T. Rowe Price has applied to the U.S. Securities and Exchange Commission (SEC) to launch its first actively managed cryptocurrency ETF, marking the firm’s debut in digital assets after years of caution.
The proposed fund would hold a diversified portfolio of 5–15 cryptocurrencies, ranging from bitcoin and ether to more speculative tokens such as solana, dogecoin, and Shiba Inu. Portfolio managers will seek to beat the FTSE Crypto US Listed Index using a blend of fundamental, valuation, and momentum metrics, the company said.
The $1.77 trillion asset manager joins a growing list of traditional finance firms entering crypto markets after the SEC’s 2023 approval of spot bitcoin ETFs. Analysts say T. Rowe’s decision reflects pressure to offset outflows from its mutual funds and expand into new growth areas.
“This is a firm looking for new niches,” said Morningstar’s Bryan Armour, noting that T. Rowe has already launched 24 ETFs and recently partnered with Goldman Sachs, which plans to buy up to 3.5% of its shares.
The filing also comes amid a backlog of crypto ETF applications at the SEC, whose operations have been slowed by a government shutdown. Despite new listing rules easing approval pathways, analysts expect no new launches until the shutdown ends.
T. Rowe Price’s entry adds momentum to the institutional adoption of crypto ETFs, as traditional asset managers look to bridge mainstream finance and digital markets.
