T. Rowe Price has filed with the United States Securities and Exchange Commission (SEC) to launch an actively managed crypto exchange-traded fund. This marks the first time the firm will offer a product tied to multiple digital assets simultaneously in the United States.
The firm, which manages approximately $1.77 to $1.8 trillion in assets, sought approval this week. This filing comes as a surprise to analysts who did not anticipate such a move from the company during the ongoing government shutdown.
A Traditional Giant Enters the Digital Coin Market
According to the SEC filing, the new fund is designed to provide investors with exposure to between five and fifteen different cryptocurrencies. Eligibility for inclusion in the fund will be based on specific requirements that align with SEC listing rules. The list of potential coins includes Bitcoin, Ether, Solana, XRP, Cardano, Litecoin, Avalanche, Hedera, Bitcoin Cash, Dogecoin, Stellar, Chainlink, and Shiba Inu.
A spokesperson for T. Rowe Price explained that the fund’s objective is to outperform the FTSE Crypto US Listed Index. This will be achieved by evaluating factors such as fundamentals, valuation, and momentum when selecting assets and determining their allocation within the portfolio. The filing explicitly states that market capitalization alone will not be the sole determinant for investment decisions.
Industry Experts Express Surprise at the Move
The decision has drawn surprise from some analysts, given T. Rowe Price's long-standing reputation for a conservative approach and its historical focus on mutual funds throughout its eighty-seven-year existence.
Bloomberg ETF analyst Eric Balchunas characterized the development as a “SEMI-SHOCK.” He suggested that this move indicates a growing trend of firms vying for market share within the digital asset space.
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.
— Eric Balchunas (@EricBalchunas) October 22, 2025
ETF Approval Timelines Uncertain Amid Government Shutdown
The landscape of new ETF filings has recently seen a trend towards funds focusing on a single cryptocurrency. Therefore, an actively managed fund encompassing multiple digital assets remains an uncommon offering. Morningstar analyst Bryan Armour commented that T. Rowe Price is likely planning “something differentiated to try and break into the space,” acknowledging the continued investor demand for new and varied options. Armour also noted that the company is actively “looking for new niches” as persistent outflows from mutual funds create pressure to diversify investment strategies.
Meanwhile, the timeline for approvals of such filings remains unclear. Several cryptocurrency ETF applications have faced delays due to an ongoing U.S. government shutdown, which has now persisted for over three weeks. In a recent statement, Kevin Hassett, an economic adviser to U.S. President Donald Trump, indicated that the shutdown was “likely to end sometime this week.”