T. Rowe Price launches actively managed multi-asset crypto ETF

T. Rowe Price has launched its first crypto exchange-traded fund (ETF), the T. Rowe Price Active Crypto ETF (TKNZ), which began trading on the NYSE Arca on Thursday. The launch marks one of the first actively managed spot crypto basket ETFs available to US investors, the firm stated in a press release.

T. Rowe Price debuts multi-asset crypto ETF

The firm stated that TKNZ’s major advantage is that it is actively managed. The fund invests across a range of cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), BNB, XRP, Solana (SOL) and Hyperliquid (HYPE), with portfolio allocations adjusted based on market conditions and the firm's investment research.

Blue Macellari, T. Rowe Price's head of digital assets, said active management can help investors navigate the rapidly changing crypto market.

"Given the rapidly evolving and potentially volatile nature of crypto assets, active management plays an incredibly meaningful role in this space," Macellari said.

The firm stated that it spent several years building the infrastructure and institutional partnerships needed to support digital asset investing.

The ETF charges a net management fee of 0.75%, which will remain in effect through May 31, 2027, before increasing to its standard 0.90% fee. The launch marks T. Rowe Price's first crypto investment product and expands its lineup of active ETFs. The asset manager oversaw approximately $1.89 trillion in client assets as of June 30.

"Through the launch of the T. Rowe Price Active Crypto ETF, investors can gain access to a thoughtfully curated, professionally managed multi-coin portfolio that helps eliminate the guesswork of building a crypto allocation on their own,” Macellari added.

Bloomberg ETF analyst James Seyffart stated that the product launch comes despite the current weakness in the crypto market.

"Launching during a bear market and I know for a fact this product was years in the making. Legacy asset managers continue to build in the crypto space despite the pullback in prices," Seyffart wrote in an X post.

Bloomberg analyst Eric Balchunas added that TKNZ launched with roughly $15 million in assets under management. He also noted that the portfolio initially holds a smaller portion of Bitcoin, with larger allocations given to several alternative cryptocurrencies, including Hyperliquid.

The launch adds another institutional entrant to the growing US crypto ETF market, as traditional asset managers continue expanding their digital asset offerings beyond single-token investment products.

The crypto market is down 1.4% over the past 24 hours at the time of writing.