T. Rowe Price Launches Actively Managed Multi-Token Crypto ETF

T. Rowe Price, which manages about $1.9 trillion in client assets, launched TKNZ on NYSE Arca as an actively managed multi-token spot crypto ETF. The fund gives portfolio managers discretion to allocate and rebalance holdings among a set of major cryptocurrencies. It opened with roughly $15 million in assets and carries a 0.75% management fee.

At launch the disclosed weights were 40.75% bitcoin and 18.42% ethereum. Other holdings included BNB at 11.01%, Solana (SOL) at 9.44%, XRP at 9.37%, Hyperliquid’s HYPE at 6.45%, Stellar Lumen (XLM) at 3.00%, Dogecoin at 1.28%, USD Coin at 0.16% and cash equivalents at 0.11%.

Blue Macellari, head of digital assets, serves as lead portfolio manager alongside four co-managers. The fund’s prospectus allows investments across proof-of-stake networks, but managers do not plan to stake holdings at launch. The prospectus leaves open the possibility of adding staking later if managers determine it fits the strategy and regulatory environment. T. Rowe Price first filed for the product in October 2025, roughly nine months before the debut.

Senior ETF analyst Eric Balchunas described the initial mix as ‘underweight bitcoin and overweight most of the rest, especially HYPE.' HYPE traded around $65.60 after a roughly $74.50 peak last month and has gained about 38% over the past year, while bitcoin has fallen roughly 45% over the same period.

The fund’s active structure differs from many recent spot crypto ETFs that follow fixed-weight baskets or indexes. TKNZ will use internal research and market signals to adjust exposures. The ETF trades on NYSE Arca and is available to investors through brokerages that list the fund.