Asset management giant T. Rowe Price has stepped into the world of digital assets, filing for its first-ever cryptocurrency exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC). The proposed fund — named the T. Rowe Price Active Crypto ETF — aims to give investors diversified exposure to leading cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), among others.
T. Rowe Price’s First Foray Into Crypto ETFs
The Baltimore-based investment firm, which manages approximately $1.77 trillion in assets, submitted the application on October 23, 2025, marking a significant milestone in its venture into digital assets. The proposed ETF will be actively managed and is designed to outperform the FTSE Crypto U.S. Listed Index, according to the company’s S-1 filing.
The filing reveals that the fund intends to hold between five and fifteen digital assets at any given time. These may include major cryptocurrencies such as Bitcoin, Ethereum, XRP, Solana, Dogecoin, Cardano, Avalanche, Shiba Inu, Hedera, Bitcoin Cash, Chainlink, Litecoin, and Polkadot.
However, Bitcoin and Ethereum are expected to represent the largest weightings within the portfolio, reflecting their established dominance and liquidity in the crypto market. The flexibility to include smaller altcoins offers a balanced mix of stability and growth potential.
ETF to Broaden Crypto Access for Traditional Investors
If approved, the T. Rowe Price Active Crypto ETF would allow traditional investors to gain diversified crypto exposure without directly purchasing or storing digital coins. This would simplify participation for those who may find self-custody, wallet management, or tax reporting for digital assets challenging.
The company’s entry into the crypto ETF race signals growing institutional acceptance of digital assets. It also underlines the increasing investor appetite for crypto-based financial products — a trend that accelerated following the success of spot Bitcoin ETFs and Ethereum ETFs earlier this year.
“Under normal circumstances, the Fund is expected to hold between five and fifteen crypto assets; however, the Fund may hold more than fifteen or less than five crypto assets at any time,” the filing stated. This dynamic structure would allow the fund to adjust its composition in response to market conditions, performance trends, and liquidity considerations.
SEC Faces Over 90 Pending Crypto ETF Applications
T. Rowe Price’s filing adds to a long list of traditional and crypto-native firms awaiting SEC approval for new digital asset funds. According to market reports, the SEC is currently reviewing over 90 crypto ETF proposals, reflecting the growing push from Wall Street to integrate crypto exposure into mainstream investment vehicles.
Notable firms such as Fidelity, VanEck, and ProShares have already proposed ETFs tied to Solana (SOL), while ProShares recently submitted its own proposal for a mixed digital coin fund. The wave of filings suggests that traditional finance firms are now competing to offer diversified crypto products that extend beyond Bitcoin and Ethereum.
A Growing Institutional Shift Toward Digital Assets
T. Rowe Price’s move comes as part of a broader institutional shift toward cryptocurrencies amid evolving regulatory clarity and sustained investor interest. Since the SEC’s approval of spot Bitcoin ETFs in January 2024, digital asset funds have become one of the fastest-growing segments in the ETF market.
Those Bitcoin ETFs — proposed by heavyweights such as BlackRock, Fidelity, and Grayscale — collectively manage more than $150 billion in assets, making them the most successful ETF category debut in the industry’s 32-year history.
Following that success, Ethereum ETFs were approved later in 2024 and have since attracted approximately $23 billion in assets, with most inflows recorded over the past few months. This rapid institutional adoption underscores how the perception of crypto as a speculative niche is steadily giving way to mainstream financial integration.
Market Outlook: Crypto Integration Accelerates
T. Rowe Price’s crypto ETF proposal highlights how traditional finance and digital assets are converging. By offering a diversified mix of tokens through a regulated investment vehicle, the firm aims to appeal to a broader investor base — from institutional players to retail investors seeking simplified crypto exposure.
If the ETF gains approval, it would not only diversify T. Rowe Price’s offerings but also reinforce the growing role of regulated crypto funds as a bridge between traditional markets and decentralized assets.
While T. Rowe Price declined to provide further details beyond the filing, its entry marks a significant validation of digital assets as a core investment class. As more Wall Street institutions explore blockchain-based products, the line between traditional finance (TradFi) and decentralized finance (DeFi) continues to blur — potentially reshaping the global investment landscape in the coming years.
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