In a move that has stunned analysts, T. Rowe Price, one of the world’s more conservative trillion-dollar asset managers, has filed with the U.S. Securities and Exchange Commission (SEC) to launch an actively managed crypto ETF.
The filing marks a dramatic shift for the 87-year-old firm, which has traditionally focused on mutual funds rather than digital assets.
The proposed T. Rowe Price Active Crypto ETF would hold between five and fifteen cryptocurrencies that meet the SEC’s generic listing standards, including Bitcoin (BTC), Ether (ETH), Solana (SOL), and XRP. The fund’s objective is to outperform the FTSE Crypto US Listed Index, according to the S-1 registration statement filed on Wednesday.
The filing arrives at a time when T. Rowe’s mutual fund offerings have suffered tens of billions of dollars in outflows over the past month. This is because investors are pivoting toward more flexible, tech-driven investment products.
Analysts Call T. Rowe Move a “Left-Field” Surprise
Industry observers were quick to react. Nate Geraci, president of NovaDius Wealth Management, described the filing as coming “from left field.” He suggested that “legacy asset managers” like T. Rowe are now scrambling to catch up with the crypto ETF wave.
Eric Balchunas, senior ETF analyst at Bloomberg, called the announcement a “semi-shock,” noting that a firm with $1.8 trillion in assets under management and an entrenched mutual fund identity would not typically be expected to take such a leap. “Did not expect it, but I get it. There’s gonna be a land rush for this space too,” he said on X.
The ETF’s asset weighting will not be determined solely by market capitalization. Instead, it will incorporate fundamental analysis, valuation, and momentum metrics, allowing T. Rowe’s managers to actively adjust holdings based on market conditions.
In addition to Bitcoin and Ether, the filing lists Cardano, Avalanche, Litecoin, Dogecoin, Hedera, Bitcoin Cash, Chainlink, Stellar, and Shiba Inu as other eligible cryptocurrencies.
A Strategic Pivot After Years of Hesitation
While the firm refrained from direct involvement at the time, its latest filing suggests a major philosophical shift toward digital assets as part of its long-term strategy.
The broader U.S. crypto ETF market, however, remains tangled in regulatory delays. Every pending altcoin ETF application has been stalled by the ongoing U.S. government shutdown, now entering its 22nd day.
Kevin Hassett, one of President Donald Trump’s economic advisers, said Monday that the shutdown is likely to end sometime this week. This could lead the way for progress on the ETF backlog.