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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can be no assurance that the Fund will grow to or maintain an economically viable size. There is no guarantee that the Sponsor will maintain a commercial advantage relative to competitors offering similar products. Whether or not the Fund is successful in achieving its intended scale may be impacted by a range of factors, such as the Fund’s timing in entering the market and its fee structure relative to those of competitive products. The Fund has no fixed termination date. The Fund will continue to exist until terminated in accordance with the Trust Agreement. LEGAL PROCEEDINGS Within the past five years of the date of this prospectus, there are no material administrative, civil or criminal actions against the Sponsor or the Fund or any subsidiary of any of them. This includes any actions pending, on appeal, concluded, threatened, or otherwise known to them. FORM AND TRANSFER OF SHARES Registered Form

Shares are issued in registered form
in accordance with the Trust Agreement. The Transfer Agent has been appointed registrar and transfer agent for the purpose of transferring
shares in certificated form. The Transfer Agent keeps a record of all shareholders and holders of the Shares in certified form in the
registry (Register). The Sponsor recognizes transfers of Shares in certificated form only if done in accordance with the Trust Agreement.
The beneficial interests in such Shares are held in book-entry form through participants and/or accountholders in DTC. Beneficial owners
of shares held in book-entry form through DTC will not be recognized by the Fund as registered holders of shares, and all rights and communications
in respect of shares will be transmitted through DTC and its participants.

Book Entry

Individual certificates for shares
will not be issued, except under limited circumstances as permitted by the Trust Agreement and determined by the Sponsor. Shares are represented
by one or more global certificates, which are deposited by the Administrator with DTC and registered in the name of Cede & Co., as
nominee for DTC. The global certificates evidence all of the shares outstanding at any time. Shareholders are limited to (1) participants
in DTC such as banks, brokers, dealers and trust companies (DTC Participants), (2) those who maintain, either directly or indirectly,
a custodial relationship with a DTC Participant (Indirect Participants), and (3) those who hold interests in the shares through DTC Participants
or Indirect Participants, in each case who satisfy the requirements for transfers of shares. DTC Participants acting on behalf of shareholders
holding shares through such participants’ accounts in DTC will follow the delivery practice applicable to securities eligible for
DTC’s Same-Day Funds Settlement System. Shares are credited to DTC Participants’ securities accounts following confirmation
of receipt of payment.

DTC

DTC is a limited purpose trust company
organized under the laws of the State of New York and is a member of the Federal Reserve System, a “clearing corporation”
within the meaning of the New York Uniform Commercial Code and a “clearing agency” registered pursuant to the provisions of
Section 17A of the Exchange Act. DTC holds securities for DTC Participants and facilitates the clearance and settlement of transactions
between DTC Participants through electronic book-entry changes in accounts of DTC Participants. Neither the Fund nor the Sponsor (nor
its affiliates) are responsible for DTC’s records, errors, or actions.

Transfer of Shares

The Fund’s shares are only transferable
through the book-entry system of DTC. Shareholders who are not DTC Participants may transfer their shares through DTC by instructing the
DTC Participant holding their shares (or by instructing the Indirect Participant or other entity through which their shares are held)
to transfer the shares. Transfers are made in accordance with standard securities industry practice.

Transfers of interests in shares with
DTC are made in accordance with the usual rules and operating procedures of DTC and the nature of the transfer. DTC has established procedures
to facilitate transfers among the participants and/or accountholders of DTC. Because DTC can only act on behalf of DTC Participants, who
in turn act on behalf of Indirect Participants, the ability of a person or entity having an interest in a global certificate to pledge
such interest to persons or entities that do not participate in DTC, or otherwise take actions in respect of such interest, may be affected
by the lack of a certificate or other definitive document representing such interest.

DTC will take any action permitted
to be taken by a shareholder (including, without limitation, the presentation of a global certificate for exchange) only at the direction
of one or more DTC Participants in whose account with DTC interests in global certificates are credited and only in respect of such portion
of the aggregate principal amount of the global certificate as to which such DTC Participant or Participants has or have given such direction.

MANAGEMENT; VOTING BY SHAREHOLDERS

The Shareholders of the Fund take no
part in the management or control, and have no voice in the Fund’s operations or business. Except in limited circumstances, shareholders
will have no voting rights under the Trust Agreement.

Owners of Shares do not
generally have any voting rights. The Shares do not represent a traditional investment and are not similar to shares of a
corporation operating a business enterprise with management and a board of directors. All Shares are of the same class with equal
rights and privileges. By acquiring shares, Shareholders are not acquiring the right to elect directors, to receive dividends, to
vote on certain matters regarding the issuer of Shares or to take other actions normally associated with the ownership of shares.
The Shares do not entitle their holders to any conversion or pre-emptive rights or any redemption rights. In certain circumstances,
Shareholders may vote to appoint a successor Sponsor following the voluntary withdrawal of the Sponsor, or to continue the Fund in
certain instances of dissolution of the Trust. Shareholders shall otherwise have no voting rights with respect to the Fund.

The Sponsor will generally have the
right to amend the Trust Agreement as it applies to the Fund provided that the shareholders have the right to vote only if expressly required
under Delaware or federal law or rules or regulations of the Exchange, or if submitted to the shareholders by the Sponsor in its sole
discretion.

The Fund does not have any directors,
officers, or employees. The creation and operation of the Fund has been arranged by the Sponsor. See “Key Personnel of the Sponsor.”

DESCRIPTION OF KEY SERVICE PROVIDERS

THE SPONSOR

The Sponsor of the Fund is T. Rowe
Price Sponsor LLC, a Delaware limited liability company and a direct subsidiary of T. Rowe Price Group, Inc. The Sponsor’s
principal office is located at 1307 Point Street, Baltimore, Maryland 21231.

The Sponsor’s Role

The Sponsor will arrange for the creation
of the Fund, the registration of the Shares for their public offering in the United States, the listing of the Shares on the Exchange
and the implementation of Fund’s investment strategy. The Sponsor has agreed to assume the marketing and the following administrative
and marketing expenses incurred by the Fund: the fees charged by the Administrator, the Distributor, the Custodians, and the Trustee,
Exchange listing fees, SEC registration fees, printing and mailing costs, tax reporting fees, audit fees, license fees and expenses and
up to [ ] per annum in ordinary legal fees and expenses. The Sponsor will also pay the costs of the Fund’s organization and the
initial offering costs.

The Fund may incur certain extraordinary,
non-recurring expenses that are not assumed by the Sponsor; taxes and governmental charges; any applicable brokerage commissions, including
but not limited to network fees and similar transaction fees; borrowing and financing fees and expenses. Examples of extraordinary expenses
include services performed by the Sponsor (or any other service provider) on behalf of the Fund to protect the Fund or the interests of
Shareholders (including, for example, in connection with any fork of the Bitcoin or Ethereum blockchain), any indemnification of the Cash
Custodian, Crypto Custodian, Administrator or other agents, service providers or counterparties of the Fund, and extraordinary legal fees
and expenses, including any legal fees and expenses incurred in connection with litigation, regulatory enforcement or investigation matters.

The Sponsor is a Delaware limited liability
company formed on September 4, 2025. The Sponsor is responsible for establishing the Fund and for the registration of the Shares. The
Sponsor has delegated the oversight of the performance of the Fund’s principal service providers to the Administrator, who exercises
day-to-day oversight over such service providers.