$1.9 trillion asset manager T. Rowe Price bets on active management with first multi-token crypto ETF

Markets $1.9 trillion asset manager T. Rowe Price bets on active management with first multi-token crypto ETF T. Rowe Price launched what it says is the industry's first actively managed multi-token spot crypto ETF, offering diversified exposure to digital assets. By Helene Braun | Edited by Nikhilesh De Jul 16, 2026, 6:38 p.m. 2 min read Make preferred on Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Make preferred on Summary Show T. Rowe Price's new TKNZ ETF actively invests across cryptocurrencies including bitcoin, ether, BNB, XRP, solana and Hyperliquid. The $1.9 trillion asset manager joins a growing wave of firms expanding beyond single-token crypto investment products. The fund's managers can adjust holdings based on market conditions rather than tracking a fixed crypto index. T. Rowe Price has brought what it said is the industry's first actively managed multi-token spot crypto exchange-traded fund (ETF) to the market. The T. Rowe Price Active Crypto ETF (TKNZ) began trading on Thursday, giving investors exposure to a portfolio of crypto assets rather than a single token. The launch marks a milestone for the Baltimore-based asset manager, which oversees $1.9 trillion in assets, as it expands its product lineup into digital assets. Unlike the spot bitcoin BTC $ 64,088.15 and ether (ETH) exchange-traded funds that have dominated the market over the past two years, TKNZ is designed to hold a diversified basket of cryptocurrencies, including bitcoin, ether, BNB, XRP, solana (SOL) and Hyperliquid (HYPE), among other digital assets. The fund also differs from most crypto investment products because it is actively managed. Instead of tracking a fixed index, portfolio managers can adjust allocations based on market conditions, research and risk assessments. T. Rowe Price said the strategy is intended to capture changes in market leadership and momentum as capital rotates among different cryptocurrencies. The launch comes as asset managers continue to broaden their digital asset offerings beyond single-token products. BlackRock launched a bitcoin income ETF designed to generate yield from its spot bitcoin ETF through options strategies earlier this month, highlighting how issuers are increasingly introducing specialized crypto investment products as the market matures. Actively managed crypto funds could help investors navigate a market known for sharp price swings and rapidly changing trends. Critics, however, note that they typically carry higher fees and must consistently outperform passive alternatives to justify their costs. TKNZ carries a 0.75% net management fee through May 2027 under a temporary fee waiver, after which the fee is scheduled to increase to 0.90%. The fund is managed by Blue Macellari, T. Rowe Price's head of digital assets, alongside four co-portfolio managers. Macellari has led the firm's digital asset strategy since 2022, overseeing research into cryptocurrencies, blockchain protocols and crypto-related investment products. The launch follows several years of preparation. T. Rowe Price said it built its own digital asset trading infrastructure and partnered with institutional service providers to support trading and operations before bringing a crypto product to market. 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