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: 2026-05-15
Accession Number: 0001999371-26-010860
Exchange: 
SIC Code: 6221
SIC Description: Commodity Contracts Brokers & Dealers
URL: https://www.sec.gov/Archives/edgar/data/2089855/000199937126010860/tknz-s1a_051526.htm

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their Shares in the Fund, from any airdrop, fork or similar event. The Eligible Asset Networks may face scalability challenges as they expand to a greater number of users As with other crypto asset networks, the Eligible Asset Networks face significant scaling challenges because public blockchains generally face a tradeoff between security and scalability. A network is typically less susceptible to manipulation or capture if more participants, or “nodes,” are involved in the processing and maintenance of such network. However, a greater number of nodes may decrease the network’s efficiency in processing transactions and may result in increased settlement times. Increased settlement times could discourage certain uses for crypto assets such as bitcoin and ether (for example, micropayments), and could reduce demand for and price of such asset, which could adversely impact the value of an investment in the Fund. Crypto Asset Markets are susceptible to theft, loss and destruction

The Eligible Assets are
susceptible to theft, loss and destruction. Crypto assets, and the platforms they trade on and their custodians (and similar market
participants or service providers) are also vulnerable to cyberattacks and breaches, which could lead to theft or loss of assets. A
cyber security breach or a business failure of a crypto asset platform or custodian (and similar market participants or service
providers) could result in a loss of public confidence in the Eligible Assets, a decline in the value of the Eligible Assets and, as
a result, adversely impact the Fund’s Shares. A breach or failure of one crypto asset or network may lead to a loss in
confidence in, and thus decreased usage and/or value of, other crypto assets or networks, including the Eligible Asset Networks.

Holdings of crypto assets may
be heavily concentrated and large sales or distributions by holders of such crypto assets could have an adverse effect on the market price
of such crypto assets

The largest crypto wallets are believed
to hold, in aggregate, a significant percentage of the Eligible Assets in circulation. Moreover, it is possible that other persons or
entities control multiple wallets that collectively hold a significant number of Eligible Assets, even if they individually only hold
a small amount, and it is possible that some of these wallets are controlled by the same person or entity. As a result of this concentration
of ownership, large sales or distributions by such holders could have an adverse effect on the market price of Eligible Assets.

Crypto trading platforms may
be largely unregulated or may be largely or entirely non-compliant with applicable regulation and may therefore be more exposed to fraud
and failure

The Fund intends to trade Eligible
Assets primarily over-the-counter. To the extent that the Fund trades Eligible Assets on crypto platforms and other trading venues, these
crypto trading platforms are relatively new. In addition, crypto trading platforms may be lightly regulated, unregulated, or may be non-compliant
with existing and applicable regulations in one or more jurisdictions in which they operate. Furthermore, while some prominent crypto
platforms provide the public with significant information regarding their ownership structure, management teams, corporate practices and
regulatory compliance, many other crypto platforms may not provide some or any such information. Crypto trading platforms may not view
themselves as being subject to, or may not comply with, regulation in a similar manner as other regulated trading platforms, such as national
securities exchanges or designated contract markets. As a result, the marketplace may lose confidence in crypto platforms, including prominent
platforms that handle a significant volume of the Eligible Assets’ trading.

Trading activity on or reported by
many crypto trading platforms may reflect behavior that would be prohibited in regulated U.S. trading venues. Any actual or perceived
false trading in the crypto platforms market, and any other fraudulent or manipulative acts and practices, could adversely affect the
value of the Eligible Assets and/or negatively affect the market perception of the Eligible Assets.

In addition, over the past several
years, some crypto trading platforms have been closed due to fraud and manipulative activity, business failures or security breaches.
In many of these instances, the customers of such crypto platforms were not compensated or made whole for the partial or complete losses
of their account balances in such crypto platforms. For example, a number of crypto trading platforms including Mt. Gox (in 2014), Bitstamp
(in 2015), Bitfinex (in 2016), Youbit (in 2017), Coincheck (in 2018), Bitgrail (in 2018), Binance (in 2019), FTX (in 2022, following its
bankruptcy) and ByBit (in 2025) have all been reported to be subject to hacks, thefts or other cybersecurity breaches.

Most recently, Binance suffered a
$40 million hack, and FTX, formerly one of the world’s largest exchanges, collapsed amid allegations of fraud and asset misappropriation,
leading to criminal and civil charges against its executives. These events underscore the risks of abrupt failure, theft, and legal action
in the crypto platform ecosystem, with substantial consequences for users and the broader market. The fact that many crypto platforms
are not registered and fail to comply with regulations or operate in jurisdictions with less stringent regulations than in the US may
expose the investors to behaviors that can jeopardize their investments. These behaviors include, but are not limited to, wash trading,
fraud, front-running, and other security issues that could adversely impact the value of an investment in the Fund.

Negative perceptions, a lack of stability
in the crypto asset markets and the closure or temporary shutdown of crypto platforms due to fraud, failure or security breaches may reduce
confidence in the Eligible Asset Networks and result in greater volatility or decreases in the prices of the Eligible Assets. Furthermore,
the closure or temporary shutdown of one or more crypto platforms used in calculating the value of the Eligible Assets may result in a
loss of confidence in the Fund’s ability to determine its NAV on a daily basis. The potential consequences of a crypto trading platform’s
failure could adversely affect the value of the Shares.

Crypto trading platforms may
be exposed to wash trading

Crypto platforms on which the Eligible
Assets trade may be susceptible to wash trading. Wash trading occurs when offsetting trades are entered into for other than bona fide
reasons, such as the desire to inflate reported trading volumes. Wash trading may be motivated by a number of reasons, such as a desire
for increased visibility on popular websites that monitor markets for crypto assets so as to improve their attractiveness to investors
who look for maximum liquidity, or it may be motivated by the ability to attract listing fees from crypto asset issuers who seek the most
liquid and high-volume platforms on which to list their coins. Results of wash trading may include unexpected obstacles to trade and erroneous
investment decisions based on false information.

In the U.S., there have been allegations
of wash trading on a number of crypto asset trading venues. Any actual or perceived false trading in the crypto venue market, and any
other fraudulent or manipulative acts and practices, could adversely affect the value of the Eligible Assets and/or negatively affect
the market perception of crypto assets.

To the extent that wash trading either
occurs or appears to occur on trading platforms on which the Eligible Asset trades, investors may develop negative perceptions about crypto
assets, which could adversely impact the price the Eligible Assets and, therefore, the price of Shares.

Crypto trading platforms may
be exposed to front-running

Crypto trading platforms on which
Eligible Assets trade may be susceptible to “front-running,” which refers to the process when a market participant uses technology
or market advantage to get prior knowledge of upcoming transactions. Front-running is a frequent activity on centralized as well as decentralized
crypto platforms. By using bots functioning on a millisecond-scale timeframe, bad actors are able to take advantage of the forthcoming
price movement and make economic gains at the cost of those who had initiated these transactions. The objective of a front runner is to
buy crypto assets at a low price and later sell them at a higher price while simultaneously exiting the position. Front-running happens
via manipulations of gas prices or timestamps, also known as slow matching. To the extent that front-running occurs, it may result in
investor frustrations and concerns as to the price integrity of crypto platforms and crypto assets more generally.

Networked systems are vulnerable
to attacks