TLDR
- T. Rowe Price, a $1.77 trillion asset manager founded in 1937, filed to launch its first crypto ETF called the T. Rowe Price Active Crypto ETF
- The actively managed fund will hold 5 to 15 cryptocurrencies including Bitcoin, Ethereum, Solana, XRP, and others eligible under SEC standards
- The fund aims to outperform the FTSE Crypto US Listed Index by weighting assets based on fundamentals, valuation, and momentum rather than market size alone
- Analysts called the move surprising since T. Rowe Price has focused on mutual funds for 87 years and previously expressed caution about crypto in 2021
- The SEC filing is currently on hold due to the U.S. government shutdown, which has lasted 23 days and halted processing of all crypto ETF applications
T. Rowe Price submitted an S-1 registration statement to the Securities and Exchange Commission on Wednesday to launch its first crypto exchange-traded fund. The $1.77 trillion asset manager founded in 1937 will offer the T. Rowe Price Active Crypto ETF.
đ¨BREAKING: $1.68 Trillion T. Rowe Price Files for First Active #XRP ETF Holding! pic.twitter.com/m0clSOgPSD
— JackTheRippler ÂŠď¸ (@RippleXrpie) October 22, 2025
The filing surprised analysts who noted T. Rowe Price has spent its 87-year history focused on mutual funds. Bloomberg ETF analyst Eric Balchunas called it a “SEMI-SHOCK” given the company’s traditional approach to investing. Nate Geraci, president of NovaDius Wealth Management, said the move came from “left field.”
The actively managed fund plans to hold between 5 and 15 cryptocurrencies. Eligible assets include Bitcoin, Ethereum, Solana, XRP, Cardano, Avalanche, Litecoin, Polkadot, Dogecoin, HBAR, Bitcoin Cash, Chainlink, Stellar, and Shiba Inu. All cryptocurrencies must meet SEC generic listing standards.
T. Rowe Price’s fund seeks to beat the FTSE Crypto US Listed Index over a year or longer. The FTSE index tracks the top 10 largest U.S.-listed crypto assets by market capitalization. The fund will weight assets based on fundamentals, valuation, and momentum rather than market size alone.
Geraci pointed out that T. Rowe Price must now build complete infrastructure to handle crypto trading. The firm will need systems to manage a crypto ETF from scratch. He noted that legacy asset managers are working to integrate crypto into their strategies.
Legacy Firms Enter Crypto Space
T. Rowe Price joins other established asset managers entering the crypto ETF market. BlackRock and Fidelity launched crypto ETFs earlier with success. The firm’s entry comes years after these first-movers captured market share.
In 2021, T. Rowe Price’s former CEO William Stromberg called crypto “early days.” He said the space would take years to develop. Stromberg suggested at the time that the asset manager would wait before investing in crypto.
The filing differs from single-coin ETF applications waiting for SEC approval. Multiple firms have submitted applications for individual cryptocurrency ETFs. These include applications for Litecoin, Solana, and XRP funds.
Government Shutdown Delays Processing
The SEC approved new listing standards recently that speed up the timeline for crypto ETFs to start trading. Since then, dozens of new crypto products have been filed. Osprey Funds filed its S-1 statement on Wednesday for a spot Solana ETF with staking.
The U.S. government shutdown has halted processing of all applications. The shutdown began on October 1 and has lasted 23 days. The SEC operates with limited resources during the shutdown.
The agency cannot process crypto ETF filings until the government reopens. Kevin Hassett, an economic adviser to President Donald Trump, said on Monday the shutdown is “likely to end sometime this week.” T. Rowe Price’s application will remain pending until normal operations resume.
