T. Rowe Price Pushes Active Edge With First Diversified Crypto ETF

T. Rowe Price has rolled out what it says is the industry’s first actively managed multi-token spot crypto ETF, giving investors diversified exposure to digital assets in a single fund.

The T. Rowe Price Active Crypto ETF (TKNZ) started trading বৃহস্পতিবার, marking a key expansion into crypto for the $1.9 trillion asset manager.

Unlike the widely adopted spot bitcoin and ether ETFs, TKNZ holds a mix of cryptocurrencies—including bitcoin, ether, BNB, XRP, Solana (SOL), and Hyperliquid (HYPE)—rather than focusing on a single token.

What sets the fund apart is its active strategy. Instead of passively tracking an index, managers can shift allocations based on market trends, research insights, and risk analysis. The firm says this flexibility aims to capture changing market leadership as capital moves across crypto assets.

The launch reflects a broader shift among asset managers toward more advanced crypto products. Earlier this month, BlackRock introduced a bitcoin income ETF designed to generate yield through options, underscoring the growing sophistication of the market.

While actively managed funds may help investors navigate crypto’s volatility, critics note they typically charge higher fees and must outperform passive options to justify those costs.

TKNZ carries a 0.75% net expense ratio through May 2027 under a temporary waiver, after which it is set to rise to 0.90%.

The ETF is led by Blue Macellari, head of digital assets at T. Rowe Price, along with four co-managers. Since 2022, Macellari has overseen the firm’s crypto strategy and research efforts.

The launch follows years of groundwork, including building in-house trading infrastructure and securing institutional partnerships to support operations.

With TKNZ, T. Rowe Price is stepping into a more competitive and increasingly complex crypto investment arena.