A $1.9 trillion asset manager has entered the crypto ETF market with a multi-token product that actively shifts exposure across major digital assets.
T. Rowe Price Debuts Active Crypto ETF
T. Rowe Price launched the T. Rowe Price Active Crypto ETF under the ticker TKNZ on NYSE Arca. The firm said the product is the first actively managed multi-token spot crypto exchange-traded product available in the market.
The fund gives investors exposure to several leading crypto assets through one listed product. Its eligible universe includes Bitcoin, Ethereum, BNB, XRP, Solana, Hyperliquid, and other digital assets.
TKNZ differs from many existing crypto funds that focus on one token or follow a passive index. T. Rowe Price said the fund uses active management to respond to market rotations, momentum, and emerging crypto trends.
The product launched after T. Rowe Price filed for the fund in October 2025. The Baltimore-based firm has managed client assets for nearly 90 years and oversees about $1.9 trillion.
Bitcoin Leads Portfolio as XRP and Solana Gain Weight
The fund opened with Bitcoin as its largest allocation at about 40.75%. Ethereum followed at 18.42%, while BNB accounted for 11.01% of the portfolio.
Solana represented 9.44%, while XRP carried a 9.37% allocation. Hyperliquid’s HYPE made up 6.45%, giving the fund exposure beyond the two largest crypto assets.
Source: X
The portfolio also included Stellar Lumens at 3.00%, Dogecoin at 1.28%, USDC at 0.16%, and cash equivalents near 0.11%. The fund launched with roughly $15 million in assets.
Bloomberg Intelligence senior ETF analyst Eric Balchunas said the initial allocation appeared “underweight bitcoin and overweight most of the rest, especially HYPE.” He also noted the fund carries a 0.75% management fee.
The prospectus allows the fund to invest across proof-of-stake networks. However, the fund will not initially stake holdings to generate yield, although staking may be considered later.
Active Management Drives TKNZ Strategy
Blue Macellari, T. Rowe Price’s head of digital assets, manages the fund with four co-portfolio managers. Macellari has more than 20 years of investment experience and has led the firm’s digital asset strategy since 2022.
Macellari said crypto markets can change quickly and remain volatile. She said active management plays “an incredibly meaningful role” because investors may need professional help building crypto exposure.
She added that TKNZ gives investors access to a professionally managed multi-coin portfolio. The product is designed to reduce the guesswork involved in selecting separate crypto assets.
Tim Coyne, T. Rowe Price’s global head of ETFs, called the launch a natural step for the firm’s active investment platform. He said the product gives investors a new way to use the firm’s research process in digital assets.
