Asset Manager T. Rowe Price Files First Crypto ETF Targeting Multiple Digital Assets

Global traditional asset management firm T. Rowe Price has filed its first crypto exchange-traded fund (ETF), aiming to invest in a “diversified basket of commodity crypto assets.”

The 87-year-old mutual-fund giant filed an S-1 form with the U.S. SEC on Wednesday to launch the T. Rowe Price Active Crypto ETF.

Can’t overstate significance of T. Rowe Price filing for an actively managed crypto ETF out of left field…

T. Rowe is the quintessential legacy asset manager, founded in 1937.

They manage some $1.8tril in assets, but just got involved w/ ETFs in 2020.

Now moving to crypto. pic.twitter.com/S7XD7GSYxl

— Nate Geraci (@NateGeraci) October 23, 2025

The actively managed ETF aims to outperform the FTSE Crypto US Listed Index and will use valuation and momentum factors to determine which assets to hold, a spokesperson told Reuters.

The move marks T. Rowe Price’s first foray into the crypto fund space and a notable shift for a company that manages $1.8 trillion in assets.

T. Rowe Price Crypto ETF Comes as a Surprise

Eric Balchunas, a senior ETF analyst at Bloomberg, described the move as a “semi-shock,” underscoring its unexpected yet impactful entry.

“Did not expect it but I get it. There’s gonna be land rush for this space too,” he wrote on X.

SEMI-SHOCK: T Rowe Price just filed for an Active Crypto ETF. They are a Top 5 active manager by assets (mostly mutual funds). Did not expect it but I get it. There’s gonna be land rush for this space too. pic.twitter.com/gXbCsll9kG

— Eric Balchunas (@EricBalchunas) October 22, 2025

Bryan Armour, an ETF analyst at Morningstar, said that the filing comes as a “surprise” nearly two years after the US SEC’s first spot Bitcoin ETF approval. Besides, this is a rare kind of proposal for new multi-coin products, he added.

“It’s a surprise to see them as a relatively late entrant, but they’re planning to offer something differentiated to try and break into the space,” he told Reuters.

Crypto Fund to Hold 15 Digital Assets: S-1 Prospectus Reveals

Per the SEC filing, the multi-crypto ETF would track prices of 15 digital assets, including Bitcoin, Ethereum, XRP, Solana, Cardano, Litecoin and more. The fund may invest in other eligible assets not mentioned, the S1 prospectus read.

“Under normal circumstances, the Fund is expected to hold between five and fifteen crypto assets; however, the Fund may hold more or less at any time.”

T. Rowe Price joins a growing list of asset managers looking to list ETFs based on crypto and altcoins. Per Eric Balchunas, there are 155 crypto ETF filings tracking 35 different digital assets so far.

“Could easily end up seeing over 200 hit mkt in next 12 months,” he wrote.

There’s now 155 crypto ETP filings tracking 35 different digital assets. Could easily end up seeing over 200 hit mkt in next 12mo. Total land rush. Here’s the list by coin, amazing work from @JSeyff pic.twitter.com/dKyiySxn0H

— Eric Balchunas (@EricBalchunas) October 21, 2025

However, the flurry of fund proposals to track the price of crypto and altcoins comes amid a government shutdown that has reduced the SEC’s staffing, stalling crypto ETF approvals.