Unlike passive funds, the ETF can overweight or underweight assets relative to the Index and may invest in crypto not included in it, though all holdings must meet eligibility criteria, according to the SEC filing.
The filing comes as a semi-surprise to market observers. Bloomberg senior ETF analyst Eric Balchunas described it as a “semi-shock,” noting that T. Rowe Price, a top-five active manager largely known for traditional mutual funds, is now entering the nascent but increasingly crowded crypto ETF space.
“There’s going to be a land rush for this space,” he tweeted.
Shares will trade on NYSE Arca. Investors can buy and sell shares like a stock, but it still carries the usual crypto risks.
JUST IN: 
$1.77 trillion T Rowe Price files for an Active Crypto ETF. pic.twitter.com/yas0sEpvJO
— Bitcoin Magazine (@BitcoinMagazine) October 22, 2025
In the past, Dominic Rizzo, who manages some of T. Rowe Price’s ETFs, has emphasized his belief and long-term conviction in crypto, decentralized finance (DeFi), and stablecoins.
“Over the long run, I think there are going to be plenty of applications that utilize these technologies,” Rizzo said, in reference to crypto.
Crypto and Bitcoin ETFs
Exchange-traded funds have become a popular way for traditional investors to gain exposure to crypto, without holding the assets directly. Bitcoin ETFs offer investors a regulated and accessible way to gain exposure to Bitcoin.
The first U.S. Bitcoin-linked ETF, ProShares Bitcoin Strategy ETF (BITO), launched on October 19, 2021, tracking Bitcoin futures contracts. However, it wasn’t until January 10, 2024, that the U.S. SEC approved the first spot Bitcoin ETFs, allowing funds to directly hold Bitcoin
The largest Bitcoin ETF by assets under management is the iShares Bitcoin Trust (IBIT), managed by BlackRock. IBIT holds over $100 billion in assets, representing over 3% of the total Bitcoin supply.
Other notable spot Bitcoin ETFs include Fidelity’s Wise Origin Bitcoin Fund (FBTC) and $ARK 21Shares Bitcoin ETF (ARKB), each managing billions in assets.
Bitcoin whales are increasingly using ETFs and moving their holdings from cold storage into U.S. spot Bitcoin ETFs, using tax-neutral “in-kind” transactions that convert Bitcoin into fund shares without selling.
This shift integrates Bitcoin into traditional finance, making it easier to borrow against, use as collateral, and include in estate planning, with firms like BlackRock already processing billions in such transfers.
This post T. Rowe Price Joins Crypto ETF Race With SEC Filing for Active Fund first appeared on Bitcoin Magazine and is written by Micah Zimmerman.
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