Traditional finance heavyweight T. Rowe Price is taking a decisive step into the cryptocurrency sector, filing with the U.S. Securities and Exchange Commission (SEC) on October 22, 2025, to launch its first crypto-focused exchange-traded fund. The proposed “T. Rowe Price Active Crypto ETF” marks the firm’s first attempt to bridge conventional portfolio management with digital assets.
Unlike passive Bitcoin or Ethereum ETFs, the fund will be actively managed, using a combination of fundamental, valuation, and momentum-based models to allocate across 5 to 15 different cryptocurrencies. Early indications suggest the basket could include leading assets such as Bitcoin, Ether, Solana, and Dogecoin, with performance measured against the FTSE Crypto U.S. Listed Index.
SEMI-SHOCK: T Rowe Price just filed for an Active Crypto ETF. They are a Top 5 active manager by assets (mostly mutual funds). Did not expect it but I get it. There’s gonna be land rush for this space too. pic.twitter.com/gXbCsll9kG
— Eric Balchunas (@EricBalchunas) October 22, 2025
Strategic Shift for a Conservative Giant
With $1.8 trillion in assets under management, T. Rowe Price has long been viewed as one of Wall Street’s more cautious institutions. Its latest filing signals a strategic pivot, from observation to direct participation in digital finance. For years, the Baltimore-based firm quietly monitored blockchain markets and built internal trading capabilities. The new ETF formalizes that groundwork, positioning T. Rowe Price among a growing cohort of asset managers, including BlackRock and Fidelity, competing to deliver regulated crypto exposure.
Timing and Regulatory Outlook
The filing comes amid renewed momentum for crypto ETFs following multiple spot approvals earlier this year. However, analysts warn that Washington’s late-2025 government shutdown could delay SEC reviews for pending applications, potentially pushing new fund launches into early 2026.
Despite that uncertainty, the move underscores a clear trend: mainstream investment firms are no longer content to watch from the sidelines. By actively managing a crypto portfolio, T. Rowe Price aims to merge institutional discipline with the volatility, and opportunity, of the digital asset market, setting the stage for a new wave of actively managed crypto products in traditional finance.
