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: 2026-05-15
Accession Number: 0001999371-26-010860
Exchange: 
SIC Code: 6221
SIC Description: Commodity Contracts Brokers & Dealers
URL: https://www.sec.gov/Archives/edgar/data/2089855/000199937126010860/tknz-s1a_051526.htm

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the Fund or a third-party with respect to purchasing, holding, delivering, or receiving crypto assets as part of the creation or redemption process. In the future, the Fund may also permit Authorized Participants to create and redeem Shares via in-kind transactions. Each Authorized Participant must be a registered broker-dealer, a participant in the DTC, and have entered into an Authorized Participant Agreement. The Authorized Participant Agreement provides the procedures for the creation and redemption of Creation Units and for the delivery of cash (or for the delivery of crypto assets, if the Fund engages in in-kind creations and redemptions) in connection with such creations or redemptions. As of the date of this prospectus, the Authorized Participants are: Jane Street Group, LLC, Macquarie Capital (USA) Inc., Goldman Sachs & Co. LLC, and Virtu Americas LLC. Additional Authorized Participants may be added at any time, subject to the discretion of the Sponsor.

The offering of the Fund’s Shares
is a best efforts offering. The Fund continuously offers aggregated shares in Creation Units at their NAV through the Distributor, to
Authorized Participants. Shares will be sold at the next-determined NAV per Share. All Authorized Participants pay a fixed transaction
fee for each creation or redemption order.

Because new Shares can be
created and issued on an ongoing basis, at any point during the life of the Fund, a “distribution,” as such term is used
in the Securities Act, will be occurring. Authorized Participants, other broker-dealers and other persons are cautioned that
some of their activities may result in their being deemed purchasers in a distribution in a manner that would render them statutory
underwriters and subject them to the prospectus delivery and liability provisions of the Securities Act. For example, an Authorized
Participant, other broker-dealer firm or its client will be deemed a statutory underwriter if it purchases a Creation Unit from
the Fund, breaks the Creation Unit down into the constituent Shares and sells the Shares to its customers; or if it chooses to
couple the creation of a supply of new Shares with an active selling effort involving solicitation of secondary market demand for
the Shares. In contrast, Authorized Participants may engage in secondary market or other transactions in Shares that would not be
deemed “underwriting.” For example, an Authorized Participant may act in the capacity of a broker or dealer with respect
to Shares that were previously distributed by other Authorized Participants. A determination of whether a particular market
purchaser is an underwriter must take into account all the facts and circumstances pertaining to the activities of the
broker-dealer or its client in the particular case, and the examples mentioned above should not be considered a complete
description of all the activities that would lead to designation as an underwriter and subject them to the prospectus delivery and
liability provisions of the Securities Act.

Dealers who are neither Authorized
Participants nor “underwriters” but are nonetheless participating in a distribution (as contrasted to ordinary secondary trading
transactions), and thus dealing with Shares that are part of an “unsold allotment” within the meaning of Section 4(a)(3)(C) of
the Securities Act, would be unable to take advantage of the prospectus delivery exemption provided by Section 4(a)(3) of the
Securities Act. The offering of Creation Units is being made in compliance with Rule 2310 of the FINRA Rules. The Authorized Participants
do not receive from the Fund or the Sponsor any compensation in connection with the creation or redemption of Creation Units of Shares.

Investors are cautioned that they
might not be able to buy or sell Shares of the Fund through their current brokerages. Moreover, even if an investor were able to purchase
Shares through their current brokerage, that brokerage might decide to stop trading in crypto-linked securities and the investor
would potentially face restrictions on when and or how they could trade their existing crypto assets position.

The Sponsor expects that any broker-dealers selling
Shares will be members of FINRA. Investors intending to create or redeem Creation Units through Authorized Participants in transactions
not involving a broker-dealer registered in such investor’s state of domicile or residence should consult their legal advisor
regarding applicable broker-dealer regulatory requirements under the state securities laws prior to such creation or redemption.

Portfolio Transactions in Connection with
Creations and Redemptions

In addition to actively trading portfolio
assets, the Sponsor and the Fund will engage in crypto asset transactions for converting cash, stablecoins, or crypto assets into crypto
assets (in association with “creation” or “purchase” orders) and crypto assets into cash (in association with
redemption orders). The Fund will conduct its crypto asset transactions by trading directly with third parties, who are not registered
broker-dealers, pursuant to written agreements between such counterparties and the Fund (each a “Crypto Trading Counterparty”).
See “Crypto Trading Counterparties” section for more information.

Creation orders will take place as
follows, where “T” is the date of the order and each day in the sequence must be a Business Day:

Creation Order Date (T) Settlement Date (T+1)

1.       Authorized Participant places a creation order.

2.       The Transfer Agent accepts (or rejects) the creation order.

3.       The Fund will enter into a transaction with the Crypto Trading Counterparty to purchase the corresponding crypto assets.

4.       As soon as practicable after 4:00 p.m. ET, the Administrator determines the Creation Unit Cash Total Amount, including any dollar
cost difference between the crypto assets price utilized in calculating NAV per Share and the price at which the Fund acquires the crypto
assets. 5.       The Authorized Participant delivers the Creation Unit Total Cash Amount to the Fund’s cash account that is maintained with
the Cash Custodian.

6.       The Crypto Trading Counterparty delivers the crypto assets related to the purchase transaction into the Fund’s Vault Balance
(defined below).

7.       Once the Fund is in simultaneous possession of the Creation Unit cash component and the crypto assets, the Fund delivers the corresponding
Shares to the Authorized Participant.

8.       The Fund transfers the cash related to the purchase transaction from the Fund cash account maintained with the Cash Custodian
to the Crypto Trading Counterparty.

Redemption orders will take place
as follows, where “T” is the date of the order and each day in the sequence must be a Business Day:

Redemption Order Date (T) Settlement Date (T+1)

1.       Authorized Participant places a redemption order.

2.       The Transfer Agent accepts (or rejects) the redemption order.

3.       The Fund enters into a transaction with the Crypto Trading Counterparty to sell the corresponding crypto assets.

4.       As soon as practicable after 4:00 p.m. ET, the Administrator determines the Creation Unit Cash Total Amount, including any dollar
cost difference between the crypto assets price utilized in calculating NAV per Share and the price at which the Fund sells the crypto
assets. 5.       The Authorized Participant delivers the Shares to be redeemed to the Fund.

6.       The Crypto Trading Counterparty delivers cash to the Fund’s cash account that is maintained with the Cash Custodian related
to the sell transaction.

7.       Once the Fund is in simultaneous possession of the Shares and the respective Creation Unit cash component, the Fund cancels the
Shares comprising the number of Creation Unit redeemed by the Authorized Participant.

8.       The Fund instructs the Crypto Custodian to transfer the corresponding crypto assets agreed on the sell transaction from the Fund’s
Vault Balance.

9.       The Fund transfers the Creation Unit cash component from the cash account maintained with the Cash Custodian to the Authorized
Participant.

Creation Procedures

Order Submission and Acceptance

For a purchase order, the Authorized
Participant must submit the purchase order by 2:00 p.m. ET, or the close of regular trading on the Exchange, whichever is earlier (the
“Order Cutoff Time”). The Sponsor may modify the Order Cutoff Time in its sole discretion. Orders received after the Order
Cutoff Time will not be accepted and must be resubmitted on the following Business Day.

The Authorized Participant must submit
a purchase order indicating the number of Creation Units it intends to acquire. The Sponsor will acknowledge the purchase order. The date
of acknowledgement will determine the “Estimated Cash Amount,” which is equivalent in value to the quantity of crypto assets
and other portfolio assets (“Basket”) but excludes a Variable Fee (defined below) and transaction fees. If the purchase order
is in proper form and accepted, an endorsed confirmation, an email, or other electronic communication indicating the acceptance of the
purchase order) will be transmitted to the Authorized Participant on the date such purchase order is received. Prior to such acceptance,
a purchase order only represents the Authorized Participant’s unilateral offer and has no binding effect upon the Fund, Sponsor,
Crypto Custodian, or any other party.

Crypto Asset Transactions