As one of the more conservative trillion-dollar asset management companies, T. Rowe Price surprised analysts by applying to list an actively managed cryptocurrency exchange-traded fund (ETF) in the United States.
T. Rowe submitted an S-1 registration statement to the U.S. Securities and Exchange Commission (SEC) aimed at launching an actively managed cryptocurrency ETF, which could shake up its product line primarily focused on mutual funds—an asset class that has seen outflows of tens of billions of dollars over the past month.
The application documents submitted to the SEC on Wednesday indicate that the fund is expected to hold 5 to 15 cryptocurrencies that meet the SEC's general listing standards, including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Ripple (XRP).
Nate Geraci, president of NovaDius Wealth Management, called the application "unexpected," while noting that "traditional asset management companies" like T. Rowe, which missed the first wave of cryptocurrency ETF launches, are now eager to find their market positioning.
Bloomberg ETF analyst Eric Balchunas similarly described the application as "half shocking," pointing out that T. Rowe, with nearly $1.8 trillion in assets, has focused on mutual funds throughout its 87-year history.
The application documents show that T. Rowe's proposed fund seeks to outperform the FTSE Crypto US Listed Index, with asset weights based on fundamentals, valuations, and momentum.
Other eligible cryptocurrencies in T. Rowe's fund include Cardano (ADA), Avalanche (AVAX), Litecoin (LTC), Dogecoin (DOGE), Hedera (HBAR), Bitcoin Cash (BCH), Chainlink (LINK), Stellar (XLM), and Shiba Inu (SHIB).
T. Rowe's actively managed cryptocurrency ETF differs from numerous single-coin ETF applications awaiting SEC approval.
However, all applications, including those for LTC, SOL, and XRP, have been put on hold due to the U.S. government shutdown, which has now lasted for 22 days.
One of U.S. President Donald Trump's economic advisors, Kevin Hassett, stated on Monday that the government shutdown "could end sometime this week."
More than four and a half years ago, when asked whether the asset management company would invest in cryptocurrencies, T. Rowe's former CEO William Stromberg said that cryptocurrencies were still in the "early stages."
"This is indeed a very, very early stage, so I expect it to develop at a good pace, but it will take years to really unfold," Stromberg said at the time.
Related: U.S. Congress pushes for the first revision of the Bank Secrecy Act in 50 years to report thresholds
Original article: “Traditional Asset Management Company T. Rowe Price Joins the Cryptocurrency ETF 'Gold Rush'”
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