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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on the Hedera Network. Hedera Council members contribute their expertise and experience in Hedera Council deliberations and decision-making relating to software updates, Hedera Treasury management, network pricing, regulatory compliance, and other key governance matters. Each Hedera Council member holds an equal ownership interest in the Hedera Network and has equal voting rights on governance matters. The Hedera Council membership does not confer any economic interest in Hedera, such as rights to dividends or a share of profits. Other than Swirlds, Inc. (which has a permanent Hedera Council seat), each Hedera Council member is term-limited to two consecutive three-year terms, and members will accordingly rotate on and off the Hedera Council. The Hedera Council also votes on proposals to upgrade the Hedera Network software and other features, although the source code and protocols for the Hedera Network are capable of being developed in an open- or closed-source environment for distributed applications.

One central difference between
hashgraphs and blockchains is the way that they add transactions to their respective distributed ledgers. Generally on a blockchain,
blocks with records of transactions are added to the data-chain one after the other to create a history of the network’s data.
If two miners create blocks simultaneously, the blockchain will momentarily fork and the network’s nodes will choose to
continue adding to the longest chain, abandoning the shorter chain. The sequential order must be maintained for the network to
function and to ensure the ledger consists of just one chain of blocks.

Hashgraphs also package transactions
into blocks, but unlike on a blockchain, all hashgraph blocks are added to the distributed ledger, regardless of their order or circumstance
– none are discarded. The hashgraphs are all used to create a more complete picture of the network’s transactional data. The
resulting structure is called a Directed Acyclic Graph and one of the primary advantages over blockchains is that they can reduce the
data size per transaction, thereby lowering costs, increasing speed, and ultimately achieving higher levels of scalability.

To achieve consensus on the network’s
transactional data, hashgraph functions to calculate a fair order of transactions in a decentralized environment. One of the major differentiators
is the degree to which individuals or small groups are prevented from manipulating the order, ensuring fairness.

Hashgraph uses “gossip about
gossip” and virtual voting in order to bring the network to consensus on the timestamp of any event with efficiency of bandwidth
usage without centralizing around any entity or group of entities. Nodes continuously communicate all the information they hold about
transactions to other nodes at random via gossip protocol. Every time two nodes come in sync, each node marks the completion of the sync
with an “event.” An event is a data structure that is stored in the network’s memory and comprises a timestamp, transactions,
two hashes of the last of each node’s events, and a cryptographic signature. Hashgraph calculates timestamps via automated virtual
voting such that consensus is collectively arrived at by all nodes.

HBAR enables any holder of the asset
to pay for utility provided by the network, and also ensures security of the network through the process of staking (tying influence within
virtual voting to the amount of coin held). This also protects the network from malicious actors through a staking mechanism similar to
PoS, by using HBAR as a scarce resource.

Gossip between the network nodes is
the same speed regardless of which node submitted the transaction and cannot be increased by paying more for a given transaction. This
differs from other public network models which allow applications to pay more for their transactions to be processed first. Similarly,
because there is no concept of leaders in the consensus, no small subset of nodes can collude to unduly influence the consensus order
in their own favor. This helps the hashgraph consensus algorithm achieve asynchronous Byzantine Fault Tolerance, which enables honest
nodes of a network to agree on the timing and order of a set of transactions fairly and securely without a centralized authority.

Transactions are propagated to the
network and come to final consensus in a matter of seconds. If an application is worried about a single node holding back from sending
the transaction to the rest of the network then they can submit to multiple nodes. In this scenario then only the first transaction to
reach consensus would be kept and the others would be ignored.

HBAR serves two vital purposes. First,
it is used as a mechanism to secure the network against cyberattacks through the Hedera Network’s distributed consensus process.
Additionally, it provides the “fuel” that incentivizes and pays for the computing resources necessary to enable the Hedera
Network.

The Hedera Network was launched in
August 2018. At that time, the network’s total fixed supply of HBAR of 50 billion HBAR was minted and placed into a Hedera Treasury
account. The Hedera Treasury consists of multiple cryptographically secure, multi-signature accounts. HBAR can be transferred out of a
Hedera Treasury account only after a transaction is cryptographically signed by a majority of the Hedera Council members. This ensures
that control over the network’s crypto assets remains decentralized and vested in large, trustworthy entities.

Hedera’s HBAR release plan
calls for a slow, measured release of HBAR out of the Hedera Treasury. Hedera’s strategy behind this schedule is to release HBAR
from the Hedera Treasury such that the growth of circulating supply is commensurate with the adoption and use of the Hedera Network. Hedera’s
strategy regarding the number of HBAR in circulation may change depending on several factors, including (but not limited to) accelerated
or diminished demand for services on the network, network security considerations, efforts to provide incentives or support to developers
and others who will encourage use of the network, and as may be needed based on regulatory considerations.

Bitcoin Cash (Bitcoin Cash Network)

Bitcoin Cash (BCH) is a crypto
asset created and transmitted through the operations of the peer-to-peer Bitcoin Cash Network. There are several key features of the Bitcoin
Cash Network.

BCH was created as a result of a fork
of the Bitcoin blockchain. In July 2017, bitcoin miners implemented a software upgrade known as BIP 91, which activated the Segregated
Witness (SegWit) upgrade at block 477,120. SegWit was sought to enable second-layer solutions on bitcoin, such as the Lightning Network.
Several developers, miners and other participants on the Bitcoin blockchain opposed the proposed SegWit upgrades designed to increase
bitcoin’s capacity; these stakeholders pushed forward alternative plans which would increase the block size limit to eight megabytes
through a hard fork.

The Bitcoin Cash fork occurred in
August 2017, at block 478,559. Up to the previous block (478,558), the bitcoin and Bitcoin Cash blockchains were identical. This means
that anyone who owned one bitcoin at the time of the fork automatically owned one unit of Bitcoin Cash. The technical difference between
Bitcoin Cash and bitcoin at the time of the fork is that Bitcoin Cash supports larger block sizes. This allows the Bitcoin Cash blockchain
to process more transactions per second compared to bitcoin.

Bitcoin Cash was the first of the
bitcoin forks. In November 2018, Bitcoin Cash further split into two separate crypto assets: BCH and Bitcoin Satoshi Vision. In November 2020,
there was a second contested hard fork where the leading node implementation, BitcoinABC, created BCHA (now dubbed “eCash”
or “XEC”).

LINK (Chainlink Network)

LINK is issued through a smart
contract on the Ethereum Blockchain as an ERC-677 token and serves as the native digital currency for the Chainlink Network. Chainlink
Network is a decentralized oracle network built on the Ethereum Network. LINK relies on the Ethereum Network for key functionalities such
as storage, transfer, and usage.

LINK was created by Chainlink Labs,
formerly known as SmartContract.com, a company founded in 2014 to create a bridge between external data and public blockchains. In 2017,
Chainlink Labs introduced the Chainlink Network, aimed at linking real world data and public blockchains by connecting smart contracts
to off-chain data for markets, events, and data and supporting major market infrastructures, financial institutions, and DeFi protocols.
The Chainlink Network relies on a series of decentralized data providers (oracles) nodes that furnish data to blockchains, most notably
the Ethereum Blockchain. The initial funding for Chainlink occurred in September 2017 when Chainlink Labs raised $32 million by selling
350 million LINK to the public. In total, one billion LINK were issued, which was the maximum supply. Chainlink Labs exerts
significant influence over the direction of the development of the Chainlink Network. However, the Chainlink Network and its associated
infrastructure are not owned or operated by any single entity. Rather, the underlying protocols and services are maintained and operated
by a decentralized community of participants, including developers, node operators, and data providers.

The Chainlink Network consists of
three main blockchain components: oracle selection, data reporting, and result aggregation.