SEC Filing Document

Company: T. Rowe Price Active Crypto ETF
Ticker: 
CIK: 2089855
Filing Type: S-1
Document Type: S-1
Date Filed: 2025-10-22
Accession Number: 0001999371-25-015832
Exchange: 
SIC Code: 6221
SIC Description: Commodity Contracts Brokers & Dealers
URL: https://www.sec.gov/Archives/edgar/data/2089855/000199937125015832/activecrypto-s1_102225.htm

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in-kind transactions, subject to receiving regulatory approval. The timing of applicable regulatory approval is unknown and there is no guarantee that such regulatory approval will be received. Accordingly, there can be no assurance that Authorized Participants (or third parties for which the Authorized Participant is acting on behalf) would be permitted to create or redeem Shares via in-kind transactions with the Fund in the future. Crypto Trading Counterparties The Fund has reached agreements in principle and intends to execute definitive formal agreements with the following Crypto Trading Counterparties: [ ] and such agreements will be filed as exhibits to the registration statement. The material terms of these agreements may be updated from time to time. Except for serving as service providers to other products affiliated with or controlled by affiliates of the Sponsor, the Crypto Trading Counterparties are independent entities and are not affiliated with the Fund or the Sponsor.

Additional Crypto Trading Counterparties
may be engaged at the Sponsor’s discretion based on the Fund’s operational and liquidity needs. If the Sponsor engages any
additional Crypto Trading Counterparties, shareholders will be notified of such additions through a prospectus supplement, current report
on Form 8-K, the Fund’s annual or quarterly reports, and/or updates on the Fund’s website.

In designating a Crypto Trading Counterparty,
the Sponsor and the Fund evaluate and select service providers based on a defined set of criteria, as established in its internal compliance
policies, including: (i) institutional-grade operational and compliance frameworks; (ii) demonstrated financial stability and creditworthiness;
(iii) proven track record in handling crypto asset transactions with sufficient liquidity and competitive pricing; and (iv) robust cybersecurity
measures and adherence to regulatory standards.

The Sponsor and its affiliates have
adopted and implemented policies and procedures that are designed to comply with applicable anti-money laundering laws and sanctions laws
and regulations, including applicable KYC laws and regulations. The Sponsor and the Fund will only interact with Crypto Trading Counterparties
with respect to whom the Sponsor or its affiliates have engaged in a due diligence process to ensure a thorough KYC process.

The Crypto Trading Counterparties will
execute transactions for the purchase and sale of crypto assets to fulfill cash orders for creations and redemptions. [They are required
to adhere to specific service-level standards to ensure timely and accurate execution of transactions. These standards include meeting
settlement deadlines, maintaining transparency in pricing, and providing ongoing operational support. While the Crypto Trading Counterparties
are expected to facilitate transactions for the Fund, there are no contractual obligations requiring their participation in every creation
or redemption event. The Sponsor retains the discretion to trade with other third-party Crypto Trading Counterparties as necessary.]

Active Trading

As an actively managed product, the
Fund may on any day engage in additional purchases or sales of Eligible Assets to adjust portfolio weights. Active trading will use the
Fund’s Crypto Trading Counterparties but such orders will be placed separately from the purchases or sales of assets attributable
to Creation and Redemption. Active Trades will settle on T+1. The Fund may use one or more of its Eligible Assets to purchase other Eligible
Assets, and may engage in trading of Eligible Assets on both U.S. and non-U.S. crypto trading platforms.

CUSTODY OF CRYPTO ASSETS

The Fund’s investment strategy
consists primarily of direct investments in crypto assets, commonly referred to as “spot” investments. The Fund’s crypto
assets and stablecoins are held by the Crypto Custodian on behalf of the Fund.

The crypto assets and stablecoins exist
and are recorded on cryptographically secured distributed ledgers or any similar technology, which serves as the decentralized transaction
ledger for the Eligible Asset Networks. The Fund’s assets with the Crypto Custodian are held in segregated accounts on the respective
blockchain, commonly referred to as “wallets,” and are therefore not commingled with corporate or other customer assets. All
transactions are recorded on the blockchain, ensuring the verification of each asset’s location in specific digital wallets.

The responsibility for
safekeeping the crypto assets and stablecoins owned by the Fund lies with the Crypto Custodian. The Sponsor believes that the Crypto
Custodian’s policies, procedures, and controls for safekeeping, exclusively possessing, and controlling the Fund’s
crypto asset holdings are designed to protect against theft, loss, and unauthorized and accidental use of the private keys. The
Crypto Custodian safeguards the private key materials for the Fund’s crypto assets via offline and air-gapped cold storage,
hardware security modules, and whitelisting. Any decisions or actions related to forks, airdrops or similar events will align with
the guidelines set forth by the Crypto Custodian; the Crypto Custodian may not support forks, airdrops, or similar events. The
Crypto Custodian assumes no liability in respect of an unsupported branch of a forked protocol or its determination whether or not
to support a forked protocol. The Fund is committed to maintaining transparency and ensuring that its approach aligns with industry
best practices in managing these events. However, unforeseen circumstances may arise, and there is no guarantee that it will be
possible to support the protocol under all possible scenarios.

The Sponsor will periodically check
the existence of the crypto assets held by the Fund by analyzing the blockchain.

The Crypto Custodian

The Crypto Custodian for the Fund’s
crypto asset and stablecoin holdings is [ ]. In designating a custodian as a Crypto Custodian for the Fund, the Sponsor and Administrator
consider whether the custodian provides protection against theft and loss and ensures that the transactions and trades are secure. A custodian
may lose its eligibility as a Crypto Custodian if it fails to comply with the Fund’s requirements, but the Sponsor has no obligation
whatsoever to change the Crypto Custodian for the Fund’s holdings. The Sponsor may, in its sole discretion, add or terminate agreements
with custodians.

The Crypto Custodian may also employ
advanced blockchain monitoring tools and services to promote the security and compliance of incoming transactions, such as:

•	Transaction Validation : When a transaction
is initiated, these monitoring tools validate it against predefined criteria, including sender addresses, transaction amounts, and transaction
details, to confirm they comply with the Crypto Custodian’s policies and regulatory requirements.

•	Alerts : These monitoring tools offer
alerting capabilities, using advanced algorithms to detect activity that may be indicative of money laundering, fraud, or other illicit
activities.

•	AML/KYC Compliance : The Crypto Custodian
implements these monitoring tools and solutions as a part of their efforts to comply with Anti-Money Laundering (AML) and KYC regulations,
using these solutions to help assess the risks associated with the parties involved in the transactions.

ADDITIONAL INFORMATION ABOUT THE FUND

The Fund

The Fund is a Delaware statutory trust,
formed on September 15, 2025, pursuant to the Trust Agreement. The Fund continuously issues common shares representing fractional undivided
beneficial interest in and ownership of the Trust that may be purchased and sold on the Exchange. The Fund will operate pursuant to the
Trust Agreement. CSC Delaware Trust Company, a Delaware trust company, is the Delaware trustee of the Trust. The Trust is managed and
controlled by the Sponsor. The Sponsor is limited liability company formed under the laws of Delaware.

The number of outstanding Shares is
expected to fluctuate over time, increasing or decreasing as creation units are created or redeemed. This process requires either delivering
to, or distributing from, the Fund, an amount of cash equal to the value of the assets represented by the NAV of the creation units being
created or redeemed.

The Fund has no operating history.
The Fund and the Sponsor face competition with respect to the creation of competing products, such as exchange-traded products offering
exposure to the spot ether market, the spot bitcoin market, the bitcoin futures market, the ether futures market, and other crypto assets
and derivatives on crypto assets. There can be no assurance that the Fund will grow to or maintain an economically viable size. There
is no guarantee that the Sponsor will maintain a commercial advantage relative to competitors offering similar products. Whether or not
the Fund is successful in achieving its intended scale may be impacted by a range of factors, such as the Fund’s timing in entering
the market and its fee structure relative to those of competitive products.

The Fund has no fixed termination date.
The Fund will continue to exist until terminated in accordance with the Trust Agreement.

LEGAL PROCEEDINGS

Within the past five years of the date
of this prospectus, there are no material administrative, civil or criminal actions against the Sponsor or the Fund or any subsidiary
of any of them. This includes any actions pending, on appeal, concluded, threatened, or otherwise known to them.

FORM AND TRANSFER OF SHARES

Registered Form