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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Word Count: 1486
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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.

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—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. As of October 2025, the circulating supply was
about 42 billion.

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. As of October 2025, BCH has a maximum supply of 21 million coins and a current circulating supply of approximately
20 million coins.

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: Bitcoin Cash (BCH) and Bitcoin Satoshi Vision (BSV).
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 an ERC-677 token that serves
as the native digital currency for the Chainlink Network, a decentralized “oracle” platform that is an application 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 by Sergey Nazarov and Steve Ellis to create a bridge between external data
and public blockchains. In 2017, Chainlink Labs introduced the Chainlink Network, a decentralized network aimed at linking real world
data and public blockchains by connecting smart contracts to off-chain data for markets, events, and data. Chainlink Labs exerts significant
influence over the direction of the development of the Chainlink Network. LINK is used as a payment token within the Chainlink ecosystem
and as the necessary collateral for node operators that want to provide data services. This collateral function is an optional feature
of LINK that allows operators the ability to earn additional income. The Chainlink Network offers a different fee model where offchain
and onchain revenue from Chainlink adoption is converted to LINK tokens and stored in a strategic Chainlink Reserve.

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

Oracle Selection: “Oracles”
are entities that connect blockchains to external systems and enable smart contracts to execute based on inputs and outputs from on-blockchain
and off-blockchain data sources. A user looking for data providers (oracles) specifies the requirements in a service level agreement (SLA).
SLA parameters include the desired number of oracles, the desired reputation of the oracles, and the types of requested data. A reputation
contract tracks service-provider performance metrics.

Data Reporting: Once the SLA
has been finalized, off-chain oracles execute and report data back to the blockchain to be utilized by the user. The Chainlink Network
includes nodes that acts as a bridge between off-chain data and the Ethereum blockchain.

Result Aggregation: Once the
oracles reveal their results, an aggregating contract analyzes the results and reports to the reputation contract. Results are evaluated
on the timeliness and correctness of data delivery. Detecting incorrect results is a unique problem for each data feed. For this reason,
each purchaser may specify a customized contract to verify the data. These results feed into the reputation system which helps future
users evaluate the data providers.

The LINK token is used to pay Chainlink
node operators for oracle services. For a smart contract on Ethereum to use a Chainlink node, it will have to pay the node using LINK.
Chainlink nodes may also stake LINK as collateral as a way of insuring the data delivery service. This staking functionality is optional.

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 is the maximum supply. As of October 2025, the circulating supply was about 678 million.

Lumen (Stellar Network)

Lumen is the native token of the Stellar
Network. The Stellar Network’s intended function is to allow users or businesses to conduct cross-currency transactions securely
and quickly. In addition, the Stellar Network also offers a decentralized exchange for the creation and trading of tokenized assets which
track the price of foreign currencies or stablecoins such as USDC.

Stellar was created in 2014 by a team
of scientists, advisers, and engineers of the Stellar Development Foundation (SDF). The Stellar Network was not created through a fork
of the Ripple network, but it does share several similarities with the Ripple network. For example, the Stellar Network initially employed
the Ripple Protocol Consensus Algorithm as its consensus mechanism, which was replaced with the Stellar Consensus Protocol as a result
of a fork of the Stellar blockchain and subsequent upgrade.

The Stellar Ledger uses a consensus
mechanism called the Stellar Consensus Protocol which is an implementation of the Federated Byzantine Agreement pioneered by Ripple, which
is similar to PoS, but does not include staking rewards or incentives. Instead, the Federated Byzantine Agreement is a consensus mechanism
where nodes independently decide which other nodes to trust for information. Lumens transactions are resolved around every six seconds,
which is faster than Bitcoin’s block production, which are resolved around every 10 minutes.

SDF oversaw the creation of all of
the lumen in existence and, as part of its custodial mandate, continues to oversee how the vast majority of lumen are distributed. Initially,
100 billion lumen were created by SDF and were required to be distributed as follows: (i) 50% to individuals, (ii) 25% to partners
such as businesses, governments, institutions, or nonprofit organizations that contribute to the growth and adoption of the Stellar Network,
(iii) 19% to Bitcoin holders and 1% to XRP holders in giveaways conducted in October 2016 and August 2017 and (iv) 5% reserved
for SDF operational expenses.