T. Rowe Price Revises Cryptocurrency ETF Application, SUI Added to Expand Investable Assets

Asset management firm T. Rowe Price, known for managing traditional mutual funds and retirement accounts with a total assets under management of $1.8 trillion, submitted a revised S-1 application for an active crypto ETF to the U.S. Securities and Exchange Commission (SEC) on March 16. The application designates Anchorage Digital Bank as the ETF’s cryptocurrency custodian and has added SUI to the list of qualified digital assets.

S-1 Revision Highlights: Anchorage Custody, SUI Inclusion, and Structural Details

(Source: SEC)

The main updates in this revision include:

• Designating Anchorage Digital Bank as Cryptocurrency Custodian: Clarifies the primary asset custodian for the ETF

• Adding SUI to the Qualified Digital Asset List: Currently includes 15 digital assets such as BTC, Ethereum (ETH), Solana (SOL), and Ripple (XRP)

• Expanding Share Creation and Redemption Disclosures: Improves regulatory descriptions of the ETF’s daily operations

• Updating FTSE Crypto US Listing Index Information: Includes the latest component weights as of January 2026

• Adding Risk Disclosures for Active Trading Strategies: Includes new risk explanations related to portfolio turnover

T. Rowe Price states that the proposed fund’s core structure remains consistent with the October application. This revision mainly aims to refine operational details.

Strategic Significance of Transitioning from Traditional Asset Management to Crypto

The symbolic significance of T. Rowe Price’s revision goes beyond the document itself. This nearly 90-year-old asset management company has long focused on conservative active mutual funds and entered the ETF market relatively late. Nate Geraci, President of NovaDius Wealth Management, said last October that considering T. Rowe Price’s traditional business, this crypto ETF application was “unexpected.”

T. Rowe Price’s continued progress signals its official entry into a growing list of traditional financial institutions involved in crypto investment products, including BlackRock, Fidelity, Franklin Templeton, VanEck, and Invesco. The institutional capital shift from traditional mutual funds to actively managed crypto ETFs is accelerating.

Timing of the Application: From Bitcoin’s Peak to ETF Capital Flows

(Source: Coinglass)

The initial S-1 was filed in October 2025, when Bitcoin’s price just surpassed $120,000, at a market cycle high. However, after the filing, the market sharply declined. On October 10, a major liquidation event occurred, forcing the forced closure of billions of dollars in leveraged crypto derivatives positions. Since then, digital asset prices have continued to fall, and crypto ETFs have experienced significant outflows, reflecting investor sentiment cooling after the 2024–2025 rally.

In recent weeks, net inflows into crypto ETFs have turned positive again. T. Rowe Price submitted the revision at this time, indicating the company’s willingness to advance active management crypto ETFs despite market volatility.

Frequently Asked Questions

What are the main changes in T. Rowe Price’s S-1 revision?

Main changes include: designating Anchorage Digital Bank as the crypto custodian, adding SUI to the 15 qualified digital assets, expanding share creation and redemption mechanisms, and supplementing risk disclosures for active trading strategies. The core fund structure remains unchanged.

Which digital assets will T. Rowe Price’s active crypto ETF invest in?

The updated S-1 lists 15 qualified digital assets. The specific holdings and weights are determined by the active management strategy. The current list includes Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Ripple (XRP), Avalanche (AVAX), and the newly added SUI.

Why was Anchorage Digital Bank chosen as the ETF’s custodian?

Anchorage Digital Bank is a federally chartered U.S. crypto bank regulated by the Office of the Comptroller of the Currency (OCC). It provides compliant custody services for institutional-grade digital assets. Its federal charter makes it a preferred choice for institutional investors seeking crypto custody solutions.