T. Rowe Price has filed a Form S-1 with the SEC to launch the T. Rowe Price Active Crypto ETF, a fund that plans to list on NYSE Arca and trade crypto assets selected by the manager. The move matters because the firm oversees about $1.8 trillion in client assets, offering institutions and advisers a regulated, active option in crypto. The filing underscores a clear shift in the firm’s stance toward digital assets and could pull significant capital into SEC-compliant products.
On October 22, 2025, T. Rowe Price submitted a Form S-1 for the T. Rowe Price Active Crypto ETF, listed under CIK 0002089855 and chartered in Delaware, with plans to trade on NYSE Arca. The fund aims to outperform the FTSE US Listed Cryptocurrency Index, a benchmark of ten coins that meet SEC listing rules. Form S-1 is the registration document firms file before selling a new product to the public, outlining how it works, costs, and key risks.
The strategy is actively managed, with the portfolio manager hand-picking coins and seeking to soften price swings. This differentiates the fund from index trackers while positioning it against rival active offerings. T. Rowe Price already runs about $16.2 billion in active ETFs and drew $2.5 billion of net inflows in Q2 2025, a track record that suggests the firm has the infrastructure and experience to operate an active crypto fund. The step marks a break from earlier doubts about crypto and introduces a fresh, rules-aligned choice for professional allocators.
Filing details and significance
A marquee entrant could attract new cash into crypto ETFs, lifting trading volumes and visibility while giving large clients and advisory platforms more straightforward access through familiar vehicles. The active approach sets the fund apart from index products, with higher fees typical of active strategies and tighter risk oversight to manage volatility and compliance demands.
Competition is likely to intensify as more issuers vie for crypto ETF market share, which could pressure fees and margins across the category. The SEC must still approve the registration; until then, the fund exists only on paper and faces regulatory and operational setup risks that prospective buyers should weigh.
The SEC will now review the filing and decide on approval for listing on NYSE Arca. Until the agency grants effectiveness, the S-1 represents a plan rather than a guarantee, and no launch date is set.
