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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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.

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.

AVAX 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, and as the economic
incentive for staking and participating in consensus. AVAX is also used for creating and interacting with subnets. Every AVAX is fractionable
to the ninth decimal place, with its smallest fraction equal to 0.000000001 AVAX and called a nanoAVAX or nAVAX.