T. Rowe Price Wants to Put Memecoins in a Regulated ETF, Here's the Full List

What Did T. Rowe Price File With the SEC?

89 years old, T. Rowe Price has submitted an amended S-1 registration statement to the U.S. Securities and Exchange Commission (SEC) for its proposed Price Active Crypto ETF. 

The updated filing expands on the firm's original October 2024 application, names Anchorage Digital Bank N.A. as the fund's crypto custodian, adds Sui (SUI) to the list of eligible digital assets, and broadens disclosures around share creation and redemption. The core structure of the fund remains unchanged.

The $1.8 trillion asset manager is proposing an actively managed exchange-traded fund (ETF), meaning portfolio managers, rather than a fixed index, will decide which cryptocurrencies to hold and when to trade them. The fund's stated goal is long-term capital appreciation through direct investment in a curated basket of digital assets.

What Assets Could the Fund Hold?

The amended filing lists 15 digital assets eligible for inclusion in the portfolio:

• Bitcoin (BTC)
• Ether (ETH)
• Solana (SOL)
• XRP (XRP)
• Cardano (ADA)
• Avalanche (AVAX)
• Litecoin (LTC)
• Polkadot (DOT)
• Dogecoin (DOGE)
• Hedera (HBAR)
• Bitcoin Cash (BCH)
• Chainlink (LINK)
• Stellar (XLM)
• Shiba Inu (SHIB)
• Sui (SUI)

Despite that broad universe, the fund will not hold all 15 assets simultaneously. Under normal operating conditions, the ETF plans to maintain between five and fifteen crypto positions at any given time. Portfolio decisions will be guided by quantitative models that factor in fundamentals, valuation, and market momentum, with the benchmark being the FTSE US Listed Crypto Index.

The inclusion of memecoins like Dogecoin and Shiba Inu alongside institutional-grade assets like Bitcoin and Ether is notable. It signals that T. Rowe Price views a wide cross-section of the crypto market as potentially viable for a regulated, professionally managed product.

How Will the ETF Handle Custody and Redemptions?

Custody is one of the most scrutinized elements of any crypto fund proposal, and T. Rowe Price has addressed it directly in the amendment. Anchorage Digital Bank N.A., a federally chartered crypto bank supervised by the Office of the Comptroller of the Currency (OCC), will serve as the fund's crypto asset custodian. This means Anchorage is responsible for the secure storage of all digital tokens held by the ETF.

For share creation and redemption, the fund will use a cash model at launch. In practical terms, this means investors buy or sell ETF shares using cash rather than transferring cryptocurrency directly to or from the fund. The filing notes this structure could shift to an in-kind model in the future, which is the method many existing crypto ETFs use and which is generally considered more tax-efficient.

The filing also raises the possibility of staking. Staking is a process used by proof-of-stake blockchains, such as Ethereum and Solana, where token holders lock up assets to help validate transactions and secure the network in return for rewards. T. Rowe Price said staking could be pursued in the future, subject to risk assessments, tax treatment, and regulatory guidance.

Is This the First Time T. Rowe Price Has Filed for a Crypto ETF?

T. Rowe Price first filed for the Price Active Crypto ETF in October 2025, near the peak of the crypto market cycle. That filing surprised some observers. NovaDius Wealth Management president Nate Geraci described it as coming out of "left field," given the firm's 87-year history of focusing almost exclusively on traditional mutual funds and its relatively recent entry into the ETF market overall.

The October filing also coincided with Bitcoin trading above $120,000 and a sharp market reversal on October 10 that triggered billions of dollars in forced liquidations across leveraged derivatives positions. Still, T. Rowe Price moved forward. 

The amended S-1 submitted this week builds directly on that original application, adding operational depth without changing the fund's fundamental approach.

With this filing, T. Rowe Price joins a list of major traditional finance firms that have already launched or filed for crypto investment products, including BlackRock, Fidelity, Franklin Templeton, VanEck, and Invesco.

What Does the SEC Review Process Look Like for a Multi-Asset Crypto ETF?

The SEC's review of cryptocurrency investment products has grown more defined since the approval of spot Bitcoin ETFs in January 2024 and spot Ethereum ETFs later that year. Those approvals established a regulatory baseline for single-asset crypto products. A multi-asset, actively managed fund like the one T. Rowe Price is proposing adds a new layer of complexity.

The SEC will likely scrutinize several areas in its review:

• Custody arrangements for all 15 eligible assets
• Valuation methodologies across illiquid or low-cap tokens
• Liquidity provisions for assets like Shiba Inu or Sui
• Disclosures around portfolio turnover from active trading
• The staking provisions and their tax and regulatory implications

The filing also provides updated information on the FTSE Crypto US Listed Index, including constituent weights as of January 2026, and expands risk disclosures related to the fund's active trading strategy. These additions suggest T. Rowe Price is anticipating regulatory questions and trying to address them proactively.

There is no set timeline for SEC approval or rejection. The application will undergo a standard review period, during which the commission can request additional disclosures or modifications.

Conclusion

T. Rowe Price's amended filing moves the Price Active Crypto ETF one step closer to reality. The fund proposes active management across up to 15 digital assets, custody through Anchorage Digital Bank, and a cash-based redemption model at launch. Whether the SEC approves a multi-asset, actively managed structure remains to be seen, but the filing adds another established name to a market that is no longer the exclusive territory of crypto-native firms.

Resources

1. T. Rowe’s amended US SEC filing 

2. Report by CoinDesk: T. Rowe Price is ready to put dogecoin, shiba inu among tokens in its new crypto ETF

3. Report by Reuters: T. Rowe Price files for its first crypto ETF