T. Rowe Price has filed with the United States Securities and Exchange Commission (SEC) to launch an actively managed crypto exchange-traded fund. This is the first time the firm will offer a product tied to multiple digital assets at once in the country.
The firm, which manages about $1.77 to $1.8 trillion in assets, is seeking approval this week in the United States and this is a surprise to analysts who did not expect the filing from this location at this time because of the government shutdown.
A Traditional Giant Jumps Into Digital Coins
According to the SEC filing, the new fund will give investors exposure to between five and fifteen different cryptocurrencies, as long as they meet requirements that follow SEC listing rules. These coins eligible for the fund include Bitcoin, Ether, Solana, XRP, Cardano, Litecoin, Avalanche, Hedera, Bitcoin Cash, Dogecoin, Stellar, Chainlink, and Shiba Inu.
A company spokesman explained that the fund aims to beat the FTSE Crypto US Listed Index by looking at factors such as fundamentals, valuation, and momentum when deciding which assets to hold and how much of each to include. The filing also states that decisions will not be based only on market size.
Industry Experts React With Surprise
Some analysts reacted with surprise because T. Rowe Price has been known for being conservative and focused heavily on mutual funds over its eighty-seven-year history.
Bloomberg ETF analyst Eric Balchunas described the move as a “SEMI-SHOCK,” suggesting it signals a rush for market share in digital assets.
ETFs Approval Still Delayed Amid Government Shutdown
Most new ETF filings in recent months focus on just one coin, so an actively managed fund with many coins is still uncommon. Morningstar analyst Bryan Armour said the firm is planning “something differentiated to try and break into the space,” while noting that many investors still want new options. Armour also stated that the company is “looking for new niches” because outflows from mutual funds continue, causing pressure to diversify.
Meanwhile, Approval timelines are unclear because several crypto ETF applications have been delayed by a U.S. government shutdown, which has now lasted over three weeks.Recently, Kevin Hassett, an economic adviser to the U.S. President Donald Trump said the shutdown “likely to end sometime this week.”
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