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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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.

Some Dogecoin transactions are conducted
“off-blockchain” and are therefore not recorded on the Dogecoin Blockchain. These “off-blockchain transactions”
involve the transfer of control over, or ownership of, a specific digital wallet holding Dogecoin or the reallocation of ownership of
certain Dogecoin in a pooled-ownership digital wallet, such as a wallet owned by a crypto asset trading platform. In contrast to on-blockchain
transactions, which are publicly recorded on the Dogecoin Blockchain, information and data regarding off-blockchain transactions are generally
not publicly available. Therefore, off-blockchain transactions are not true Dogecoin Network transactions, as they do not involve the
transfer of transaction data on the Dogecoin Blockchain and do not reflect the movement of Dogecoin between addresses recorded on the
ledger. For these reasons, off-blockchain transactions are subject to risks. Any such transfer of Dogecoin ownership is not protected
by the protocol underlying the Dogecoin Blockchain and is not recorded or validated through the blockchain’s decentralized ledger
mechanism.

The supply of Dogecoin is intentionally
unlimited, with thousands of Dogecoins introduced regularly rather than a capped limit. As of October 2025, there were about 151 billion
Dogecoins in circulating supply.

HBAR (Hedera Network)

The Hedera Network is a public distributed
ledger technology network that enables people to interact and transact online efficiently and securely without the need for third-party
companies, which often collect and sell their users’ personal information. The purpose of the Hedera Network is to provide a stable,
trustworthy network for a wide variety of decentralized, enterprise-grade applications. Although the primary purpose of the Hedera Network
is not to operate a payments system or store of value, like most public DLT networks, the Hedera Network requires a crypto asset to properly
operate and incentivize consensus and behavior on the DLT network. HBAR is the native crypto asset of the Hedera Network. HBAR are used
to power decentralized applications, build peer-to-peer transactional models, and protect the network from malicious actors.

The Hedera Network works through a
type of distributed consensus technology based on the “hashgraph” consensus algorithm. The combination of the consensus algorithm
and corresponding data structure of the Hedera Network is different from most other prominent DLT networks that are based on blockchain
technology.

Like blockchains and other DLTs, the
Hedera Network allows online communities to create a shared, trustworthy database without the need for third-party intermediaries. Other
DLT networks face trade-offs between performance and security (if they are faster, they are less secure; if they are more secure, they
are forced to slow down). In contrast, according to Hedera, hashgraph based transactions are processed at speeds that can be orders of
magnitude faster than on a blockchain, and offers higher levels of security needed for distributed networks.

According to Hedera, developers and
enterprises can use the Hedera Network’s services (crypto assets, smart contracts, file, and Hedera Consensus Service) to create
applications that run on top of the network. The Hedera Network supports the potential for an exceptionally wide range of applications
— from music-streaming services to pharmaceutical supply chain management to energy microgrids to multi-player online games.

The Hedera Network is built on the
hashgraph distributed consensus algorithm, invented by Dr. Leemon Baird and subsequently patented by Swirlds, Inc. in 2016. Swirlds has
granted to Hedera an exclusive non-transferable, perpetual right and license to using hashgraph technology for the limited and sole purpose
of making the Hedera Network. The hashgraph data structure and consensus algorithm provides a novel platform for distributed consensus.

The Hedera Network is governed by the
Hedera Governing Council (Hedera Council), a rotating group of global organizations that span across multiple industries and geographies.
The primary responsibilities of Hedera Council members are to: (i) participate in the governance of the Hedera Network; and (ii) host
and maintain a node 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. Instead of a winner-takes-all race to confirm the blockchain data, 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 (DAG). One
of the primary advantages of DAGs 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.

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.