$1.9 Trillion Asset Manager T. Rowe Launches Multi-Token Crypto ETF

TLDR

• T. Rowe Price launched TKNZ, the first actively managed multi-token spot crypto ETF, on NYSE Arca
• The fund started with ~$15 million in assets and holds Bitcoin, Ether, BNB, Solana, XRP, and Hyperliquid
• Bitcoin makes up 40.75% of the portfolio, with Hyperliquid at 6.45%
• The management fee is 0.75% through May 2027, rising to 0.90% after
• The fund is actively managed, meaning allocations can shift based on market conditions and research

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T. Rowe Price, the Baltimore-based asset manager overseeing $1.9 trillion in client assets, officially entered the crypto ETF market on Thursday with the launch of TKNZ — what it calls the industry’s first actively managed multi-token spot crypto ETF.

🚨JUST IN: T. Rowe Price’s TKNZ Active Crypto ETF began trading TODAY with about $15 million in assets.

The fund debuted with about 41% allocated to BTC, 18.4% to ETH, and sizeable positions in BNB, SOL, and XRP.

Hyperliquid’s HYPE accounted for nearly 6.5% of the portfolio. https://t.co/zTh1kq8ATD pic.twitter.com/YNcMtRQbD1

— Coin Bureau (@coinbureau) July 16, 2026

The fund began trading on NYSE Arca nearly nine months after the firm first filed for it in October 2025. It launched with approximately $15 million in assets.

Unlike single-token products like spot Bitcoin or Ether ETFs, TKNZ holds a basket of cryptocurrencies. The launch-day portfolio included Bitcoin at 40.75%, Ether at 18.42%, BNB at 11.01%, Solana at 9.44%, XRP at 9.37%, and Hyperliquid at 6.45%.

Smaller allocations include Stellar Lumen at 3%, Dogecoin at 1.28%, and a small cash position.

Active Management Sets It Apart

The key feature of TKNZ is its active management approach. Portfolio managers can adjust allocations based on market conditions, research, and risk assessments rather than tracking a fixed index.

T. Rowe Price says the strategy is designed to capture shifts in market leadership as money moves between different crypto assets.

Blue Macellari, T. Rowe Price’s head of digital assets since 2022, leads the fund alongside four co-portfolio managers. The firm built its own digital asset trading infrastructure and partnered with institutional service providers before bringing the product to market.

Bloomberg Intelligence Senior ETF analyst Eric Balchunas noted the initial portfolio appeared underweight Bitcoin and overweight most other assets, particularly Hyperliquid.

Hyperliquid’s Inclusion Draws Attention

Hyperliquid’s 6.45% weighting stands out given its recent performance. The token hit an all-time high of around $74.50 last month and currently trades near $65.60, up roughly 38% over the past year. Bitcoin, by comparison, has fallen about 45% over the same period.

The fund’s prospectus states it will not initially stake any proof-of-stake holdings, though staking could be introduced in the future.

The management fee sits at 0.75% through May 2027 under a temporary waiver, after which it rises to 0.90%. Critics of actively managed funds generally point to higher fees as a drawback when compared to passive index products.

T. Rowe Price’s move follows BlackRock’s launch earlier this month of a Bitcoin income ETF, showing that large asset managers are continuing to expand and specialize their crypto product offerings.

The firm has been managing assets for roughly 90 years, and TKNZ marks its first direct exposure product in the digital asset space.