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

Chunk 0 of 66
Word Count: 1467
Character Count: 9341

Document Content:

As filed with the Securities and Exchange
Commission on May 15, 2026

Registration No. 333-291007

UNITED
STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Amendment No.

FORM

REGISTRATION STATEMENT

UNDER THE SECURITIES
ACT OF 1933

T. ROWE PRICE
ACTIVE CRYPTO ETF

SPONSORED BY T. ROWE PRICE SPONSOR LLC

Delaware 6221 39-4422405

(State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) (I.R.S. Employer Identification No.)

c/o T. Rowe Price Associates, Inc.

1307 Point Street, Baltimore, Maryland 21231

(Address, including zip code, and telephone
number, including area code,

of registrant’s principal executive offices)

Copies to:

Adam T. Teufel, Esq.	Sonia Kurian, Esq.

Dechert LLP	T. Rowe Price

1900 K Street, NW	1307 Point Street

Washington, DC 20006	Baltimore, MD 21231

Approximate date of commencement of proposed sale
to the public: As soon as practicable after this Registration Statement becomes effective.

If any of the securities being registered on this
Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box.

If this Form is filed to register additional securities
for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act registration statement
number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed
pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of
the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed
pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of
the earlier effective registration statement for the same offering. ☐

Indicate by check mark whether the registrant is
a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See
the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and
“emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐	Non-accelerated filer ☒

Accelerated filer ☐	Smaller reporting company ☒

Emerging growth company ☒

If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

The Registrant hereby amends this Registration Statement
on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically
states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act or until
this Registration Statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may determine.

PROSPECTUS

[         ], 2026	T. ROWE PRICE

TKNZ	Active Crypto ETF

The information in
this prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities
and Exchange Commission is effective. This prospectus is not an offer to sell these securities, and it is not soliciting an offer to buy
these securities in any jurisdiction where the offer or sale is not permitted.

Subject to Completion

Preliminary Prospectus
dated May 15, 2026

T. Rowe Price Active Crypto ETF

T. Rowe Price Active Crypto ETF
(the “Fund” or “Trust”) is an actively-managed, exchange-traded product (ETP) organized as a Delaware statutory
trust. The Fund issues shares representing units of fractional undivided beneficial interests (Shares) that are expected to trade, subject
to notice of issuance, on NYSE Arca (the “Exchange”) under the symbol “TKNZ.” Shares can be purchased and sold
by investors through their broker-dealer.

The Fund’s investment objective
is to seek long-term capital growth through investments in crypto assets. The Fund’s investments in crypto assets is limited to
holding crypto assets which satisfy the criteria set forth under “Business of the Fund — Asset Eligibility” section.
Any purchase of the Shares of the Fund is subject to the risks of crypto assets and crypto asset markets as well as the additional risks
of investing in the Fund.

An investment in the Fund is subject
to the risks of an investment in crypto assets, which are subject to a high degree of price variability, as well as to the risks of crypto
asset markets more generally, and the risks of investing in an actively-managed ETP. An investment in the Fund may be riskier than other
funds that do not directly hold crypto assets, or financial instruments related to crypto, and may be riskier than an investment in other
funds that seek to track an index. The Fund may not be suitable for all investors.

T. Rowe Price Sponsor LLC
will serve as sponsor to the Fund (the “Sponsor”) and receives a management fee. CSC Delaware Trust Company, a subsidiary
of Corporation Service Company, is the Delaware trustee of the Fund (Trustee). The principal office address of the Fund is 1307 Point
Street, Baltimore, Maryland 21231 and the Fund’s telephone number is 410-345-2000. T. Rowe Price Associates, Inc. (the
“Administrator”) provides administrative services to the Fund. The Administrator also assists the Fund and the Sponsor with
certain functions and duties relating to accounting. T. Rowe Price Investment Services, Inc., a wholly owned subsidiary of the Administrator,
is the distributor (Distributor). State Street Bank and Trust Company (SSB) is the Fund’s transfer agent. Anchorage Digital Bank
N.A., (the “Crypto Custodian”) is the custodian for the Fund’s crypto assets and stablecoins, and SSB is the custodian
for the Fund’s cash and other assets (the “Cash Custodian” and together with the Crypto Custodian, the “Custodians”).

The Fund intends to issue Shares on
a continuous basis and is registering an indeterminate number of Shares with the SEC in accordance with Rules 456(d) and 457(u) under
the Securities Act of 1933, as amended (the “Securities Act”). The Fund expects to create and redeem Shares at the next-determined
net asset value (NAV) per Share, on a continuous basis, and only in aggregations of 10,000 Shares (Creation Units). The offering of the
Shares is a best efforts offering through the Distributor. Creation Units may be created or redeemed only by Authorized Participants,
as defined herein. Therefore, except when aggregated in Creation Units, Shares are not redeemable securities. Shares will be offered to
the public from time to time at market prices, which may vary from the NAV per Share, on the secondary market.

The Sponsor and Administrator
(each, a “Seed Capital Investor”) each purchased Shares as shown in the table below (the “Initial Seed”), at
$25.00 per Share on April 1, 2026. Delivery of the Initial Seed Shares was made on the same day. Total proceeds to the Fund from the
sale of the Initial Seed Shares were $20,000. As of the date of this prospectus, these 800 Shares represent all of the outstanding Shares.
It is expected that the Seed Capital Investors will purchase additional Seed Shares shortly after the date of this prospectus, as shown
in the table below (Operational Seed) at $25.00 per Share. The total proceeds to the Fund from the sale of the Operational Seed Shares
are expected to be $14,980,000. The Initial Seed Shares and Operational Seed Shares total $15,000,000 in Seed Shares and are expected
to be used by the Fund to purchase Eligible Assets at or prior to the listing of Shares on the Exchange.

Initial Seed
Purchased April 1, 2026	Operational Seed
Expected	Total ($)	Total (Seed Shares)

Administrator	$10,000	$14,840,000	$14,850,000	594,000

Sponsor	$10,000	$140,000	$150,000	6,000

Total	$20,000	$14,980,000	$15,000,000	600,000

See “Plan of Distribution
and Seed Capital Investment” for additional information.

Investing in the Fund involves
significant risks. The Fund is not an investment company registered under the Investment Company Act of 1940, as amended (Investment Company
Act), and is not required to register under such Act. The Sponsor is not registered with the Securities and Exchange Commission (SEC)
as an investment adviser and is not subject to regulation by the SEC as such in connection with its activities with respect to the Fund.
The Fund is not a commodity pool for purposes of the Commodity Exchange Act of 1936, as amended (CEA), and the Sponsor is not subject
to regulation by the U.S. Commodity Futures Trading Commission (the “CFTC”) as a commodity pool operator or a commodity trading
advisor with respect to the Fund. As such, the shareholders of the Fund (Shareholders) will not be afforded the protections associated
with ownership of shares in a registered investment company. Shareholders have no voting rights with respect to the Fund except as expressly
provided in the Agreement and Declaration of Trust (the “Trust Agreement”). See the section, “Risk Factors.”