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: 2026-03-16
Accession Number: 0001999371-26-005896
Exchange: 
SIC Code: 6221
SIC Description: Commodity Contracts Brokers & Dealers
URL: https://www.sec.gov/Archives/edgar/data/2089855/000199937126005896/active-s1a_031626.htm

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decentralized applications, as well as to seamlessly connect with existing non-Polkadot blockchains such as Bitcoin or Ethereum. Decentralized applications are applications that are designed to run without a middleman between the developer and the user. Polkadot’s main feature is a sharded blockchain protocol. Conventional “homogenous” sharding is a way to distribute the burden of computation involved in processing the blocks of a blockchain. When sharded, portions of the distributed ledger are broken down further and distributed to additional computers for faster processing of a single chain. Heterogeneous sharding, on the other hand, is unique to Polkadot. Heterogeneous sharding allows an entire network of blockchains to distribute the workload as shards but to operate together in a single ecosystem. This gives developers scale, while still preserving a high degree of flexibility to customize features. This flexibility allows for blockchains built on the Polkadot protocol to optimize for their own use cases.

To accomplish heterogeneous
sharding, Polkadot employs three types of blockchains that combine into one entity. The first type of Polkadot blockchains are
multiple, purpose-built chains that run in parallel, named Parachains. Parachains are where the future independent blockchains
for decentralized applications will be built and operate. These “sovereign” chains can be created by developers using
an already existing toolkit named Substrate (developed by Polkadot’s corporate entity, Parity). Substrate’s turnkey
nature reduces project development time substantially, making the Polkadot Network more attractive and therefore more valuable.
Parachains can have their own native tokens and governance outside of DOT, but Parachains rely on the Polkadot system and DOT token
for security and operability.

The second Polkadot blockchain
is the Relay Chain acting as a base layer that connects all the Parachains together. The Relay Chain validates the state transition
of all the connected Parachains. It is also what allows the Parachains to stay heterogeneous. By offloading the consensus work
and block building to the Relay Chain, individual Parachains sacrifice less functionality and gain scale from parallel transactions
that can be done on the latent capacity around the chain. Also, importantly, the Relay Chain facilitates cross communication between
Parachains. Akin to the ARPAnet for the early internet, Polkadot harmonizes blockchain communications to allow data to move independently,
facilitating the creation of large numbers of currently unworkable decentralized applications. The Polkadot system uses the Relay
Chain as a heterogeneous, multi-chain to ensure the secure transfer and authenticity of each DOT and hosts the public transaction
ledger. The Relay Chain is a decentralized digital file, or ledger, that contains all the records of DOT and is stored in multiple
copies globally on the computers of users of the Polkadot Network. The Relay Chain is public and accessible to all, and includes
a record of every DOT, every transaction in DOT in order and every public address on the Polkadot Network. Every computer on the
Polkadot Network is a “node,” and collectively all of the nodes ensure that each new transaction in DOT adheres to
certain rules before it is added to the Relay Chain.

Transaction data is permanently
recorded on the Relay Chain in data files called “blocks,” which reflect transactions that have been recorded and authenticated
by Polkadot Network participants. Each newly recorded block of transactions refers back to and “connects” with the
immediately preceding recorded block in the ledger. Each new block records outstanding DOT transactions, and outstanding transactions
are settled and validated through such recording. Although there are size limits to each block, the Relay Chain is designed to
represent a complete, transparent, secure and unbroken history of all the transactions that have occurred on the Polkadot Network.
The Polkadot Network and associated software programs can view the Relay Chain to determine the exact balance, if any, of DOT associated
with any public address listed on the Relay Chain.

The third Polkadot blockchains,
are Bridges, which allow Parachains to interact with external blockchains like Ethereum or Bitcoin Blockchain, although with some
limitations. Due to the nature of decentralized technology, there will not be one blockchain to run all applications, yet there
should not be a constellation of blockchains, all in the same universe but galaxies apart. The interoperability of Polkadot is
therefore a notable feature.

Polkadot Network uses a “Nominated
PoS” algorithm, in which “nominators” can delegate their tokens to trusted validators, giving them voting power
in selecting validators while spreading security responsibilities across the network.

The Polkadot 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. 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.