T. Rowe Price, the U.S. asset manager with close to $1.77 trillion of assets under management, has made a filing with the U.S. Securities and Exchange Commission (SEC) to introduce its initial crypto exchange-traded fund (ETF). The declared fund entitled “T. Rowe Price Active Crypto ETF” will be an actively managed ETF aiming to beat the FTSE Crypto US Listed Index. The ten largest U.S.-listed crypto assets by market capitalization form the index that tracks their aggregate performance.
The filing states that the ETF will acquire the fund’s “eligible” cryptocurrencies, a set of assets including Bitcoin, Ether, Solana, XRP, Cardano, Avalanche, Litecoin, Polkadot, Dogecoin, HBAR, Bitcoin Cash, Chainlink, Stellar (Lumens), and Shiba Inu among others.
The document highlights how a company established back in 1937 and mostly recognized for its mutual funds and portfolio business is now progressively leading towards crypto-backed products.
Industry experts, such as Nate Geraci, president of NovaDius Wealth Management, considered that it is a clear indication of the traditional asset managers embracing the crypto world. Geraci defined the submission as a communication that the company sees digital-asset investment as a permanent part of mainstream finance.
The decision made by the firm is supported by regulatory changes that have taken place lately, with the SEC sanctioning fresh listing criteria that shorten the time for crypto ETFs to go live. The T. Rowe Price application is one among several filed by firms looking to establish crypto ETFs.
On the other hand, the ongoing U.S. government shutdown that is currently on its 23rd day has lowered the number of SEC employees and creates a situation in which filing operations are virtually at a standstill.
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