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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place. Parties engaging in OTC transactions will agree upon a price — often via phone or email — and then one of the two parties will initiate the transaction. For example, a seller of ether could initiate the transaction by sending the ether to the buyer’s ether address. The buyer would then wire U.S. dollars to the seller’s bank account. OTC trades are sometimes hedged and eventually settled with concomitant trades on ether spot markets. In addition, ether futures and options trading occur on exchanges in the U.S. regulated by the CFTC. The market for CFTC-regulated trading of ether derivatives has developed substantially. SOL (Solana Blockchain) Solana is a smart contract platform enabling the creation of DApps such as DeFi, digital collectibles, and blockchain games. Its system comprises the Solana Network, the Solana Blockchain, the Solana Protocol and Solana Clients. SOL is the native crypto asset for the Solana system.

Solana uses PoS for network consensus
but integrates Proof-of-History into its PoS mechanism to enable continuous block production. This allows Solana to skip over slow or
unresponsive slot leaders without waiting for a full consensus round. Proof-of-History, despite common misconceptions, is not a standalone
consensus algorithm. While Solana’s current consensus integrates Proof-of-History, the network could theoretically function without
it by making minor adjustments to its implementation. Proof-of-History ensures consistent block production, with each validator independently
verifying the sequence, eliminating the need for external time synchronization. Solana’s consensus algorithm, Tower BFT, leverages
Proof-of-History’s synchronized clock computations to enhance performance and efficiency. This creates a universal clock across
the network, allowing it to skip slots assigned to slow or unresponsive leaders. Validators can produce blocks continuously without waiting
for previous blocks or undergoing a synchronous consensus round for each slot.

As of October 2025, SOL has a total
supply of about 612 million tokens, a circulating supply of about 612 million tokens, and no fixed cap. It serves multiple purposes: (i)
existing tokens are deposited as collateral (or stake) for users to join the network’s validation set and provide security, (ii)
newly issued tokens are issued as rewards for validators operating the network, and (iii) existing tokens are the medium of exchange with
which users pay for code execution on the platform, allowing them to interact with different applications and send assets from one place
to another. Every SOL is fractionable to the smallest unit called Lamports, with its smallest fraction equal to 0.000000001 SOL each,
named in honor of Leslie Lamport.

The Solana blockchain relies on two
types of globally distributed nodes: Validators and Remote Procedure Call (RPC) nodes. Validators are voting consensus nodes, while RPC
nodes are non-voting nodes. Validators vote to determine the validity of transactions until consensus is reached. Once validated, the
on-chain state changes are applied, and the transactions are recorded in the Solana ledger for permanent storage. The RPC node then sends
the response back to the client application. Solana’s governance relies on Solana Improvement Proposals (SIPs), which outline suggested
network changes. Anyone can submit a SIP, but community support is crucial. Validators, developers, and stakeholders review proposals
to reach consensus on updates that shape the blockchain’s future.

Solana offers faster and cheaper transactions
compared to Ethereum, leading the space of alternative infrastructure platforms in crypto. As a general purpose smart contracts platform,
Solana allows for the creation of diverse applications, including blockchain games, minting and transfer of dollar stablecoins and crypto
payments through traditional methods.

On March 18, 2025, SOL futures became
available for trading in both a micro-sized (25 SOL) and a larger-sized contract (500 SOL) on CME, a CFTC-regulated marketplace.

XRP (XRP Ledger Blockchain)

XRP Ledger is an open-source, decentralized
blockchain created in 2012 and is designed to facilitate rapid and cost-effective global payments. Its system comprises the XRPL Blockchain,
the XRPL Protocol and XRPL Clients. XRP is the native crypto asset of the XRP Ledger system.

XRPL Ledger can process nearly 1,000
transactions per second, making it suitable for cross-border payments with very low transaction fees. 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 now, approximately 62 billion XRP are in circulation, with the remaining 37 billion held by Ripple Labs
and its founders.

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 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.”