T. Rowe Price launches active multi-token crypto ETF on NYSE Arca

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T. Rowe Price crypto ETF launch

Highlights

T. Rowe Price launches TKNZ, the industry's first actively managed multi-token spot crypto ETF, on NYSE Arca with about $15 million in assets.
Initial portfolio allocates 41% to bitcoin, 18.4% to ether, and nearly 6.5% to HYPE, with a 0.75% management fee and no staking at launch.
HYPE outperformed bitcoin with a 38% increase over the past year as bitcoin declined 45%, highlighting active management's role in crypto ETF strategies.

Fund launch and portfolio structure

As first reported by The Block, T. Rowe Price says TKNZ is the industry's first actively managed multi-token spot crypto ETF and starts trading on NYSE Arca on Thursday. The Baltimore-based firm, which manages nearly $1.9 trillion in client assets, filed for the product in October 2025.

The fund allows portfolio managers to shift allocations using T. Rowe Price research and market outlook data. At launch, about 41% of the portfolio is allocated to bitcoin and 18.4% to ether, with additional positions in BNB, Solana's SOL, XRP and Hyperliquid's HYPE, which accounts for nearly 6.5%.

T. Rowe Price says the ETF can invest across proof-of-stake networks, but its prospectus states the fund does not initially stake holdings to generate yield. The filing leaves open the possibility of adding staking later.

Market positioning and industry implications

Bloomberg Intelligence Senior ETF analyst Eric Balchunas says the initial mix appears underweight bitcoin and overweight several other tokens, especially HYPE. In a post on X, he says the fund launches with roughly $15 million in assets and carries a 0.75% management fee.

HYPE has been among the stronger performers during the current crypto bear market, reaching an all-time high of about $74.50 last month and trading around $65.60 today. Over the past year, the token is up about 38%, while bitcoin is down roughly 45% over the same period.

Blue Macellari, T. Rowe Price's head of digital assets, leads the portfolio management team alongside four co-managers. The launch gives one of the largest traditional asset managers a direct foothold in a segment where product structure, token selection and active management are becoming key competitive points.

Our earlier article examined how U.S. securities exchanges came under pressure as investor anxiety grew over the spread of perpetual futures (perps) following the CFTC’s approval for Kalshi to offer bitcoin-linked perps in the U.S. We noted that shares of major exchange operators fell on fears perps could expand beyond crypto into core markets, even as traditional venues retain structural advantages such as institutional risk controls and established margin systems. The piece also highlighted how incumbents are responding with crypto-linked products and partnerships, underscoring the ongoing tension between innovation and market stability.

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