traditional finance,” noting on X that, “A firm founded in 1937 is now building the full infrastructure to handle crypto trading and manage a crypto ETF.”
Geraci added that this development shows how legacy financial institutions are now actively working to include digital assets in their portfolios. “Hoping crypto goes away is not a good business strategy,” he said.
Regulatory Context and Market Timing
The filing comes shortly after the SEC approved new listing standards that shorten the process for launching crypto ETFs. This change has opened the door for dozens of new crypto products to enter the market.
On the same day as T. Rowe Price’s filing, Osprey Funds also submitted an S-1 to launch a spot Solana ETF that includes staking features.
However, these applications are currently on hold due to the U.S. government shutdown, which has lasted 23 days since October 1. With the SEC operating under limited resources, it is unlikely to process any new crypto ETF filings until the government reopens, according to sources cited by PRIME.
