The ongoing US government shutdown is causing delays in expected ETF approval decisions for a variety of altcoins. Despite deadlines for numerous ETFs submitted to the SEC having passed, the shutdown prevents the SEC from announcing its decisions.
However, new ETF applications continue to be submitted. One of the most established companies in the US, T. Rowe Price, has filed a new cryptocurrency ETF application with the SEC. This application represents a significant milestone, marking the company's direct entry into the cryptocurrency market. While T. Rowe Price is active in the ETF market, this is its first ETF application specifically in the cryptocurrency space.
The established company, founded in 1937, is seeking regulatory approval from the SEC to launch an actively managed ETF that will be tied to multiple cryptocurrencies. This ETF is designed to offer investors the opportunity to invest in a portfolio of 5 to 15 cryptocurrencies, selected by market capitalization. The potential list of cryptocurrencies includes Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP, Dogecoin (DOGE), and Shiba Inu (SHIB).
This move by the $1.8 trillion asset management firm into the cryptocurrency world comes nearly two years after the SEC initially approved spot Bitcoin ETFs.
Nate Geraci, President of The ETF Store, commented on the development via a post on X, stating: “T. Rowe Price has filed an application with the U.S. Securities and Exchange Commission (SEC) for an actively managed cryptocurrency ETF. This application is a significant move that completely exceeds market expectations.”