T. Rowe Price Files S-1 for Active Multi-Crypto ETF
On October 22, 2025, T. Rowe Price filed an S-1 registration with the U.S. Securities and Exchange Commission (SEC) to launch its first active crypto ETF. The active crypto ETF product will hold 5 to 15 major digital assets, including BTC, ETH, SOL, XRP, ADA, AVAX, LTC, DOT, DOGE, LINK, BCH, HBAR, XLM and SHIB. It aims to outperform the FTSE Crypto US Listed Index by actively managing allocations based on fundamental, valuation and momentum factors. If approved, the ETF would trade on NYSE Arca, marking a significant institutional step by the $1.77 trillion asset manager. T. Rowe Price’s 2022 hire of Blue Macellari as head of digital assets and its first ETF launch in 2020 underscore its growing commitment to digital assets. The SEC is reviewing more than 155 crypto ETP filings. A possible U.S. government shutdown may delay approvals. Polymarket assigns a 63% probability of a decision by mid-November 2025, with analysts calling the filing surge a “surprise land rush” for crypto ETFs.
Bullish
This news is bullish for the crypto market, especially the tokens included in the ETF. In the short term, an SEC filing by a major asset manager signals growing regulatory acceptance and may spur investor demand for leading coins like BTC and ETH. In the long term, approval of T. Rowe Price’s active crypto ETF would mark a milestone in institutional adoption, enhancing liquidity and professional management. The strategy’s ability to adjust holdings based on fundamental, valuation and momentum factors could attract both retail and institutional capital, reinforcing positive price momentum.