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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Network launched with its proof of concept software release in May 2018, and Polkadot’s first live and operational blockchain candidate was launched in May 2020. This was the first step in a multi-stage deployment per the project’s planned roadmap. This first version of Polkadot used a Proof of Authority consensus mechanism managed by six validators in the Web3 Foundation. In June 2020, the Web3 Foundation started the initial validator election process to transition the network to a Nominated PoS consensus mechanism. This started the process of allowing DOT token holders from the fundraise the ability to stake DOT with newly elected validators. In July 2020, the Web3 Foundation used its “superuser” key to upgrade the network and unlock full governance authority. Shortly thereafter, the newly formed governance council removed the Web3 Foundation’s “superuser” privileges, allowing for the network to become permissionless. Then, in August 2020, DOT token transfers were unlocked.

In the October 2017 fundraise of DOT,
10 million DOT were created and reportedly distributed as follows: 50% allocated to 2017 token sale investors; 5% allocated to the 2019
private sale investors; 3.4% allocated to 2020 token sale investors; 11.6% retained by the Web3 Foundation for future fundraising efforts;
and 30% allocated to the Web3 Foundation for operating expenses used to develop Polkadot.

DOT is stored on a blockchain and is
linked to a unique digital address, or wallet, that is associated with a public key and a private key. Ownership of DOT is established
by recording on the Relay Chain the unique address and the amount of DOT held. The wallet thus holds the cryptographic keys associated
with DOT, rather than the DOT itself. A Polkadot wallet is tied to Polkadot network functions, like participating in governance, contributing
to crowdloans, and staking.

DOT is mainly used for the functional
mechanisms of the Polkadot Network. The DOT serves five primary functions: governance over the Polkadot Network, allowing for interoperability
between Parachains and Bridges, as the gas token of the Polkadot Network, staking for network operations and bonding for Parachains to
secure a spot on the Relay Chain. When messages are sent between two blockchains on the network, DOT is used to pay for fees. DOT holders
are also responsible for managing significant events by voting on protocol upgrades and fixes. The token also ensures that network participants
act in a manner that does not damage the network by putting capital at risk. In order to provide an incentive to participate in the operation
of the Polkadot Network, participants who perform their delineated roles in validating transactions are awarded DOTs. Unlike tokens generated
by mining on blockchains that use a Proof-of-Work consensus algorithm, the Polkadot Network uses a PoS algorithm.

Unlike bitcoin, there is no maximum
amount of DOT that may be outstanding. DOT is divisible to up to ten decimal places into shares named “Plancks.” In October
2025, the circulating supply was 1.6 billion DOT.

Dogecoin (Dogecoin Blockchain)

Dogecoin Network is a peer-to-peer,
decentralized network of computers that operates on cryptographic protocols. The Dogecoin Blockchain is the decentralized ledger upon
which Dogecoin transactions are processed and settled, serving as the underlying technology of the Dogecoin Network. No single entity
owns or operates the Dogecoin Blockchain, the infrastructure of which is collectively maintained by a decentralized user base. Dogecoin
is the native crypto asset of the Dogecoin system.

The Dogecoin Network allows people
to exchange tokens of value, Dogecoin, which are recorded on the Dogecoin Blockchain. Dogecoin can be used to pay for goods and services,
including to send a transaction on the Dogecoin Network, or it can be converted to fiat currencies, such as the U.S. dollar. The Dogecoin
Network is based on a shared public ledger, the Dogecoin Blockchain, similar to the Bitcoin network. However, the Dogecoin Network differentiates
itself from other crypto asset networks in that its stated primary function is community-driven and widely used for tipping and microtransactions,
rather than serving as a store of value. The Dogecoin Network is designed to be a fast and accessible peer-to-peer payment system. As
a result, the Dogecoin Network and Dogecoin aim to improve the ease and affordability of transferring value while fostering a fun and
inclusive community around the crypto asset.

Dogecoin was originally developed by
software engineers Billy Markus and Jackson Palmer as a lighthearted take on the rapidly emerging crypto asset market in 2013. They believed
that existing crypto assets at the time, such as Bitcoin, had overly grandiose goals to “change the world,” and launched Dogecoin
as a fun, community-driven, and lighthearted alternative. The project adopted a popular internet meme – a photograph of a Shiba
Inu dog named Kabosu, as its brand image and mascot, and chose the name “Dogecoin” in reference to the dog as a way of emphasizing
the fun and friendly aspects of the project. The use of an internet meme as inspiration for the project later caused users to refer to
Dogecoin as a memecoin and sparked the creation of many competitor memecoins.

Built on the framework
of Litecoin Blockchain, Dogecoin Blockchain uses a simplified and energy-efficient proof-of-work mechanism using the cryptographic
algorithm “Scrypt,” which allows for faster transaction processing compared to Bitcoin Blockchain. Relative to Bitcoin,
which utilizes the SHA-256 cryptographic algorithm, the Dogecoin Blockchain is optimized for speed, processing transactions in
approximately one minute, as opposed to approximately 10 minutes for bitcoin, and is energy-efficient compared to many other
blockchain systems. The fast settlement times are useful for microtransactions and everyday payments. The Dogecoin Blockchain also
has scalability, capable of handling significant transaction volumes without significant delays and low transaction fees. Dogecoin
reportedly also had a “fair launch,” which means that no single person or entity received grants of Dogecoin prior to
the launch; instead, all new Dogecoin has been earned in the market through mining activity.

Transactions are validated on the Dogecoin
Blockchain by a network of independent nodes. These nodes participate in securing and updating the ledger through a proof-of-work mechanism.
Any participant can run a node to validate transactions and contribute to the health and integrity of the network. Unlike permissioned
systems, the Dogecoin Blockchain operates in a fully decentralized and permissionless manner, allowing anyone to join and participate
in the network without requiring approval or relying on trusted entities.

The process begins when a user submits
a transaction to the Dogecoin Network. The submitted transaction is broadcast to nodes within the network. Miners, who act as validators,
then group transactions into blocks and compete to solve a computational puzzle as part of the proof-of-work process. The first miner
to successfully solve the puzzle adds their block of transactions to the blockchain. Once a block is added, it is shared with all nodes
in the network, which validate the new block and ensure that it conforms to the blockchain’s rules. This decentralized process ensures
the accuracy and security of the Dogecoin Blockchain.

Notably, Dogecoin miners may engage
in “merged mining” with the Litecoin network, because Dogecoin and Litecoin use the same Scrypt-based proof-of-work consensus
mechanism. Merged mining occurs when a single miner mines blocks on two chains at once. The process allows the smaller chain to benefit
from the security of the larger chain, but can introduce risks of centralization and conflicts of interest.

Before engaging in Dogecoin transactions,
a user generally must first install Dogecoin wallet software on their computer or mobile device. This software allows the user to generate
a private and public key pair associated with a Dogecoin address. The Dogecoin wallet enables the user to connect to the blockchain and
transfer Dogecoin to, and receive Dogecoin from, other users. Each Dogecoin address, or wallet, is associated with a unique public key
and private key pair.

Dogecoin can be held in various types
of wallets, including hardware wallets, software wallets, and custodial wallets. A wallet stores the private keys that control the account
on the Dogecoin Blockchain. The private key is essential for signing transactions on the blockchain. Whoever possesses the private key
associated with a Dogecoin account effectively controls the Dogecoin held by that account.

However, if a user loses or deletes
their private key, they may permanently lose access to the Dogecoin in the associated wallet.

When sending Dogecoin, the user’s
wallet software must validate the transaction with the private key. This digitally signed transaction is then broadcast to the Dogecoin
Network, where miners validate and confirm it through the proof-of-work process. Since every computation on the Dogecoin Network requires
processing power, there is a small transaction fee paid by the sender. This fee ensures that the network remains efficient and incentivizes
miners to process transactions.