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

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direct investments in crypto assets, commonly referred to as “spot” investments. The Fund’s crypto assets and stablecoins are held by the Crypto Custodian on behalf of the Fund. The crypto assets and stablecoins exist and are recorded on cryptographically secured distributed ledgers or any similar technology, which serves as the decentralized transaction ledger for the Eligible Asset Networks. The Fund’s assets with the Crypto Custodian are held in segregated accounts on the respective blockchain, commonly referred to as “wallets,” and are therefore not commingled with corporate or other customer assets. All transactions are recorded on the blockchain, ensuring the verification of each asset’s location in specific digital wallets. The responsibility for safekeeping the crypto assets and stablecoins owned by the Fund lies with the Crypto Custodian. The Crypto Custodian safeguards the private key materials for the Fund’s crypto assets via offline and air-gapped cold storage, hardware security modules, and whitelisting.

●	Offline and Air-gapped cold storage: offline and air-gapped cold storage in the context of crypto assets
mean keeping the entire reserve of crypto assets offline, which is a widely-used security precaution, especially when dealing with large
amounts of crypto assets. Crypto assets held under custodianship with the Crypto Custodian will be kept in high-security, offline, cold
storage vaults. This means that the private keys, the cryptographic component that allows a user to access crypto assets, are stored offline
within hardware security modules that have never been connected to the internet. Storing the private key offline minimizes the risk of
the crypto assets being stolen. The Crypto Custodian will hold all of the Fund’s crypto assets and private keys in cold storage
on an ongoing basis. In connection with portfolio transactions in crypto assets, the Fund will transfer crypto assets directly to/from
its cold vault balance to/from Crypto Trading Counterparties (or Authorized Participants, if the Fund engages in in-kind creations and
redemptions).

●	Hardware Security Modules: Hardware security modules (HSMs) generate and maintain access to the private
keys. Access to private keys in HSMs involves no direct connection to the internet or any human. The Crypto Custodian’s HSM cannot
use its keys to sign any operation unless the operation has been endorsed with cryptographic signatures from the necessary quorum of users
specified by the Sponsor and their necessary authentications. No single employee of the Crypto Custodian has access to private key material,
or can affect transaction activity due to the use of cryptography throughout the endorsement process.

●	Whitelisting: Transactions are only sent to vetted, known addresses. Any changes to addresses are subject
to a rigorous authentication process.

Settlement of trades are into or
from the cold wallet architecture, which increases the security of trading and settlement processes. All trading activity will be
agreed upon on (T) with settlement activity initiated on T+1 and settling on T+1.  In an “inflow” scenario, the
Crypto Trading Counterparty will deposit the proceeds of the execution performed on T, into the Fund’s cold wallet held at the
Crypto Asset Custodian.  In an “outflow” scenario, the Fund will initiate a digital asset settlement, biometrically
authenticate the settlement, and then transfer the crypto assets to the Crypto Trading Counterparty.  The transaction activity
at the Crypto Custodian generally occurs in less than an hour, if not immediately.

The Sponsor believes that the Crypto
Custodian’s policies, procedures, and controls for safekeeping, exclusively possessing, and controlling the Fund’s crypto
asset holdings are designed to protect against theft, loss, and unauthorized and accidental use of the private keys. Any decisions or
actions related to forks, airdrops or similar events will align with the guidelines set forth by the Crypto Custodian; the Crypto Custodian
may not support forks, airdrops, or similar events. The Crypto Custodian assumes no liability in respect of an unsupported branch of a
forked protocol or its determination whether or not to support a forked protocol. The Fund is committed to maintaining transparency and
ensuring that its approach aligns with industry best practices in managing these events. However, unforeseen circumstances may arise,
and there is no guarantee that it will be possible to support the protocol under all possible scenarios.

The Fund has access to the Crypto
Custodian’s transaction records and holdings, at all times, and will receive daily statements that show balances and transaction
records of the Fund’s crypto assets. In addition, the Crypto Custodian will provide the Fund with a copy of its Service Organizational
Control (SOC) 1 and 2 reports or other information necessary to verify that satisfactory internal control systems and procedures are in
place. Such reports will include verification of the Fund’s crypto assets.

In designating a custodian for the
Fund, the Sponsor consider whether the custodian provides protection against theft and loss and ensures that the transactions and trades
are secure. A custodian may lose its eligibility as a custodian if it fails to comply with the Fund’s requirements, but the Sponsor
has no obligation whatsoever to change the custodian for the Fund’s holdings. The Sponsor may, in its sole discretion, add or terminate
agreements with custodians. See the “Description of Key Service Providers” section for additional information about the custodial
agreements.

ADDITIONAL
INFORMATION ABOUT THE FUND

The Fund

The Fund is a Delaware statutory trust,
formed on September 15, 2025, pursuant to the Trust Agreement. The Fund continuously issues common shares representing fractional undivided
beneficial interest in and ownership of the Trust that may be purchased and sold on the Exchange. The Fund will operate pursuant to the
Trust Agreement. CSC Delaware Trust Company, a Delaware trust company, is the Delaware trustee of the Trust. The Trust is managed and
controlled by the Sponsor. The Sponsor is limited liability company formed under the laws of Delaware.

The number of outstanding Shares is
expected to fluctuate over time, increasing or decreasing as Creation Units are created or redeemed. This process requires either delivering
to, or distributing from, the Fund, an amount of cash equal to the value of the assets represented by the NAV of the Creation Units being
created or redeemed.

The Fund has no operating history.
The Fund and the Sponsor face competition with respect to the creation of competing products, such as exchange-traded products offering
exposure to the spot ether market, the spot bitcoin market, the bitcoin futures market, the ether futures market, and other crypto assets
and derivatives on crypto assets. There can be no assurance that the Fund will grow to or maintain an economically viable size. There
is no guarantee that the Sponsor will maintain a commercial advantage relative to competitors offering similar products. Whether or not
the Fund is successful in achieving its intended scale may be impacted by a range of factors, such as the Fund’s timing in entering
the market and its fee structure relative to those of competitive products.

The Fund has no fixed termination
date. The Fund will continue to exist until terminated in accordance with the Trust Agreement. The Fund will dissolve upon the occurrence
of certain events specified in the Trust Agreement (See “Key Service Providers – The Trustee”). In addition, the Fund
may be dissolved at any time for any reason by the Sponsor in its sole discretion. In the event of liquidation, shareholders will receive
cash distributions in U.S. dollars only; no in-kind distributions of Eligible Assets, stablecoins, or other property will be made. Liquidation
proceeds will be applied first to pay all Fund liabilities and expenses (including fees owed to service providers, transaction costs,
and professional fees), and then distributed to Shareholders pro rata based on their percentage interests in the Fund.

LEGAL
PROCEEDINGS

Within the past five years of the
date of this prospectus, there are no material administrative, civil or criminal actions against the Sponsor or the Fund or any subsidiary
of any of them. This includes any actions pending, on appeal, concluded, threatened, or otherwise known to them.

FORM
AND TRANSFER OF SHARES

Registered Form

Shares are issued in registered form
in accordance with the Trust Agreement. The Transfer Agent has been appointed registrar and transfer agent for the purpose of transferring
shares in certificated form. The Transfer Agent keeps a record of all Shareholders and holders of the Shares in certified form in the
registry (Register). The Sponsor recognizes transfers of Shares in certificated form only if done in accordance with the Trust Agreement.
The beneficial interests in such Shares are held in book-entry form through participants and/or accountholders in DTC. Beneficial owners
of shares held in book-entry form through DTC will not be recognized by the Fund as registered holders of shares, and all rights and communications
in respect of shares will be transmitted through DTC and its participants.

Book Entry