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: 2026-03-16
Accession Number: 0001999371-26-005896
Exchange: 
SIC Code: 6221
SIC Description: Commodity Contracts Brokers & Dealers
URL: https://www.sec.gov/Archives/edgar/data/2089855/000199937126005896/active-s1a_031626.htm

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It supports a variety of transaction types, including payments, escrows, trust sets, order book transactions, and payment channel transactions. The XRP Ledger uses a unique consensus protocol that ensures all users can agree on the ledger’s current state and the order of transactions. This protocol, known as the XRP Ledger Consensus Protocol, processes valid transactions without relying on a central operator, avoiding single points of failure. The network remains functional even if participants join, leave, or misbehave. If too many participants are unreachable or acting maliciously, progress halts instead of confirming invalid transactions. This consensus method avoids the resource-intensive competition seen in most other blockchain systems. The XRP Ledger Consensus Protocol aims to agree on a set of transactions for the next ledger version, apply them in order, and confirm that all participants reach the same result. Once this process is complete, the ledger version is considered validated and final.

XRP, as a crypto asset, serves
as a bridge currency for financial transactions between different currencies and assets, granting access to the XRPL, which is
designed to support a wide range of uses, including asset tokenization solutions and the issuance of digital currencies. XRP functions
both as a crypto asset and as a security measure to prevent spam and malicious activity. Every XRP is fractionable to the smallest
unit called Drop, and it has the same precision as a 64-bit unsigned integer where each unit is equivalent to 0.000001 XRP. It
uses integer math, so that any amount less than a full drop is rounded down. XRP has a burning mechanism where a small fee is levied
on each transaction, and this fee is permanently removed from the total supply. This explains why the total supply of XRP slightly
differs from the maximum supply of 100 billion, with the current total at 99.98 billion.

XRP possesses a maximum supply
cap of 100 billion coins, and there was no initial coin offering for XRP. Instead, XRP was created and distributed through a private
sale, with Ripple Labs, the company behind the XRP Ledger, initially holding a significant portion of the total supply. XRP’s
distribution was structured differently from typical ICOs, and no public token sale occurred at the time of its launch. The initial
distribution of the pre-mined XRP tokens was allocated among Ripple, the company behind the XRP Ledger, its co-founders, and the
core team. Out of the 100 billion tokens, Ripple received 80 billion, while the remaining 20 billion were assigned to the co-founders
and core team. To maintain control over the supply, Ripple locked 55 billion of the 80 billion tokens it received. These locked
tokens are periodically unlocked through monthly escrows. As of October 2025, approximately 60 billion XRP are in circulation.

Any changes affecting transaction
processing or consensus must be approved by at least 80% of the network of validators. While Ripple Labs contributes to the network,
its rights are the same as any other contributor. The XRP Ledger has over 150 validators, with more than 35 on the default Unique
Node List (UNL), and Ripple operates only one of these nodes.

Recent advancements in programmability,
coupled with successes in legal battles, have enhanced XRP’s public perception. However, the value of XRP is primarily influenced
by factors such as demand in the global crypto market, market expectations for the adoption of the XRP Ledger as a novel payment
network, the number of merchants accepting XRP, and the volume of peer-to-peer transactions involving the asset, among others.

On May 20, 2025, XRP futures
became available for trading on CME, a CFTC-regulated marketplace.

Ada (Cardano Blockchain)

Cardano is a blockchain platform
designed for scalability, security, and sustainability, supporting smart contracts and decentralized applications. The Cardano system
comprises the Cardano Network, the Cardano Blockchain, the Cardano Protocol, and Cardano Clients. Ada is the native crypto asset of the
Cardano system.

Cardano uses the Ouroboros
PoS protocol to maintain its Blockchain where each block contains transactions and data, cryptographically linked. The Protocol
includes rules for transaction processing, block creation, and consensus. Cardano Clients run on distributed computers worldwide,
which interact with the Network to maintain the Blockchain, validate transactions and execute smart contracts.

Ada is used to pay for transaction fees on the Network, as a peer-to-peer currency for value transfer, a unit
of account with the ecosystem of applications, as the economic incentive for staking and participating in consensus, and within Cardano’s
governance model where ada holders can vote on proposals. Every ada is fractionable to the sixth decimal place, with its smallest fraction
equal to 0.000001 ada and called a “Lovelace.”

To participate in Ouroboros, ada holders
can either operate staking pools and run Clients or delegate ada holdings to a staking pool. Over time, pool operators are selected to
create blocks based on their share of the stake in the Network. Similarly to Bitcoin and Ethereum, network upgrades are managed through
Cardano Improvement Proposals (CIPs), with significant updates like the implementation of smart contracts happening in September 2021
via the Alonzo upgrade and further enhancements in scalability such as the launch of the Hydra second layer in May 2023.

Ada possesses a maximum supply cap of
45 billion coins, whose distribution included an initial coin offering, in which participants bought ada using other crypto assets such
as bitcoin and ether prior to the network’s genesis block, created in September 2017. Approximately 31.1 billion ada were initially
distributed as follows: 648.2 million were assigned to the Cardano Foundation, 2.1 billion ada to EMURGO, 2.5 billion ada to IOHK, and
25.9 billion ada were sold to the public during the ICO. The remaining ada supply is distributed over time through staking rewards. When
a stake pool successfully creates a block, it earns a reward to be shared among the pool’s operators and delegators. The reward
consists of a base reward, a fixed amount of ada awarded for creating a block, and fees paid by users whose transactions are included
in the block. In October 2025, the circulating supply of ada was approximately 36 billion coins.

To incentivize decentralization of the
capital among staking operators, pools with a larger stake receive more opportunities to create blocks, but the reward distribution mechanism
ensures that smaller pools can still be viable. There’s a saturation point beyond which additional stake in a pool does not yield
additional rewards, encouraging the delegation of ada to multiple pools for a more decentralized network. A portion of the block reward
is also allocated to a community treasury, which can be used for funding projects through Cardano’s governance system. While new
ada is minted through staking rewards, the rate of issuance is designed to become increasingly less inflationary over time. This controlled
inflation aims to balance incentivizing participation with maintaining the value of ada, with rewards from staking expected to decrease
as more ada is staked, reducing the overall issuance rate.

Being a smart contracts platform, Cardano
directly competes with networks like Ethereum and Solana, distinguishing itself with its academic approach to blockchain development,
emphasizing peer-reviewed research. The network’s evolution, particularly in smart contract capabilities, positions ada as an integral
part of Cardano’s broader ecosystem for decentralized applications. As such, the value of ada is determined, in part, by the supply
of and demand for ada in the global crypto market, market expectations for the adoption of Cardano as a novel technological platform for
dApps, the number of merchants that accept ada as a form of payment, the volume of peer-to-peer transactions involving the asset, among
other factors.

AVAX (Avalanche Blockchain)

Avalanche is a scalable,
interoperable blockchain platform designed for high throughput and low latency, supporting dApps, custom blockchains called subnets,
and asset creation. The Avalanche system comprises the Avalanche Network, the Avalanche Blockchain, the Avalanche Protocol, and
Avalanche Clients. AVAX is the native crypto asset of the Avalanche system.

Avalanche utilizes a novel
consensus protocol known as the Avalanche Consensus, a novel implementation of PoS based on repeated sub-sampling of validators
to reach consensus quickly, offering speed and scalability over other PoS variants. The Avalanche Protocol governs how transactions
are validated, blocks are created, and consensus is achieved across three primary blockchains: the X-Chain for asset creation,
the C-Chain for creation of smart contracts compatible with the Ethereum Virtual Machine (EVM), and the P-Chain for coordinating
validators and subnets (to be defined below).

Nodes on the network run clients
to validate transactions and maintain the network, categorized into types based on their roles within the three chains. It’s
possible to use Avalanche to create customizable blockchains known as subnets, allowing for private or public networks with their
own set of validators, enhancing scalability and customization for specific applications. Network upgrades are managed through
Avalanche Improvement Proposals (AIPs), with updates focusing on improving network functionality, interoperability, and performance.