SEC Filing Document

Company: T. Rowe Price Active Crypto ETF
Ticker: 
CIK: 2089855
Filing Type: S-1/A
Document Type: EX-10.3
Date Filed: 2026-04-27
Accession Number: 0001999371-26-009120
Exchange: 
SIC Code: 6221
SIC Description: Commodity Contracts Brokers & Dealers
URL: https://www.sec.gov/Archives/edgar/data/2089855/000199937126009120/ex10-3.htm

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T.Rowe Price Active Crypto ETF S-1A

Exhibit 10.3

ORDER FORM

Anchorage Contact	Client Contact

Name: AJ Macey	Name: Kristen Risner

Email: aj.macey@anchorlabs.com	Email: kristen.risner@troweprice.com

This MASTER CUSTODY SERVICE AGREEMENT (“Agreement”)
is made and entered into as of the Effective Date provided herein, by and between Anchorage Digital Bank N.A. (“Anchorage”),
and each Client as provided herein (each a “Client”) (Anchorage and Client,
each a “Party” and collectively, the “Parties”). Each Client, acting through T. Rowe Price Sponsor
LLC (the “Agent”), severally and not jointly enters into this Agreement with Anchorage. This Agreement shall constitute
separate agreements, each between a single Client and Anchorage, as if such Client had executed a separate Agreement naming only itself
as the Client, and no Client shall have any liability for the obligations of any other Client. Any reference to “Agreement”
shall be construed to refer to the respective Agreement between a Client and Anchorage.

The Agreement consists of the terms in this Order
Form and the immediately following Standard Terms and Conditions (including any Schedules, Addenda and Exhibits thereto) which together
shall form the Agreement.

1.      Effective Date:	February 26, 2026

2.      Initial Term:	Three (3) year

3.      Renewal Term:	One (1) year

4.      Client(s). Each “Client” listed herein is subject to the Agreement as if this Agreement were between such individual Client and Anchorage, except specifically the Fees will be calculated on an aggregated basis, including the sum of all Clients’ Assets Under Custody.  For the avoidance of doubt, notwithstanding anything herein to the contrary, each Client shall only be responsible for Fees and liabilities attributable to its assets held in its own Account pursuant to such Client’s Agreement with Anchorage, and under no circumstances will any Client be responsible for the Fees or liabilities of any other Client or person

T. Rowe Price Active Crypto ETF, a Delaware Statutory Trust

5.	Fees.

[Redacted]

6.	Address for Notices:

To Client(s):	Invoice
Email: mybuyinvoice@troweprice.com
Notice Email:
Vendor.Contracts@troweprice.com AND DAS.coverage@troweprice.com

T. Rowe Price Sponsor LLC
1307 Point Street
Baltimore, Maryland 21231
Attention: Simone Sherman, Kristen Risner

With a copy to where relating to notice of breach, termination, claims
for indemnification, and other legal or adverse matters:

T. Rowe Price Associates, Inc.
1307 Point Street
Baltimore, Maryland 21231
Attention: General Counsel

To Anchorage:	legal@anchorage.com
AND
custodyexecutive@anchorage.com
Anchorage Digital Bank N.A.
101 S. Reid Street, Suite 307
Sioux Falls, South Dakota 57103

IN CONSIDERATION AND WITNESS WHEREOF, Anchorage
and Client, by their duly authorized representatives, hereby execute this Agreement as of the Effective Date.

ANCHORAGE DIGITAL BANK N.A.	ON BEHALF OF EACH CLIENT SET FORTH HERETO

By: /s/ Jake Childs	By:   /s/ Francine Rosenberger

Name: Jake Childs	Name: Francine Rosenberger

Title: Head of Asset Management	Title: Vice President & Secretary

Company: T. Rowe Price Sponsor LLC

AFFILIATED BUSINESS DISCLOSURE

AND CONFLICT OF INTEREST WAIVER

Anchorage Digital Bank N.A. (“Anchorage
Digital Bank”) is affiliated with Anchor Labs, Inc., Anchorage Hold LLC, Anchorage Digital Singapore Pte. Ltd., and other affiliates
(each an “Anchorage Affiliate”), through common ownership and management. In particular, Anchor Labs, Inc. provides
certain administrative, technology, marketing, and other support services for custodial accounts on behalf of Anchorage Digital Bank.
Because Anchorage Digital Bank and Anchorage Affiliates are under common ownership and management, the owners of Anchor Labs, Inc. will
receive an indirect benefit from any fees you pay to Anchorage Digital Bank. In addition, Anchorage Digital Bank and Anchorage Affiliates
may each provide services to its own clients that are also participating in any additional optional services supported by both Anchorage
Digital Bank and Anchorage Affiliates. Anchorage Digital Bank and Anchorage Affiliates may refer clients to each other, and cooperate
with each other, for the performance of these shared services. If Anchorage Digital Bank offers additional optional services to clients
to participate in a network of services offered by Anchorage Affiliates, and you choose to participate in such services, you hereby acknowledge
and consent to the sharing of Client Data (as defined in this Agreement) between Anchorage Digital Bank and Anchorage Affiliates solely
in order to provide such services to you. Any sharing of Client Data shall be subject to the Data Processing Addendum (as defined in this
Agreement) agreed between the applicable parties, and all applicable Laws. Your use of services of Anchorage Digital Bank may result in
benefits from such referral to the other companies by virtue of the companies’ common ownership and management. For the avoidance
of doubt, all relationships between Anchorage Digital Bank and Anchorage Affiliates, and all provision of Services to each Client, are
in compliance with all applicable laws and regulations and industry best practices, including, without limitation, those concerning conflicts
of interest, and this Agreement.

ACKNOWLEDGEMENT

I, duly authorized and on behalf of each Client
as set forth in the Order Form, have read this disclosure form, and I acknowledge and understand that Anchorage Digital Bank and Anchorage
Affiliates are under common ownership and control. I further acknowledge and understand that by retaining Anchorage Digital Bank, I am
providing an indirect financial benefit to the owners of Anchorage Affiliates. Understanding the common ownership and control of the
companies, I agree to utilize the services of Anchorage Digital Bank of my own free will. I also understand and agree that Anchorage
Digital Bank may share Client Data with any Anchorage Affiliate solely for the purpose of facilitating additional optional services to
participate in a network of services offered by Anchorage Digital Bank, and Anchorage Affiliates, that Client has agreed to receive.
I acknowledge and understand that any referrals for services among Anchorage Digital Bank and Anchorage Affiliates may result in the
owners of the referring company receiving an indirect financial benefit from the services provided.

ON BEHALF OF EACH CLIENT SET FORTH HERETO

By: /s/ Francine Rosenberger

Name: Francine Rosenberger

Title: Vice President & Secretary

Company: T. Rowe Price Sponsor LLC

ANCHORAGE DIGITAL BANK

STANDARD TERMS AND CONDITIONS

Capitalized terms not defined in the Order Form, body of these Terms
and Conditions, or supporting Schedules are defined in Schedule A (Definitions).

1.	Anchorage Appointment and Provision of the Services.

1.1.	Appointment . Client appoints Anchorage to provide the Services, including acting as custodian of
Client Digital Assets pursuant to this Agreement, and Anchorage hereby accepts such appointment. Anchorage is a qualified custodian as
defined under Investment Advisers Act of 1940 (“ Advisers Act ”) .

1.2.	Provision of the Services .

(a)	Subject to (i) Client’s successful completion of the account acceptance process as provided in Section
2.1, and (ii) the terms of this Agreement, during the Term, Anchorage will provide the Services to Client .

(b)	Anchorage will reasonably determine the requirements for any Direction, including Authenticated Instructions,
and whether such requirements have been satisfied as to any Direction, at all times subject to this Agreement. Anchorage shall not act
on a direction or instruction which is not an Authenticated Instruction. Subject to the terms of, and provided Anchorage complies with
its obligations under, this Agreement, Anchorage is entitled to rely upon a Direction in all respects. Client and Anchorage agree and
acknowledge that: (i) Anchorage’s acceptance of Directions related to Client’s deposit and withdrawal of assets is based on
the parameters of Authenticated Instructions and in accordance with Anchorage’s Services requirements under this Agreement; (ii)
Anchorage has no duty to inquire into or investigate the legality, validity, or accuracy of any information, data, or instructions related
to a Direction that it reasonably believes is genuine following authentication, subject to, and provided Anchorage complies with its obligations
under, this Agreement; and (iii) Anchorage shall act in a commercially reasonable manner, and in conformance with the following: (1) Directions
shall continue in full force and effect until executed, cancelled or superseded; (2) if any Directions are ambiguous or if in in Anchorage’s
reasonable opinion any Directions are likely to be inaccurate, Anchorage shall notify Client and shall refuse to execute such Directions
until any such ambiguity has been clarified by Client to Anchorage’s satisfaction; and (3) Anchorage may refuse to execute Directions
if in Anchorage’s reasonable opinion such Directions are outside the scope of its obligations under this Agreement or are contrary to
any applicable Laws and Anchorage will promptly notify Client of such refusal. Notwithstanding any limitations and exclusions set out
in Section 10, Anchorage is responsible for losses resulting from its errors in executing a Direction from the Client (e.g., if Client
provides the correct destination address for executing a withdrawal transaction, but Anchorage erroneously sends Client’s Digital
Assets to another destination address).