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: 2026-02-11
Accession Number: 0001999371-26-003054
Exchange: 
SIC Code: 6221
SIC Description: Commodity Contracts Brokers & Dealers
URL: https://www.sec.gov/Archives/edgar/data/2089855/000199937126003054/active-s1a_021126.htm

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of its Reference Rates. If one or more Reference Rates from the primary vendor are not available or the Administrator determines that one or more Reference Rates are unreliable, then reference rates from another source may be used. Alternately, the Fund’s holdings may be fair valued by the Administrator (referred to herein as a “Fair Value Event”). Additionally, the Administrator will monitor for unusual prices and escalate to the Sponsor if detected. Notification of a material change to the Reference Rate will be made in a prospectus supplement or the Fund’s periodic reports. The Fund’s cash equivalents are valued at the close of the NYSE and are reported at fair value, as determined by the Administrator. The Administrator will fair value by taking into account various, adopted factors, and methodologies for determining fair value. This value may differ from the value the Fund receives upon sale of the cash equivalents.

The Administrator of the
Fund will calculate the NAV once each Business Day, at the close of the NYSE, normally 4:00 p.m. E.T, each day the NYSE is open
for business. However, the NAV per share may be calculated at a time other than the normal close of the NYSE if trading on the
NYSE is restricted, if the NYSE closes earlier, or as may be permitted by the SEC. For purposes of making these calculations, a
“Business Day” means any day other than a day when NYSE is closed for regular trading. The NAV per share for a business
day will be released after 4:00 p.m. E.T. Trading during the core trading session on the Exchange typically closes at 4:00 p.m.
E.T. However, NAVs are not officially released until after the completion of a comprehensive review of the NAV and prices utilized
to determine the NAV of the Fund by the Administrator. Upon the completion of the end of day reviews by the Administrator, the
NAV per share is released to the public typically by 6:45 p.m. E.T. and generally no later than 8:00 p.m. E.T. The period
between 4:00 p.m. E.T. and the NAV release after 6:45 p.m. E.T. (or later) provides an opportunity for the Administrator to detect,
flag, investigate, and correct unusual pricing should it occur and implement a Fair Value Event, if necessary. Any such correction
could adversely affect the value of the shares.

The Fund’s periodic
financial statements may not utilize the NAV of the Fund to the extent the methodology used to calculate the price of the crypto
assets is deemed not to be consistent with GAAP. The Fund’s periodic financial statements will be prepared in accordance
with the Financial Accounting Standards Board Accounting Standards Codification Topic 820, “Fair Value Measurements and Disclosures”
(ASC Topic 820) and utilize an exchange-traded price from the Fund’s principal market as of 11:59 p.m. E.T. on the Fund’s
financial statement measurement date. The Sponsor will determine in its sole discretion the valuation sources and policies used
to prepare the Fund’s financial statements in accordance with GAAP.

Intraday Trust Value

In order to provide updated
information relating to the Fund for use by Shareholders and market professionals, the Sponsor will engage an independent calculator
to calculate and disseminate an ITV. The ITV will be calculated by using the prior day’s closing NAV per Share of the Fund
as a base and will be updated throughout the trading day to reflect changes in the value of the Fund’s holdings during the
trading day.

The ITV will be disseminated
on a per Share basis every 15 seconds each day the NYSE is open for regular trading and be widely disseminated by one or more major
market data vendors. Several major market data vendors display and/or make widely available ITVs taken from the Consolidated Tape
Association (CTA) or other data feeds. The ITV should not be viewed as an actual real time update of the NAV, because NAV is calculated
only once per day. See, “Calculating NAV section.”

Secondary Market Transactions of Shares

Shares may trade at, above
or below their NAV. The NAV will fluctuate with changes in the market value of the Fund’s assets. The trading prices of Shares
will fluctuate in accordance with changes in their NAV as well as market supply and demand. The amount of the discount or premium
in the trading price relative to the NAV may be influenced by non-concurrent trading hours between the major crypto asset markets
and the Exchange. While the Shares will trade on the Exchange until 4:00 p.m. ET, liquidity in the market for crypto assets may
be reduced, negatively affecting the trading volume; alternatively, developments in crypto asset markets (which operate around
the clock), including the price volatility, declines in trading volumes, and the closing of crypto platforms due to fraud, failures,
security breaches or otherwise that occur outside of the Exchange trading hours will not be reflected in trading prices of the
Shares until trading on the Exchange opens. As a result, during this time, trading spreads, and the resulting premium or discount,
on Shares may widen. The Sponsor believes that the aggregation of shares in a Creation Unit will enable Authorized Participants
and Crypto Trading Counterparties to manage inventory and facilitate an effective arbitrage mechanism for the Fund. The Sponsor
believes that the arbitrage opportunities may provide a mechanism to mitigate the effect of such premium or discount.

The Fund is not registered
as an investment company for purposes of U.S. federal securities laws and is not subject to regulation by the SEC as an investment
company. Consequently, the owners of Shares do not have the regulatory protections provided to investors in registered investment
companies. For example, the provisions of the Investment Company Act that limit transactions with affiliates, prohibit the suspension
of redemptions (except under certain limited circumstances) or limit sales loads, among others, do not apply to the Fund. The Sponsor
is not registered with the SEC as an investment adviser and is not subject to regulation by the SEC as such in connection with
its activities with respect to the Fund. Consequently, the owners of Shares do not have the regulatory protections provided to
advisory clients of SEC-registered investment advisers.

CREATIONS
AND REDEMPTIONS

Primary Market Transactions of Shares
and Authorized Participants

The Fund expects to create
and redeem Shares on a continuous basis only in aggregations of 5,000 Shares (Creation Units). Only Authorized Participants may
place orders to purchase or redeem Creation Units in exchange for cash (or crypto assets, if in-kind creations and redemptions
are permitted).

The Authorized Participants
will deliver only cash to create Shares and will receive only cash when redeeming Shares. The Fund may publish a basket of pro
rata or non-pro rata holdings on a daily basis for informational purposes only. Authorized Participants will not directly or indirectly
purchase, hold, deliver, or receive crypto assets as part of the creation or redemption process or otherwise direct the Fund or
a third-party with respect to purchasing, holding, delivering, or receiving crypto assets as part of the creation or redemption
process. In the future, the Fund may also permit Authorized Participants to create and redeem Shares via in-kind transactions.

Each Authorized Participant
must be a registered broker-dealer, a participant in the DTC, and have entered into an Authorized Participant Agreement. The Authorized
Participant Agreement provides the procedures for the creation and redemption of Creation Units and for the delivery of cash (or
for the delivery of crypto assets, if the Fund engages in in-kind creations and redemptions) in connection with such creations
or redemptions.

As of the date of this prospectus,
the Authorized Participants are [ ]. Additional Authorized Participants may be added at any time, subject to the discretion of
the Sponsor.

The offering of the Fund’s
Shares is a best efforts offering. The Fund continuously offers aggregated shares in Creation Units at their NAV through the Distributor,
to Authorized Participants. Shares will be sold at the next-determined NAV per Share. All Authorized Participants pay a fixed
transaction fee for each creation or redemption order.