- Amended S-1 outlines Price Active Crypto ETF with a broad token universe
- Fund may hold 5–15 assets at a time, managed actively vs. passive spot ETFs
- Anchorage Digital Bank named as crypto custodian; cash creation/redemption initially
- Potential future shift to in-kind transactions and possible staking activity
T. Rowe Price, the Baltimore-based asset manager, has submitted an amended S-1 registration to the US Securities and Exchange Commission for what would be among the first actively managed cryptocurrency exchange-traded funds in the United States.
The filing outlines the Price Active Crypto ETF, a structure that breaks from the passive, single-asset spot bitcoin products that defined the ETF landscape in 2024. Rather than tracking a single coin or a fixed index, the fund would draw from a pool of 15 digital assets and hold between 5 and 15 at any given time.
A Broad and Unconventional Investable Universe
The eligible assets include bitcoin, ether, solana, XRP, cardano, avalanche, litecoin, polkadot, dogecoin, hedera, bitcoin cash, chainlink, stellar, shiba inu, and sui, a range spanning established protocols, competing layer-1 networks, and lower-cap speculative tokens.
Allocation decisions would be driven by a quantitative framework that combines fundamental analysis, valuation metrics, and momentum signals, with the stated objective of outperforming the FTSE US Listed Crypto Index.
The amended registration, expanding on an application originally filed in October, also details custody arrangements and share mechanics. Anchor will serve as custodian for the fund’s underlying holdings. At launch, the ETF would use a cash-settled model, requiring authorized participants to exchange cash rather than cryptocurrency when creating or redeeming shares.
The filing leaves open the possibility of transitioning to in-kind transactions, the standard mechanism used by most conventional ETFs, at a later stage.
Staking Disclosure Signals Regulatory Caution
One notable addition is the fund’s conditional disclosure on staking. The filing states the fund may stake tokens held on proof-of-stake networks, contingent on completing further due diligence and receiving clarity on tax treatment. The hedged language points to unresolved questions in US tax law regarding the classification of staking rewards, an area regulators have yet to definitively address.
The SEC has not indicated a timeline for reviewing the application. The filing adds to a growing roster of institutional proposals seeking regulated crypto exposure, with approval prospects tied to both regulatory posture and the fund’s ability to carve out a clear position in an increasingly competitive market.
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