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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subnets (to be defined below). Nodes on the network run clients to validate transactions and maintain the network, categorized into types based on their roles within the three chains. It’s possible to use Avalanche to create customizable blockchains known as subnets, allowing for private or public networks with their own set of validators, enhancing scalability and customization for specific applications. Network upgrades are managed through Avalanche Improvement Proposals (AIPs), with updates focusing on improving network functionality, interoperability, and performance. AVAX is used to pay for transaction fees on the Network, as a peer-to-peer currency for value transfer, a unit of account with the ecosystem of applications, and as the economic incentive for staking and participating in consensus. AVAX is also used for creating and interacting with subnets. Every AVAX is fractionable to the ninth decimal place, with its smallest fraction equal to 0.000000001 AVAX and called a nanoAVAX or nAVAX.

AVAX has a maximum supply cap of
720 million tokens, and a portion of transaction fees is burned, introducing a deflationary mechanism that reduces the circulating supply
over time. In September 2020, 360 million coins were minted at network’s genesis, and the other half of the AVAX tokens are minted
over time as a reward to validators securing the system. The initial supply was primarily distributed to the Avalanche Team, the Avalanche
Foundation, the community and development endowment, strategic partnerships; publicly sold in an ICO, privately sold, or sold in a seed
round; or airdropped to early users of the ecosystem. Most of this initial distribution was subject to vesting schedules, fostering long-term
commitment of the entities involved in the launch of Avalanche. Transaction fees on Avalanche are not reverted to validators but rather
burned, being permanently removed from the asset’s circulating supply. The issuance of new AVAX is governed by dynamic parameters,
which over time determine the future supply expansion rate subject to the asymptotic maximum cap.

Avalanche competes directly with networks
like Ethereum, Solana and Cardano, standing out due to its focus on speed, scalability, and the ability to create customized subnets,
aiming to offer a platform where developers can build in a more flexible and efficient environment compared to other blockchain ecosystems.
The value of AVAX is determined, in part, by the supply of and demand for AVAX in the global crypto market, market expectations for the
adoption of Avalanche as a novel technological platform for dApps, the number of merchants that accept AVAX as a form of payment, the
volume of peer-to-peer transactions involving the asset, among other factors.

Litecoin (Litecoin System)

Litecoin is a decentralized, open-source
blockchain designed for peer-to-peer transactions. Its system comprises the Litecoin Network, the Litecoin Blockchain, the Litecoin Protocol,
and Litecoin Clients. The native crypto asset of the Litecoin system is litecoin (LTC).

The Litecoin system was created as
an alternative to the Bitcoin System with a block time of 2.5 minutes (rather than Bitcoin’s 10 minutes) and a different proof-of-work
mining algorithm called Scrypt. Scrypt was intended to be more memory-intensive, making it less susceptible to mining using application-specific
integrated circuits (ASICs) and promoting a more decentralized block creation process. The Litecoin Blockchain records all transactions
in blocks, with each block linked to all its predecessors via a strong cryptographic tie created by its proof-of-work consensus mechanism.
Clients allow users to interact with the Litecoin Network to send value and miners to generate proof-of-work and append new blocks to
the Litecoin Blockchain. Litecoin Network upgrades are managed through Litecoin Improvement Proposals (LIPs), with updates focusing on
enhancing privacy, scalability, and security. In particular, Litecoin has served as a testing ground for Bitcoin innovations, such as
SegWit (described below) and the Lightning Network, emphasizing its role in the broader crypto asset ecosystem as both a currency and
a platform for technological experimentation.

LTC is used in peer-to-peer transactions
to pay for goods and services, stored for future use, or converted to government-backed currency such as the U.S. dollar. It has a maximum
supply cap of 84 million coins, with every LTC fractionable to the eighth decimal place, and its smallest fraction equal to 0.00000001
LTC and called a “Litoshi” (analogously to Bitcoin Satoshis).

To make sure that the creation of
blocks and thus the issuance of new LTC occur on average every 2.5 minutes, the Litecoin system also possesses a built-in difficulty adjustment
that tunes the cost of generating a valid proof-of-work every interval of 2,016 blocks — approximately every 3.5 days (against Bitcoin’s
approximate 14 days difficulty periods) — starting from its genesis block, which was mined on October 7, 2011. Newly-issued LTC
is the primary incentive for miners to keep appending blocks to the Blockchain. In addition, users of the Network can pay miners with
additional LTC to prioritize their transactions, with fees typically lower in comparison to the ones on Bitcoin due to Litecoin’s
design for faster and cheaper transactions.

The value of LTC depends on its supply
(which is limited to 84 million), and demand for LTC in the markets for exchange that have been organized to facilitate the trading of
the asset. The supply of LTC follows a predefined issuance schedule. After every 840,000 mined blocks, the issuance of LTC per block is
reduced in half. Litecoin’s mining subsidy started at 50 LTC per mined block and remained constant until the first halving in August
2015 (at 840,000 blocks), dropping the mining subsidy to 25 LTC. The second halving occurred in August 2019 (at 1,680,000 blocks) setting
the subsidy per block to 12.5 LTC. The third halving occurred in August 2023 (at 2,520,000 blocks), setting the subsidy per block
to 6.25 LTC until height 3,359,999. In October 2025, the circulating supply of LTC was approximately 76 million coins.

LTC is considered a direct competitor
to bitcoin as a crypto asset for digital payments given its goal of improving upon bitcoin by offering faster transaction confirmation
times and a different proof-of-work algorithm to potentially have a more decentralized set of miners. Nonetheless, while LTC also possesses
a very strict monetary policy, its market perception as an emerging digital store of value is not as relevant or consolidated as is the
case of BTC. Therefore, the value of LTC is determined, in part, by the supply of and demand for LTC in the global crypto market, market
expectations for the adoption of Litecoin as novel payment network, the number of merchants that accept LTC as a form of payment, the
volume of peer-to-peer transactions involving the asset, among other factors.

DOT (Polkadot Network)

Polkadot is an online, decentralized,
distributed computing platform that operates on a peer-to- peer basis. The Polkadot system includes the Polkadot Network, Relay Chain,
which is a decentralized protocol that secures, connects, and coordinates every chain, independent Parachains, and Bridges. The native
crypto asset of the Polkadot system is DOT. 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.”

Polkadot is designed to be a base
layer platform that will enable future developers the ability to build a wide variety of 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.