T. Rowe Price Expands Into Crypto With Multi-Token ETF

TLDR

• T. Rowe Price launched TKNZ, the industry’s first actively managed multi-token spot crypto ETF.
• The fund provides exposure to bitcoin, ether, BNB, XRP, Solana, Hyperliquid, and other digital assets.
• Portfolio managers can actively adjust cryptocurrency allocations based on market conditions and research.
• TKNZ carries a 0.75% net management fee through May 2027 before increasing to 0.90%.
• T. Rowe Price built dedicated digital asset trading infrastructure before introducing its new crypto ETF

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T.Rowe launched an actively managed multi-token spot crypto exchange-traded fund, expanding its digital asset offerings. The new fund began trading on Thursday with exposure to several leading cryptocurrencies instead of one token. The launch highlights a strategic move toward active portfolio management as competition across crypto investment products continues growing.

Active fund introduces diversified crypto exposure

T.Rowe introduced the Active Crypto ETF under the ticker TKNZ on Thursday. The fund provides exposure to several digital assets through one investment vehicle. It includes bitcoin, ether, BNB, XRP, Solana, Hyperliquid, and additional cryptocurrencies.

T Rowe Active Crypto ETF $TKNZ is live today, first multi-token active spot ETF, also notable given T Rowe Price’s legacy as stock picker (they’ve been around since bf WWII). Fee 75bps. Opens with $15m in assets. Here’s the holdings to start which show underweight bitcoin and… pic.twitter.com/R83fiXMPYy

— Eric Balchunas (@EricBalchunas) July 16, 2026

Unlike many existing crypto exchange-traded funds, the portfolio does not follow a fixed benchmark. T. Rowe allows portfolio managers to adjust holdings using research, market conditions, and risk assessments. The strategy aims to respond as capital shifts between different digital assets.

The Baltimore-based asset manager oversees approximately $1.9 trillion in assets across multiple investment strategies. The product expands its digital asset lineup beyond traditional investment offerings. T. Rowe entered the market with a structure that emphasizes portfolio flexibility instead of passive tracking.

Active management distinguishes the new ETF

T. Rowe designed the fund to differ from spot Bitcoin and Ether exchange-traded funds already available. Portfolio managers can modify allocations instead of maintaining predetermined cryptocurrency weightings. This approach reflects changing market leadership and evolving digital asset trends.

The fund carries a 0.75% net management fee through May 2027 under a temporary waiver. T. Rowe said the fee will increase to 0.90% after that period ends. Higher management costs remain a common feature among actively managed investment products.

Blue Macellari leads the portfolio alongside four co-portfolio managers responsible for daily investment decisions. T. Rowe appointed Macellari after years leading the firm’s digital asset research and strategy. His responsibilities include evaluating cryptocurrencies, blockchain protocols, and related investment opportunities.

Market expansion follows broader crypto ETF growth

T.Rowe launched the product as asset managers continue broadening crypto investment choices. Recent offerings have expanded beyond single-token exposure through specialized investment structures. The trend reflects continued product development across regulated digital asset markets.

BlackRock recently introduced a bitcoin income exchange-traded fund using options strategies to generate yield. T. Rowe pursued a different strategy by combining several cryptocurrencies within one actively managed portfolio. The company also developed internal trading infrastructure before bringing the product to market.