$1.9 trillion asset manager T. Rowe Price launches first actively managed multi-token crypto ETF

Legacy asset manager T. Rowe Price officially entered the crypto exchange-traded fund market today, launching what it says is the industry's first actively managed multi-token spot crypto ETF nearly nine months after first filing for it.

The T. Rowe Price Crypto ETF, now trading under the ticker TKNZ on NYSE Arca, is designed to allocate to and actively balance a portfolio of top cryptocurrencies. The Baltimore-based investment manager oversees nearly $1.9 trillion in client assets and has been managing money for roughly 90 years.

TKNZ gives the portfolio managers the ability to adjust allocations based on T. Rowe Price's research and market outlook data.

The fund debuted with nearly 41% allocated to bitcoin and 18.4% to ether, alongside sizeable positions in BNB, Solana's SOL, XRP and Hyperliquid's HYPE, which makes up nearly 6.5% of the portfolio.

Bloomberg Intelligence Senior ETF analyst Eric Balchunas said the initial allocations appeared "underweight bitcoin and overweight most of the rest, especially HYPE." In a post to X, he noted the fund launched with roughly $15 million in assets and carries a 0.75% management fee.

Although Balchunas sees (HYPE) as overweight in the portfolio, it has been one of crypto's strongest performers during the current crypto bear market. The token climbed to an all-time high of roughly $74.50 last month and is today trading around $65.60, up about 38% over the past year, while bitcoin has fallen roughly 45% over the same period.

While the fund can invest across proof-of-stake networks, the prospectus states it will not initially stake any of its holdings to generate yield, though it leaves the possibility of introducing staking in the future.

The debut of TKNZ has been a long time coming. T. Rowe Price initially filed for the fund in October 2025. Blue Macellari, T. Rowe Price's head of digital assets, is the lead portfolio manager alongside four co-managers.