Major U.S. Asset Manager Files for Active Crypto ETF

• 23 October 2025
• |
• 04:57

The wave of traditional finance moving into crypto has found an unexpected new participant. T. Rowe Price, one of America’s oldest and most respected investment firms, has officially decided to enter the digital asset market.

In a filing with the U.S. Securities and Exchange Commission (SEC), the Baltimore-based asset manager revealed plans for an actively managed cryptocurrency exchange-traded fund (ETF) – a first in its 87-year history. The move marks a striking shift for a company that oversees $1.68 trillion in assets and has long favored conservative, fundamentals-based investing.

A Veteran Asset Manager Steps Into Uncharted Territory

The planned product, called the T. Rowe Price Active Crypto ETF, would allow institutional and retail investors to gain exposure to the largest digital assets through a managed structure listed on NYSE Arca.

But unlike most crypto ETFs, which simply follow an index, this fund will take a more dynamic route. Portfolio managers will actively adjust their holdings, aiming to beat the FTSE Crypto U.S. Listed Index – a benchmark tracking the ten biggest cryptocurrencies by market cap.

The fund’s flexibility means it can hold anywhere from five to fifteen assets at a time, based on volatility, market sentiment, and macro conditions.

Bitcoin, Ethereum, Solana – and a Hint of XRP

At launch, the ETF’s focus will likely revolve around a handful of the market’s most influential tokens, including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and XRP.

The inclusion of XRP is particularly eye-catching, given its growing institutional presence following Ripple-backed Evernorth’s $1 billion XRP treasury initiative. Beyond these, the ETF will be able to add emerging Layer-1 and DeFi projects such as Cardano (ADA), Avalanche (AVAX), Polkadot (DOT), Dogecoin (DOGE), and Chainlink (LINK).

Bringing Active Management to Crypto

While most crypto ETFs have so far taken a passive approach – simply tracking Bitcoin or Ethereum – T. Rowe Price’s model signals a new phase for institutional adoption. Active management could allow the fund to respond to market swings in real time, capturing upside and minimizing exposure during downturns.

The filing also mentions the use of stablecoins like USDC for short-term liquidity management – a feature that gives the fund operational flexibility in handling redemptions and market volatility.

Custody and operations will be handled by T. Rowe Price Sponsor LLC, a dedicated entity managing the ETF’s assets independently from the firm’s traditional mutual fund structures.

A Conservative Giant Embraces a Risk Market

For decades, T. Rowe Price has been synonymous with disciplined investment principles – the kind of steady, fundamentals-driven approach favored by pension funds and retirement portfolios. Its pivot into digital assets underscores how far crypto has evolved in legitimacy since the speculative days of early Bitcoin trading.

The company’s entry into crypto follows a growing trend of household financial names launching or exploring ETF products. A major asset management firm recently introduced its own benchmark-based crypto ETF, and Hong Kong approved its first Solana ETF, further demonstrating how institutional participation is becoming global.

“Did Not Expect It” – Analysts React

The move stunned industry watchers. Eric Balchunas, senior ETF analyst at Bloomberg, described T. Rowe Price’s crypto filing as “a semi-shock,” noting the firm’s traditionally conservative stance.