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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PoS, but does not include staking rewards or incentives. Instead, the Federated Byzantine Agreement is a consensus mechanism where nodes independently decide which other nodes to trust for information. Lumens transactions are resolved around every six seconds, which is faster than Bitcoin’s block production, which are resolved around every 10 minutes. SDF oversaw the creation of all of the lumen in existence and, as part of its custodial mandate, continues to oversee how the vast majority of lumen are distributed. Initially, 100 billion lumen were created by SDF and were required to be distributed as follows: (i) 50% to individuals, (ii) 25% to partners such as businesses, governments, institutions, or nonprofit organizations that contribute to the growth and adoption of the Stellar Network, (iii) 19% to Bitcoin holders and 1% to XRP holders in giveaways conducted in October 2016 and August 2017 and (iv) 5% reserved for SDF operational expenses.

No further lumen could be created or
distributed according to the Stellar protocol, aside from supply increases by a fixed inflation rate of 1% per year, which ceased pursuant
to a Stellar community vote in October 2019.

In November 2019, SDF removed, or “burned,”
approximately 55 billion of the approximately 105 billion of lumen total supply. As of October 2025, there is a total of about 50
billion lumens in existence, and no more lumens will be created.

According to SDF, as of October 2025,
SDF held approximately 30 billion lumen (more than 50% of the supply) to develop and promote the growth of the Stellar network and the
expectation that those lumens will enter the open markets over the next few years. The remaining 20 billion lumen are in the open market.

Shiba Inu (SHIB)

Shiba Inu (SHIB) is a crypto asset
created in August 2020 by an anonymous entity called “Ryoshi.” SHIB is an Ethereum-based crypto asset and memecoin (considered
by many to be a meme-inspired project based on the Dogecoin meme featuring the Shiba Inu dog as its mascot). To improve efficiency, the
community developed Shibarium, a Layer-2 blockchain built on Ethereum, designed to reduce transaction costs and increase throughput. SHIB
is designed to be used as a medium of exchange and store of value. SHIB has a total supply of one quadrillion tokens. As of October
2025, it had a circulating supply of about 589 trillion.

SHIB is the most widely available of
four principal types of tokens that form part of the SHIB ecosystem. SHIB can be exchanged with any of the ERC20 tokens of the Ethereum
ecosystem. The three other tokens include: (1) Leash, with a total supply of only 107,646 tokens; (2) Bone (BONE), with a total
supply of 250 million tokens and only available on the decentralized exchange ShibaSwap. BONE is a governance token that will allow Shiba
Inu users and developers (the “ShibArmy”) to vote on proposals. The more BONE users possess, the more weight their vote will
carry in the decision process of future projects. (3) TREAT is the Transactional Rewards for Engagement and Access Token, serving
as the Shiba Inu ecosystem’s key reward mechanism and gateway to exclusive features and opportunities.

The SHIB ecosystem supports projects
such as an non-fungible token art incubator and the development of a decentralized exchange called ShibaSwap. Developed by Shytoshi Kusama,
ShibaSwap is the primary DeFi platform within the Shiba Inu ecosystem. ShibaSwap was launched in 2021, based on decentralized exchanges
such as SushiSwap and Uniswap. ShibaSwap is designed to boost the utility of the SHIB tokens, offering a range of typical DeFi tools.
Users can trade tokens, deposit in liquidity pools, stake their coins, and vote on ShibaSwap governance proposals. These functions are
handled by smart contracts on the Ethereum blockchain, which allows users to trade any supported ERC-20 token directly with other users.

Users who add their tokens to a liquidity
pool are termed to be “digging” for BONE token rewards. “Diggers” create ShibaSwap Liquidity Provider (SSLP) tokens
and deposit them into a liquidity pool. These tokens represent each digger’s share in the trading pool and can be used to claim
BONE rewards. The more liquidity a digger provides and the longer SSLP tokens are left in the pool, the more rewards the digger can potentially
earn. This incentivizes users to contribute to ShibaSwap’s liquidity and decentralization, which helps stabilize the tokens’
prices and ensure smooth trading.

“Bury” is ShibaSwap’s
term for staking, another key feature of the platform. “Buried” tokens are temporarily removing them from circulation. In
return for this, stakers earn rewards in the form of additional tokens. On ShibaSwap, SHIB, Leash, and Bone tokens can all be “buried.”
Once buried, these tokens earn returns paid out in a wrapped version of the staked tokens. For instance, if Leash or SHIB tokens are staked,
stakers receive xLEASH or xSHIB in return. The rewards for burying tokens are distributed weekly, but only one-third of the rewards can
be claimed immediately. The rest are locked up and vested over six months.

RISK FACTORS

Carefully consider the risks described
below before making an investment decision. Refer to the other information included in this prospectus, as well as information found in
documents incorporated by reference in this prospectus, before deciding to purchase any Shares. These risk factors may be amended, supplemented
or superseded from time to time by risk factors contained in any periodic report, prospectus supplement, post-effective amendment or in
other reports filed with the SEC in the future. See “Glossary” for an explanation of certain industry and technical terms
used in this prospectus.

Risks Related to Crypto
Asset Markets

The Eligible
Assets are relatively new technological innovations with a limited operating history

The Eligible Assets have a relatively
limited history of existence and operations compared to traditional commodities. There is a limited established performance record for
the price of the assets and, in turn, a limited basis for evaluating an investment. Although past performance is not necessarily indicative
of future results, if crypto assets had a more established history, such history might (or might not) provide investors with more information
on which to evaluate an investment in the Fund.

The
price of many crypto assets, including the Eligible Assets, has exhibited periods of extreme volatility, which could have a negative
impact on the performance of the Fund

Crypto assets (including the Eligible
Assets) have experienced periods of extreme price volatility and their prices may be influenced by, among other things, trading activity
and regulatory scrutiny of crypto trading platforms due to fraud, failure, security breaches or otherwise. Speculators and investors who
seek to profit from trading and holding crypto assets generate a significant portion of the demand for crypto assets. Such speculation
regarding the potential future appreciation in the value of crypto assets may inflate their price. Conversely, a decrease in demand or
speculation for crypto assets, or a change in regulation and/or the regulatory environment and perceptions thereof, among other things,
may cause a drop in the prices of crypto assets. Developments related to the operations of crypto asset networks may also contribute to
the volatility in the price of the crypto assets. These factors may continue to increase the volatility of the price of crypto assets,
which may have a negative impact on the performance of the Fund.

In the past, developments in the crypto
asset economy have led to extreme volatility and disruption in crypto asset markets, a loss of confidence in participants of the crypto
asset ecosystem, significant negative publicity surrounding crypto assets broadly and market-wide declines in liquidity. For example,
beginning in late 2021 and continuing through 2023, crypto asset prices fell sharply, leading to volatility and disruption in the crypto
asset markets. Several prominent crypto asset firms such as Celsius Network LLC, Voyager Digital Ltd., and Three Arrows Capital declared
bankruptcy. In November 2022, FTX Trading Ltd. (FTX) (a major crypto asset trading platform by volume), and numerous affiliates of FTX
filed for bankruptcy, following which U.S. and other regulators began investigations into FTX, and the U.S. Department of Justice brought
criminal charges against FTX’s founder and former CEO and others. Several other crypto firms have also declared bankruptcy following
the events around FTX, and federal and state regulators in the U.S. have brought charges against a number of crypto firms. These events
have adversely affected confidence among participants in the crypto asset markets, and have generated negative publicity and have caused
market-wide declines in crypto asset trading prices and liquidity.