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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date of this prospectus, there are no other series of the Trust. The Fund was organized on September 15, 2025, and the Sponsor was organized on September 4, 2025. Principal Offices The Sponsor’s and Administrator’s office is located at 1307 Point Street, Baltimore, Maryland 21231. Emerging Growth Company The Fund is an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). For as long as the Fund is an emerging growth company, unlike other public companies, it will not be required to, among other things: (i) provide an auditor’s attestation report on management’s assessment of the effectiveness of our system of internal control over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act of 2002; or (ii) comply with any new audit rules adopted by the Public Company Accounting Oversight Board (PCAOB) after April 5, 2012, unless the SEC determines otherwise.

The Fund will cease to be an “emerging
growth company” upon the earliest of: (i) it having $1.235 billion or more in annual revenues, (ii) at least $700 million in market
value of Common Shares being held by non-affiliates, (iii) it issuing more than $1.0 billion of non-convertible debt over a three-year
period; or (iv) the last day of the fiscal year following the fifth anniversary of its initial public offering.

In addition, Section 107
of the JOBS Act also provides that an emerging growth company can take advantage of the extended transition period provided in Section
7(a)(2)(B) of the 1933 Act for complying with new or revised accounting standards. In other words, an emerging growth company can delay
the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Fund intends to take
advantage of the benefits of the extended transition period.

THE OFFERING

Offering	The Shares represent units of fractional undivided beneficial interest in, and the ownership of, the Fund.

Use of Proceeds	Proceeds received by the Fund from the issuance and sale of creation units consist of cash deposits. Such cash deposits are held by the Cash Custodian on behalf of the Fund until (i) transferred in connection with the purchase of the crypto assets, (ii) delivered to Authorized Participants in connection with a redemption of creation units or (ii) transferred to pay the fee due to the Sponsor and Fund expenses or liabilities not assumed by the Sponsor.

Proposed Exchange Symbol	[ ]

Creation and Redemption	The Fund issues and redeems Baskets on a continuous basis. Baskets
are only issued or redeemed in exchange for an amount of cash determined by the Sponsor (or its delegate) each day the Exchange is open
for regular trading. Baskets may be created or redeemed only by Authorized Participants. Authorized Participants will deliver only cash
to create Shares and will receive only cash when redeeming Shares. Further, Authorized Participants will not directly or indirectly purchase,
hold, deliver, or receive crypto assets as part of the creation or redemption process or otherwise direct the Fund or a third party with
respect to purchasing, holding, delivering, or receiving crypto assets as part of the creation or redemption process. In the future, the
Fund may also permit Authorized Participants to create and redeem Shares via in-kind transactions, subject to receiving regulatory approval.

As part of the creation process, the Fund will create Shares and
receive crypto assets from a third party that is not the Authorized Participant. As part of the redemption process, the Fund will redeem
the Shares and deliver crypto assets to a third party that is not the Authorized Participant. The Fund is responsible for selecting the
third party to deliver or receive the crypto assets. The third party will not be acting as an agent of the Authorized Participant or acting
at the direction of the Authorized Participant with respect to the Fund’s delivery or receipt of crypto assets. The third party
will be unaffiliated with the Trust and the Sponsor.
See “Creations and Redemptions” section for more details.

Index	FTSE Crypto US Listed Index

Net Asset Value and Determination of NAV	The Fund’s NAV per Share will be calculated by taking the
current market value of its total assets, subtracting any liabilities, and dividing that total by the number of Shares. As of the date
of this prospectus, the assets of the Fund will consist of Eligible Assets, cash, cash equivalents, and stablecoins. The Sponsor has the
exclusive authority to determine the Fund’s NAV, the calculation of which has been delegated to the Administrator.

The Administrator of the Fund will calculate the NAV once each
Business Day, as of the earlier of the close of the NYSE or 4:00 p.m. ET. For purposes of making these calculations, a Business Day means
any day other than a day when NYSE is closed for regular trading (Business Day).

Management Fee	The Fund expects to pay the Sponsor a Management Fee, monthly in arrears, in an amount equal to [0.XX]% per annum of the daily NAV of the Fund (the “Management Fee”). The Management Fee is paid in consideration of the Sponsor’s services related to the management of the Trust’s business and affairs.

Fund Expenses	The Sponsor pays all routine operational, administrative, and other
ordinary expenses of the Fund, including but not limited to, fees and expenses of the Administrator, Trustee, Custodians, Transfer Agent,
licensors, accounting and audit fees and expenses, tax preparation expenses, ongoing SEC registration fees, report preparation and mailing
expenses, and ordinary legal fees and expenses.

In addition to the Fund’s Management Fee, the Fund pays all
of its (1) brokerage commissions, including but not limited to applicable exchange fees and give-up fees, fees and commissions related
to any crypto transaction fees for on-chain transfers of assets, and other transaction related fees and expenses charged in connection
with trading activities. The Fund also pays all of its (2) borrowing and financing costs and expenses. The Fund pays all of its (3) taxes
or governmental fees payable by or in respect to the Fund to federal, state, or other governmental agencies, domestic or foreign, including
stamp or other transfer taxes. The Fund also pays all of its (4) non-recurring, extraordinary, or unusual fees and expenses, if any.
Non-recurring, extraordinary, or unusual fees and expenses are unexpected or unusual in nature, such as legal claims and liabilities and
litigation costs or indemnification or other unanticipated expenses. The Fund may be required to indemnify the Sponsor, and the Fund and/or
the Sponsor may be required to indemnify the Fund’s service providers under certain unusual or extraordinary circumstances. Non-recurring,
unusual, or extraordinary expenses of the Fund will be determined by the Sponsor or Administrator. The Sponsor may determine in its sole
discretion to assume any non-recurring, unusual, or extraordinary expenses of the Fund, if applicable. None of the costs and expenses
related to the Fund’s organization and initial offer and sale of Shares are chargeable to the Fund.

Voting Rights	Shareholders do not have any voting rights, take no part in the management or control, and have no voice in the Fund’s operations or business. See “Management; Voting by Shareholders.”

Forks, Airdrops, and Incidental Rights	From time to time, the Fund may be entitled to or come into possession of rights to acquire, or otherwise establish dominion and control over, any crypto asset or other asset or right, which rights are incident to the Fund’s ownership of a crypto asset and arise with or without any action of the Fund or of the Sponsor. With respect to any such fork, airdrop, or similar event, or other Incidental Rights and/or IR Virtual Currency, the Sponsor shall, in its sole discretion, decide what action the Fund shall take. Such actions that the Fund may take include to irrevocably abandon, claim, or sell such crypto asset, Incidental Right, or IR Virtual Currency, so long as such action is consistent with the Fund’s policies and custodial policies, does not adversely affect the status of the Fund as a partnership for U.S. federal income tax purposes, or is not otherwise prohibited by law. In the event of a fork or airdrop, the Sponsor will determine which network it believes is the appropriate network for the new crypto asset, and whether the new crypto asset qualifies for investment for the Fund’s purposes.