T. Rowe Price Files for Active Crypto ETF Targeting Multiple Cryptocurrencies

Highlights:

• T. Rowe Price filed S-1 with the SEC for a crypto ETF holding 5–15 coins.
• The ETF will hold 5–15 eligible cryptocurrencies and follow active investment strategies.
• Analysts say this move shows growing interest from traditional asset managers in crypto.

Rowe Price (TROW), the U.S. asset manager with $1.77 trillion in assets, filed an S-1 registration with the Securities and Exchange Commission (SEC) to launch its first crypto exchange-traded fund (ETF). As per the filing, “T. Rowe Price Active Crypto ETF” plans to hold 5–15 digital assets approved by the SEC. The “eligible” cryptocurrencies include Bitcoin, Ether,  XRP, Cardano, Avalanche, Litecoin, Polkadot, Solana, Dogecoin, HBAR, Bitcoin Cash, Chainlink, Lumen, and Shiba Inu. Unlike normal ETFs, it will actively manage investments based on value, momentum, and fundamentals, not just size

Rowe Price, long focused on mutual funds, is now entering the crypto ETF space years after BlackRock and Fidelity launched theirs successfully. NovaDius Wealth Management President Nate Geraci said on X that T. Rowe Price’s filing for an actively managed crypto ETF is very significant.

The firm, founded in 1937, is now building the infrastructure to handle crypto trading and manage an ETF. Geraci noted that traditional asset managers are working to include crypto in their strategies. He added that it is not wise to ignore crypto as a business approach.

Can’t overstate significance of T. Rowe Price filing for an actively managed crypto ETF out of left field…

T. Rowe is the quintessential legacy asset manager, founded in 1937.

They manage some $1.8tril in assets, but just got involved w/ ETFs in 2020.

Now moving to crypto. pic.twitter.com/S7XD7GSYxl

— Nate Geraci (@NateGeraci) October 23, 2025

Industry Experts Respond to T. Rowe Price Move

Bloomberg analyst Eric Balchunas called T. Rowe Price’s move a “semi-shock,” showing it was unexpected but important. He added on X that there will likely be strong interest in this space.

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. pic.twitter.com/gXbCsll9kG

— Eric Balchunas (@EricBalchunas) October 22, 2025

Moreover, Morningstar analyst Bryan Armour said the filing is a surprise, coming almost two years after the first U.S. spot Bitcoin ETF. He noted it is unusual to see a new multi-coin proposal. Armour also mentioned T. Rowe Price is late to the market but aims to offer something different.

T. Rowe Price Shifts to Crypto ETFs After SEC Speeds Up Approvals

In 2021, T. Rowe Price’s former CEO, William Stromberg, said crypto was still in its “early days.” He noted the firm was watching closely but not ready to act, saying it would “take years to really unfold” and any involvement had to be careful. Since then, the firm’s view has changed.

At an ETF conference in Las Vegas earlier this year, Dominic Rizzo, who manages T. Rowe’s technology-focused ETF, said it was a good time to consider Bitcoin exposure. T. Rowe Price’s move into crypto comes after the SEC made the ETF approval process faster. 

The recent filing came after the SEC approved new listing rules, making crypto ETF approvals faster. Since then, many new crypto products have appeared. However, the SEC has still not approved altcoin ETF applications for cryptocurrencies like Solana, XRP, and Litecoin. Right now, 155 crypto ETF applications are waiting for the SEC’s approval. By the end of the year, more than 200 filings are expected. Solana leads with 23 spot SOL ETF proposals.

There’s now 155 crypto ETP filings tracking 35 different digital assets. Could easily end up seeing over 200 hit mkt in next 12mo. Total land rush. Here’s the list by coin, amazing work from @JSeyff pic.twitter.com/dKyiySxn0H

— Eric Balchunas (@EricBalchunas) October 21, 2025