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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such Shares and (b) the information provided in this prospectus and related materials will not make a Transaction Party a fiduciary to the Plan. Plan of Distribution and SEED CAPITAL INVESTMENT Buying and Selling Shares Most investors buy and sell Shares of the Fund in secondary market transactions through broker-dealers, at market prices. Shares trade on the Exchange under the Fund’s ticker symbol. Shares are bought and sold throughout the trading day, like other publicly traded securities. When buying or selling Shares through a broker, most investors incur customary brokerage commissions and charges. Investors are encouraged to review the terms of their brokerage account for details on applicable charges and, and any provisions authorizing the broker to borrow shares held on behalf of an investor. The Seed Capital Investor and certain affiliates of the Fund and the Sponsor may purchase and resell shares pursuant to this prospectus. Seed Capital Investment

The Seed Capital Investor
and certain affiliates of the Fund and the Sponsor may purchase and resell shares pursuant to this prospectus. [On [X], [X], an
affiliate of the Sponsor, and [ ], subject to conditions, purchased [X] Shares at $[XX.00] price per Share (the “Initial
Seed Shares”). Delivery of the Initial Seed Shares was made on [X]. Total proceeds to the Fund from the sale of the Initial
Seed Shares were $[X]. On [ ], [ ] redeemed the Initial Seed Shares for cash at a per-Share price of $[XX].00 for a total redemption
value of $[XX]. On [ ], [ ] (the “Seed Capital Investor”) purchased [X] creation units in a cash transaction comprised
of a total of [X] Shares at $[XX.00] price per Share (the “Seed Creation Units”). The cash proceeds to the Fund were
used by the Fund to purchase portfolio assets (exclusive of transaction and other costs incurred in connection with the conversion
of the cash proceeds to the crypto assets). The aggregate amount the Seed Capital Investor paid is $[X} and the total proceeds
to the Fund is $[X]. As of the date of this prospectus, these [X] Shares represent all of the outstanding Shares. The price of
the Shares acquired by the Seed Capital Investor was determined as described in this prospectus.

Following the Fund’s
initial listing, the Seed Capital Investor may sell some or all of the Shares comprising the Seed Creation Units, which could be
at different prices, and the Fund will not receive any of the proceeds. Furthermore, the Seed Capital Investor will not receive
from the Fund, the Sponsor or any of their affiliates any fee or other compensation in connection with the sale of the Seed Creation
Units. The Seed Capital Investor will be acting as a statutory underwriter with respect to the Seed Creation Units, and to contribute
to payments that the Seed Capital Investor may be required to make in respect thereof.]

[Neither
[ ] nor the Seed Capital Investor will receive from the Fund, the Sponsor or any of their affiliates any fee or other compensation
in connection with the sale of the Seed Shares. The Seed Capital Investor will be acting as a statutory underwriter with respect
to the seed purchase. The Seed Capital Investor will
not act as an Authorized Participant with respect to the Seed Shares, and its activities with respect to the Seed Shares will
be distinct from those of an Authorized Participant. Unlike most Authorized Participants, the Seed Capital Investor is not in
the business of purchasing and selling securities for its own account or the accounts of others. The Seed Capital Investor will
not act as an Authorized Participant to purchase (or redeem) Shares in the future. The Sponsor and the Fund have agreed to indemnify
the Seed Capital Investor against certain liabilities, including liabilities under the Securities Act.]

CONFLICTS
OF INTEREST

There are actual and potential
conflicts of interest in the Fund’s structure and operation to consider before purchasing Shares. By purchasing the Shares,
Shareholders agree and consent to the provisions set forth in the Trust Agreement and consent to such conflicts of interest in
the event of any proceeding alleging that such conflicts violated any duty owed by the Sponsor to the Shareholders.

Potential or Actual Conflicts of Interest

The Fund and the Sponsor
or its Affiliates may have actual or potential conflicts of interest, which may cause them to favor their own interests to the
Fund’s detriment.

The Sponsor and its affiliates
have no fiduciary duties to the Fund or its Shareholders, which may permit them to favor their own interests to the detriment of
the Fund and its Shareholders. The Fund and the Sponsor and its affiliates may have inherent conflicts to the extent the Sponsor
attempts to make changes impacting the Management Fee and this may not always be in the best interest of the Fund’s investment
performance. The Sponsor’s officers, delegates, and employees may not devote their time exclusively to the Fund. These persons
may be directors, trustees, officers or employees of other entities, or otherwise work in respect of other clients. They could
have a conflict between their responsibilities to the Fund and to those other entities and/or clients.

The Sponsor and its affiliates
and their principals, officers or employees may trade crypto assets, securities and futures and related contracts for their own
accounts or managed accounts.

In addition, the Sponsor and
its affiliates (including the Administrator) and their principals, officers or employees may trade crypto assets, securities and
futures and related contracts for their own accounts or managed accounts. A conflict of interest may exist if their trades are
in the same markets and occur at the same time as the Fund trades using the clearing broker to be used by the Fund. A potential
conflict also may occur if the Sponsor and its affiliates and their principals, officers or employees trade their accounts or managed
accounts more aggressively or take positions in their accounts that are opposite, or ahead of, the positions taken by the Fund.
If the Sponsor or its affiliates acquires knowledge of a potential transaction or arrangement that may be an opportunity for the
Fund, it shall have no duty to offer such opportunity to the Fund.

The
Sponsor and its affiliates manage the operations of the Fund, which may cause actual or potential conflicts of interest.

The
Sponsor has sole current authority to manage the investments and operations of the Fund, and this may allow it to act in a way
that furthers its own interests and in conflict with the Fund shareholder’s best interests, including the authority of the
Sponsor to allocate expenses. Shareholders have very limited voting rights, which will limit the ability to influence matters
such as amendment of the Trust Agreement, changes in the Fund’s basic investment policies, dissolution of the Trust, or
the sale or distribution of the Fund’s assets. The Sponsor is responsible for selecting and engaging the Trust’s service
providers, including service providers engaged in connection with valuation of the Fund’s assets. To the extent that the
Sponsor has other commercial arrangements with the service providers, the Sponsor may face conflicts of interest with respect
to its oversight and supervision of the service providers. Further, to the extent that the Sponsor has investments in crypto assets
and/or in Shares, and due to the fact that the Management fee is payable based on the value of the Shares, the Sponsor may face
potential conflicts of interest with respect to the valuation of Shares.

Mitigation of Potential or Actual Conflicts
of Interest

Whenever a conflict of interest
exists between the Sponsor or any of its Affiliates, on the one hand, and the Fund, any Shareholder, or any other person, on the
other hand, the Sponsor shall resolve such conflict of interest, take such action or provide such terms, considering in each case
the relative interest of each party (including its own interest) to such conflict, agreement, transaction or situation and the
benefits and burdens relating to such interests, any customary or accepted industry practices, and any applicable generally accepted
accounting practices or principles. In the absence of bad faith by the Sponsor and its Affiliates, the resolution, action or terms
so made, taken or provided by the Sponsor shall not constitute a breach of the Trust Agreement or any other agreement contemplated
therein or of any duty or obligation of the Sponsor or its Affiliates at law or in equity or otherwise.

STATEMENTS,
FILINGS AND REPORTS