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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becoming ineffective. In any of these circumstances, if the crypto asset held by the Fund is affected, a malicious actor may be able to steal the Fund’s crypto assets, which would adversely affect an investment in the Shares. Even if the Fund did not hold the affected crypto asset, any reduction in confidence in the source code or cryptography underlying asset generally could negatively affect the demand for the Eligible Assets and therefore adversely affect an investment in the Shares. Crypto assets are subject to potential hacking, risk of theft of private keys, and loss of access risks Due to the nature of private keys, the Eligible Assets transactions are irrevocable and incorrectly transferred or stolen crypto assets may be irretrievable, and as a result, any incorrectly executed transaction could adversely affect the price and liquidity of the Eligible Assets, which may indirectly affect the price of the Fund’s Shares.

The loss or destruction of
a private key required to access the Fund’s crypto assets may be irreversible. The loss of access to the private keys associated
with the Fund’s crypto assets could adversely affect an investment in the Shares. The Eligible Assets are controllable only
by the possessor of both the unique public key and private key or keys relating to the “digital wallet” in which the
currency is held. Private keys must be safeguarded and kept private in order to prevent a third party from accessing the crypto
assets while held in such wallet. To the extent a private key is lost, destroyed or otherwise compromised and no backup of the
private key is accessible, the Fund will be unable to access the assets held in the related digital wallet. Any loss of private
keys relating to digital wallets used to store the Fund’s crypto assets could adversely affect an investment in the Shares.

Competition from central
bank digital currencies and emerging payments initiatives involving financial institutions could adversely affect the price of
other crypto assets

Central banks in various
countries have introduced digital forms of legal tender. Whether or not they incorporate blockchain or similar technology, central
bank digital currencies, as legal tender in the issuing jurisdiction, could have an advantage in competing with, or replace, the
Eligible Assets as a medium of exchange or store of value. Central banks and other governmental entities have also announced cooperative
initiatives and consortia with private sector entities, with the goal of leveraging blockchain and other technology to reduce friction
in cross-border and interbank payments and settlement, and commercial banks and other financial institutions have also recently
announced a number of initiatives of their own to incorporate new technologies, including blockchain and similar technologies,
into their payments and settlement activities, which could compete with, or reduce the demand for, the Eligible Assets. As a result
of any of the foregoing factors, the value of the Eligible Assets could decrease, which could adversely affect an investment in
the Fund.

The potential limitations
around insurance and Shareholders’ limited rights of legal recourse against the Fund, Trustee, Sponsor, Administrator, Cash
Custodian and Crypto Custodian expose the Fund and its Shareholders to the risk of loss

The Fund, Sponsor and
Administrator will maintain Fidelity Bond, Directors & Officers / Errors & Omissions (“D&O/E&O”)
and Cyber (Privacy) policies to provide coverage as it relates to their services to the Fund. Additionally, the Fund and/or
the Sponsor will contractually require the Fund’s service providers, such as the Cash Custodian and Crypto Custodian,
to maintain similar insurance, including but not limited to coverage for employee fraud and theft, to help mitigate the risk
of financial loss to the Fund and its Shareholders if they are deemed liable. Although insurance coverages will be required
and expected to be maintained through the period they are providing services to the Fund, all policies contain some amount of
exclusions or limitations which could impact the potential insurance coverage depending on the type or amount of the loss.
Additionally there is no guarantee that the limits maintained by any of these entities will be sufficient to cover the full
loss since (1) the insurance policies and their limits are not dedicated solely to the Fund or any particular assets held by
the Fund and the availability of insurance proceeds to the Fund may be reduced if multiple claims are made by other
customers, and (2) the total coverage amount may be significantly lower than the total value of the crypto assets under
custody, exposing the Fund to the risk that, in the event of a loss, the insurance policy may not cover the full extent of
the Fund’s assets. Further, a Fund Service Provider may choose not to, or may be unable to, renew any portion or all of
these insurance policies due to unforeseen changes in the insurance market, which may further expose the Fund and its
Shareholders to the risk of loss. Lastly, some risks faced by the Fund may not be insurable, and therefore, those losses
would have no insurance coverage and any recovery may be limited to the relevant service provider’s financial
ability (through capital reserve requirements or other financial safeguards) to directly indemnify the Fund and its
Shareholders.

One or more of the Eligible
Assets held by the Fund may be considered a “memecoin” and may be subject to even greater levels of volatility and
regulatory scrutiny than other crypto assets

Memecoins are crypto assets
inspired by internet memes or trends. Many memecoins have no stated use case or intrinsic value, other than, in some cases, as
a digital collector’s item. While most memecoins have relatively low trading prices and trading volume, occasionally a memecoin
will develop a community of supporters that cause the memecoin to go “viral” on social networks and other media. These
memecoins will often experience unpredictable and extreme price fluctuations over very short windows of time. Memecoins have also
been used in “rug pulls,” where the developers of the memecoin abandon a project after raising assets, leaving purchasers
of the memecoin with nearly worthless assets. Memecoins are also commonly the subject of other forms of market manipulation, such
as pump and dump, wash trading or spoofing schemes. Dogecoin is often considered an example of a memecoin. Dogecoin gained rapid
interest and adoption in online communities, and rapidly became one of the larger crypto assets when measured by market capitalization.
Users soon began using Dogecoin for certain financial transactions, including tipping, trading, and donations. Since then, other
memecoins have been launched. While most of such launches receive relatively little attention, some memecoins experience rapid
rises in interest. Any investment in memecoins is subject to a heightened risk of price and trading volume volatility.

Certain high-profile political
figures, celebrities and organizations have publicly aligned themselves to some memecoins, exposing such memecoins to reputational,
regulatory, and market risks that other crypto assets may not encounter. Periods of extreme price appreciation and decline have
sometimes frequently followed social-media posts, press statements, or public appearances in which prominent public figures appear
to endorse, or are rumored to endorse, various memecoins. Any negative publicity concerning such public figures or similar endorsers
could materially diminish public interest in a memecoin, depress trading volume, and impair the market price of the memecoin, which,
in turn, would adversely affect the value of the Fund’s Shares. Conversely, favorable publicity or perceived political momentum
may trigger speculative demand that inflates the price of a memecoin and heightens volatility, thereby increasing the likelihood
of sharp and sudden corrections.

Risks Related to Bitcoin, Mining
Crypto Assets, and Proof-of-Work Mechanism

Subsidies for mining bitcoin
are designed to decline over time, which may lessen the incentive for miners to process and confirm transactions on the Bitcoin
Network

Transactions in bitcoin are
processed by miners who are primarily compensated by receiving newly issued bitcoins (Mining Subsidy) as a compensation for successfully
solving a cryptographic problem. Mining Subsidies follow an issuance schedule that declines over time. Miners might also be compensated
through voluntary fees paid by Bitcoin network participants, which alongside Mining Subsidies constitute total mining rewards.

Mining Subsidies are subject
to “halvings,” which are events in which the issuance of new bitcoins per mined block is cut in half. These events
take place in multiples of 210,000 blocks starting from Bitcoin’s block number (or block height) 0, referred to as the genesis
block, which was mined on January 3, 2009. With the time interval between two consecutive blocks being targeted at 10 minutes on
average, halving events should happen approximately every four years.