SEC Filing Document

Company: T. Rowe Price Active Crypto ETF
Ticker: 
CIK: 2089855
Filing Type: S-1/A
Document Type: S-1/A
Date Filed: 2026-02-11
Accession Number: 0001999371-26-003054
Exchange: 
SIC Code: 6221
SIC Description: Commodity Contracts Brokers & Dealers
URL: https://www.sec.gov/Archives/edgar/data/2089855/000199937126003054/active-s1a_021126.htm

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As filed with the Securities and Exchange
Commission on February 11, 2026

Registration No. 333-291007

UNITED
STATES

SECURITIES AND EXCHANGE COMMISSION

Washington ,

Amendment No.

FORM S-1

REGISTRATION STATEMENT

UNDER THE SECURITIES
ACT OF 1933

T. ROWE PRICE ACTIVE CRYPTO ETF

SPONSORED BY T. ROWE PRICE SPONSOR LLC

(Exact name of registrant as specified in
its charter)

Delaware 6221 39-4422405

(State or other jurisdiction
of incorporation or organization) (Primary Standard Industrial Classification
Code Number) (I.R.S. Employer Identification No.)

c/o T. Rowe Price Associates, Inc.

1307 Point Street, Baltimore, Maryland 21231

(Address, including zip code, and telephone
number, including area code,

of registrant’s principal executive
offices)

Copies to:

Adam T. Teufel, Esq.	Sonia Kurian, Esq.

Dechert LLP	T. Rowe Price

1900 K Street, NW	1307 Point Street

Washington, DC 20006	Baltimore, MD 21231

Approximate date of commencement of proposed
sale to the public: As soon as practicable after this Registration Statement becomes effective.

If any of the securities being registered
on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the
following box. ☒

If this Form is filed to register additional
securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act
registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment
filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement
number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment
filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement
number of the earlier effective registration statement for the same offering. ☐

Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company.
See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,”
and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐	Non-accelerated filer ☒

Accelerated filer ☐	Smaller reporting company ☒

Emerging growth company ☒

If an emerging growth company, indicate by
check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

The Registrant hereby amends this Registration
Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment
which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of
the Securities Act or until this Registration Statement shall become effective on such date as the Commission, acting pursuant
to said Section 8(a), may determine.

PROSPECTUS

2026	T. ROWE PRICE

TKNZ	Active
Crypto ETF

The information
in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed
with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities, and it is not
soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.

Subject to Completion

Preliminary
Prospectus dated [ ], 2026

T. Rowe Price Active Crypto
ETF

T. Rowe Price Active Crypto
ETF (the “Fund” or “Trust”) is an actively-managed, exchange-traded product (ETP) organized as a Delaware
statutory trust. The Fund issues shares representing units of fractional undivided beneficial interests (Shares) that are expected
to trade, subject to notice of issuance, on NYSE Arca (the “Exchange”) under the symbol “[ ]”. Shares can
be purchased and sold by investors through their broker-dealer.

The Fund’s investment
objective is to seek long-term capital growth through investments in crypto assets. Under its current investment objective, the
Fund is limited to holding crypto assets which satisfy the criteria set forth under “Business of the Fund — Asset Eligibility”
section. Any purchase of the Shares of the Fund is subject to the risks of crypto assets and crypto asset markets as well as the
additional risks of investing in the Fund.

An investment in the Fund is
subject to the risks of an investment in crypto assets, which are subject to a high degree of price variability, as well as to
the risks of crypto asset markets more generally, and the risks of investing in an actively-managed ETPs. An investment in the
Fund may be riskier than other funds that do not directly hold crypto assets, or financial instruments related to crypto, and may
be riskier than an investment in other funds that seek to track an index or benchmark comprised of one or more crypto assets. The
Fund may not be suitable for all investors.

T. Rowe Price Sponsor
LLC will serve as sponsor to the Fund (the “Sponsor”) and receives a management fee. CSC Delaware Trust Company, a
subsidiary of Corporation Service Company, is the Delaware trustee of the Fund (Trustee). The principal office address of the Fund
is 1307 Point Street, Baltimore, Maryland 21231 and the Fund’s telephone number is 410-345-2000. T. Rowe Price
Associates, Inc. (the “Administrator”) provides administrative services to the Fund. The Administrator also assists
the Fund and the Sponsor with certain functions and duties relating to accounting. T. Rowe Price Investment Services, Inc., a wholly
owned subsidiary of the Administrator, is the distributor (Distributor). [ ] is the Fund’s transfer agent. [ ] (the “Crypto
Custodian”) is the custodian for the Fund’s crypto assets and stablecoins, and [ ] is the custodian for the Fund’s
cash and other assets (the “Cash Custodian” and together with the Crypto Custodian, the “Custodians”).

The Fund intends to issue
Shares on a continuous basis and is registering an indeterminate number of Shares with the SEC in accordance with Rules 456(d)
and 457(u) under the Securities Act of 1933, as amended (the “Securities Act”). The Fund expects to create and redeem
Shares at the next-determined net asset value (NAV) per Share, on a continuous basis, and only in aggregations of 5,000 Shares
(Creation Units). The offering of the Shares is a best efforts offering through the Distributor. Creation Units may be created
or redeemed only by Authorized Participants, as defined herein. Therefore, except when aggregated in Creation Units, Shares are
not redeemable securities. Shares will be offered to the public from time to time at market prices, which may vary from the NAV
per Share, on the secondary market.

Investing in the Fund
involves significant risks. The Fund is not an investment company registered under the Investment Company Act of 1940, as amended
(Investment Company Act), and is not required to register under such Act. The Sponsor is not registered with the Securities and
Exchange Commission (SEC) as an investment adviser and is not subject to regulation by the SEC as such in connection with its activities
with respect to the Fund. The Fund is not a commodity pool for purposes of the Commodity Exchange Act of 1936, as amended (CEA),
and the Sponsor is not subject to regulation by the U.S. Commodity Futures Trading Commission (the “CFTC”) as a commodity
pool operator or a commodity trading advisor with respect to the Fund. As such, the shareholders of the Fund (Shareholders) will
not be afforded the protections associated with ownership of shares in a registered investment company. Shareholders have no voting
rights with respect to the Fund except as expressly provided in the Agreement and Declaration of Trust (the “Trust Agreement”).
See the section, “Risk Factors.”

Neither the SEC nor any
state securities commission has approved or disapproved of the securities offered in this prospectus or determined if this prospectus
is truthful or complete. Any representation to the contrary is a criminal offense.

The Trust is an “emerging
growth company” as that term is used in the Jumpstart Our Business Startups Act (the “JOBS Act”) and, as such,
may elect to comply with certain reduced reporting requirements.

For a glossary of defined
terms, see “Glossary.”

The date of this prospectus

TABLE OF CONTENTS

STATEMENT REGARDING FORWARD-LOOKING STATEMENTS	3

PROSPECTUS SUMMARY	4

THE OFFERING	7

USE OF PROCEEDS	10

BUSINESS OF THE FUND	10

OVERVIEW OF THE ELIGIBLE ASSETS’ INDUSTRY	14

RISK FACTORS	35

CALCULATING NAV	65

CREATIONS AND REDEMPTIONS	68

CUSTODY OF Fund ASSETS	74

ADDITIONAL INFORMATION ABOUT THE FUND	75

LEGAL PROCEEDINGS	75

FORM AND TRANSFER OF SHARES	75

MANAGEMENT; VOTING BY SHAREHOLDERS	76

DESCRIPTION OF KEY SERVICE PROVIDERS	77

U.S. FEDERAL INCOME TAX CONSEQUENCES	80

ERISA AND RELATED CONSIDERATIONS	90

Plan of Distribution and SEED CAPITAL INVESTMENT	90

CONFLICTS OF INTEREST	91

STATEMENTS, FILINGS AND REPORTS	92

BOOKS AND RECORDS	92

FISCAL YEAR	92

PROVISIONS OF LAW	93

LEGAL MATTERS	93

EXPERTS	93

PRIVACY POLICY	93

WHERE TO FIND MORE INFORMATION	94

GLOSSARY	94

FINANCIAL STATEMENTS	96