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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Markets The Ethereum market includes a wide array of participants in the investment, retail, and service sectors. The investment sector, similar to bitcoin, includes both private and professional investors who trade ether for speculative purposes. The retail sector involves users who buy ether to transfer it or to pay for transaction fees when transferring other crypto assets and interacting with dApps on the Ethereum Network. Retail users can also buy ether to pay for goods and services, though its adoption as a payment method is still in its infancy. The service sector, on the other hand, is expanding rapidly, with companies like Coinbase, Kraken, and Gemini providing essential services such as trading, payment processing, custodial solutions and staking. As Ethereum continues to evolve, the service sector is expected to grow, offering more sophisticated and varied services to accommodate the network’s increasing user base and its unique functionalities like smart contracts.

In addition to using ether
to engage in transactions, investors may purchase and sell ether to speculate as to the value of ether in the market, or as a long-term
investment to diversify their portfolio. The value of ether within the market is determined, in part, by the supply of and demand
for ether in the global ether market, market expectations for the adoption of ether as a store of value, the number of merchants
that accept ether as a form of payment, and the volume of peer-to-peer transactions, among other factors.

Centralized spot ether markets
typically permit investors to open accounts with the trading platform and then purchase and sell ether via websites or through
mobile applications. Prices for trades on centralized spot ether markets are typically reported publicly. An investor opening a
trading account must deposit an accepted government-issued currency into their account with the spot market, or a previously acquired
crypto asset, before they can purchase or sell assets on the spot market. The process of establishing an account with a centralized
ether market and trading ether is different from, and should not be confused with, the process of users sending ether from one
Ethereum address to another Ethereum address on the Ethereum Blockchain or decentralized on-chain trading platforms. This latter
process is an activity that occurs on the Ethereum Network, while the former is an activity that occurs entirely within the order
book operated by the centralized spot market. The centralized spot market typically records the investor’s ownership of ether
in its internal books and records, rather than on the Ethereum Blockchain. The centralized spot market ordinarily does not transfer
ether to the investor on the Ethereum Blockchain unless the investor makes a request to the crypto asset trading platform to withdraw
the ether in their account to an off-exchange ether wallet.

Outside of the spot markets,
ether can be traded OTC. The OTC market is largely institutional in nature, and OTC market participants generally consist of institutional
entities, such as firms that offer ether-sided liquidity for ether, investment managers, proprietary trading firms, high-net-worth
individuals that trade ether on a proprietary basis, entities with sizable ether holdings, and family offices. The OTC market provides
a relatively flexible market in terms of quotes, price, quantity, and other factors, although it tends to involve large blocks
of Ether. The OTC market has no formal structure and no open-outcry meeting place. Parties engaging in OTC transactions will agree
upon a price, often via phone or email, and then one of the two parties will initiate the transaction. For example, a seller of
ether could initiate the transaction by sending the ether to the buyer’s ether address. The buyer would then wire U.S. dollars
to the seller’s bank account. OTC trades are sometimes hedged and eventually settled with concomitant trades on ether spot
markets.

In addition, ether futures
and options trading occur on exchanges in the U.S. regulated by the CFTC. The market for CFTC-regulated trading of ether derivatives
has developed substantially.

SOL (Solana Blockchain)

Solana is a smart contract
platform enabling the creation of dApps such as DeFi, digital collectibles, and blockchain games. Its system comprises the Solana
Network, the Solana Blockchain, the Solana Protocol and Solana Clients. SOL is the native crypto asset for the Solana system.

Solana uses PoS for network
consensus but integrates Proof-of-History into its PoS mechanism to enable continuous block production. This allows Solana to skip
over slow or unresponsive slot leaders without waiting for a full consensus round. Proof-of-History, despite common misconceptions,
is not a standalone consensus algorithm. While Solana’s current consensus integrates Proof-of-History, the network could
theoretically function without it by making minor adjustments to its implementation. Proof-of-History ensures consistent block
production, with each validator independently verifying the sequence, eliminating the need for external time synchronization. Solana’s
consensus algorithm, Tower BFT, leverages Proof-of-History’s synchronized clock computations to enhance performance and efficiency.
This creates a universal clock across the network, allowing it to skip slots assigned to slow or unresponsive leaders. Validators
can produce blocks continuously without waiting for previous blocks or undergoing a synchronous consensus round for each slot.

As of October 2025, SOL has
a total supply of about 612 million tokens, a circulating supply of about 612 million tokens, and no fixed cap. It serves multiple
purposes: (i) existing tokens are deposited as collateral (or stake) for users to join the network’s validation set and provide
security, (ii) newly issued tokens are issued as rewards for validators operating the network, and (iii) existing tokens are the
medium of exchange with which users pay for code execution on the platform, allowing them to interact with different applications
and send assets from one place to another. Every SOL is fractionable to the smallest unit called Lamports, with its smallest fraction
equal to 0.000000001 SOL each, named in honor of Leslie Lamport.

The Solana blockchain relies
on two types of globally distributed nodes: Validators and Remote Procedure Call (RPC) nodes. Validators are voting consensus nodes,
while RPC nodes are non-voting nodes. Validators vote to determine the validity of transactions until consensus is reached. Once
validated, the on-chain state changes are applied, and the transactions are recorded in the Solana ledger for permanent storage.
The RPC node then sends the response back to the client application. Solana’s governance relies on Solana Improvement Proposals
(SIPs), which outline suggested network changes. Anyone can submit a SIP, but community support is crucial. Validators, developers,
and stakeholders review proposals to reach consensus on updates that shape the blockchain’s future.

Solana offers faster and cheaper
transactions compared to Ethereum, leading the space of alternative infrastructure platforms in crypto. As a general purpose smart
contracts platform, Solana allows for the creation of diverse applications, including blockchain games, minting and transfer of
dollar stablecoins and crypto payments through traditional methods.

On March 18, 2025, SOL futures
became available for trading in both a micro-sized (25 SOL) and a larger-sized contract (500 SOL) on CME, a CFTC-regulated marketplace.

XRP (XRP Ledger Blockchain)

XRP Ledger is an open-source,
decentralized blockchain created in 2012 and is designed to facilitate rapid and cost-effective global payments. Its system comprises
the XRPL Blockchain, the XRPL Protocol and XRPL Clients. XRP is the native crypto asset of the XRP Ledger system.

XRPL Ledger can process nearly
1,000 transactions per second, making it suitable for cross-border payments with very low transaction fees. It supports a variety
of transaction types, including payments, escrows, trust sets, order book transactions, and payment channel transactions. The XRP
Ledger uses a unique consensus protocol that ensures all users can agree on the ledger’s current state and the order of transactions.
This protocol, known as the XRP Ledger Consensus Protocol, processes valid transactions without relying on a central operator,
avoiding single points of failure. The network remains functional even if participants join, leave, or misbehave. If too many participants
are unreachable or acting maliciously, progress halts instead of confirming invalid transactions. This consensus method avoids
the resource-intensive competition seen in most other blockchain systems. The XRP Ledger Consensus Protocol aims to agree on a
set of transactions for the next ledger version, apply them in order, and confirm that all participants reach the same result.
Once this process is complete, the ledger version is considered validated and final.