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: 2026-02-11
Accession Number: 0001999371-26-003054
Exchange: 
SIC Code: 6221
SIC Description: Commodity Contracts Brokers & Dealers
URL: https://www.sec.gov/Archives/edgar/data/2089855/000199937126003054/active-s1a_021126.htm

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Prices and market capitalization for each of the Eligible Assets described in this section are as follows: Crypto Asset Market Cap Closing Price (USD) BTC $1,824,562,102,538 $91,359.76 ETH $378,996,076,767 $3,140.12 SOL $75,469,147,084 $133.98 XRP $126,762,437,696 $2.09 ADA $14,660,252,991 $0.40 AVAX $6,136,821,054 $14.27 LTC $6,299,718,225 $82.14 DOT $3,537,162,030 $2.14 DOGE $25,116,777,341 $0.15 HBAR $5,355,583,080 $0.13 BCH $12,772,160,549 $639.37 LINK $9,493,133,527 $13.41 XLM $7,537,963,088 $0.23 SHIB $5,344,249,596 $0.00 USDC $75,363,438,322 $1.00 SUI $6,412,231,283 $1.69 Source: CoinMetrics, as of Jan. 4, 2026 Bitcoin (BTC) The Bitcoin System as a whole is involved in maintaining the ledger of bitcoin ownership and facilitating the transfer of bitcoin among parties, as well as its components, such as the Bitcoin Network, the Bitcoin Blockchain, the Bitcoin Protocol and Bitcoin Clients (together, the “Bitcoin System”). The crypto asset native to the Bitcoin System is bitcoin whose ownership registry and full transfer history is made by the Bitcoin System.

Bitcoin is a crypto asset that
serves as the unit of account on an open-source, permissionless, decentralized, peer-to-peer computer network (known as the Bitcoin
Network). Every bitcoin is fractionable to the eighth decimal place, with its smallest fraction equal to 0.00000001 bitcoin and
called a “Satoshi.” It may be used to pay for goods and services, stored for future use, or converted to government-backed
currency such as the U.S. dollar. As of the date of this prospectus, the adoption of bitcoin for these purposes has been limited.
The value of bitcoin is not backed by any government, corporation, or other identified body.

Bitcoin Blockchain and
Consensus Mechanism

Transactions in bitcoin are
broadcasted over the Bitcoin Network and registered in bundles called blocks, which are set to occur on average every 10 minutes
and collectively track the full transaction history and ownership of bitcoins in circulation. Every block is cryptographically
tied to its predecessor, creating a chain of blocks called the “Bitcoin Blockchain.” Blocks are identified by a block
height as if they were progressively piled up starting from a height of zero. The first block of the Bitcoin Blockchain is known
as the Genesis block, assigned a height of 0 (zero), and was created on January 3, 2009.

Unlike traditional financial
ledgers where a central authority is responsible for updating users’ balances and preventing the same balance to be spent
twice, the Bitcoin System introduces a cost for network participants to add new blocks of transactions to the Bitcoin Blockchain.
This consists of creating a proof-of-work by solving a highly costly cryptographic problem by trial and error and broadcasting
the obtained solution to other network participants for verification. A key feature of proof-of-work is its asymmetry: the proof
generator needs to expend large amounts of computational power to generate it, whereas others can easily verify that the proof
is valid at a negligible cost.

The solution to the proof-of-work
problem creates a cryptographic hash that sets a unique identifier for every block and includes an imprint of all the transactions
included in the block as well as the identifier of the block’s immediate predecessor. This generates a strong cryptographic
tie among the blocks in the Bitcoin Blockchain and implies that rebuilding the transaction history from a height smaller than or
equal to the current one would demand regenerating all the cumulative proof-of-work from that point until the current block. Given
the necessary computational cost, the bigger the pile of blocks stacked above a specific block, the smaller the likelihood for
the information included in it to be changed, effectively making it immutable after enough proof-of-work is generated on top of
it. At any height, if two diverging versions of the Bitcoin Blockchain exist, a bifurcation referred to as a blockchain fork, the
consensual version of the Bitcoin Blockchain is defined as the chain with the largest cumulative proof-of-work, establishing Bitcoin’s
so-called fork choice rule. These rules establish a mechanism for the Bitcoin Blockchain to be appended over time and for the Bitcoin
Network to reach consensus on bitcoin ownership and transaction history. Therefore, proof-of-work is generally referred to as the
consensus mechanism of the Bitcoin System.

The built-in incentive element
of the Bitcoin System is bitcoin, which is issued over time as a subsidy that rewards network participants responsible for generating
proof-of-work and, thus, adding new blocks to the Bitcoin Blockchain. Since they invest in computational equipment and expend electricity
in exchange for newly-issued coins, there exists a clear similarity between this activity and the mining of precious metals such
as gold or silver. The creation of proof-of-work is thus popularly referred to as bitcoin mining, and network participants engaging
in the activity are called bitcoin miners. Users of the Bitcoin Network might also pay transaction fees in bitcoin to gain priority
over others in having their transactions included in a new block. The fees paid by all transactions in a mined block are reverted
to the successful miner alongside the mining subsidy.

To make sure that the creation
of blocks and thus the issuance of new bitcoin occur on average every 10 minutes, the Bitcoin System has a built-in difficulty
adjustment that tunes the cost of generating a valid proof-of-work every interval of 2,016 blocks — approximately every two
weeks — starting from the Genesis block. If some miners get more specialized and are able to mine blocks faster than 10 minutes
on average, the difficulty is increased when the next cycle of 2,016 blocks starts. On the other hand, if some miners have to shut
down operations and blocks start being appended to the blockchain with an average interval exceeding 10 minutes, difficulty is
decreased as of the beginning of the next cycle of 2,016 blocks. The computational power of a miner is measured by its capacity
to compute cryptographic hashes in the attempt to generate a valid proof-of-work. The collective computational power of the Bitcoin
Network is known as the network’s hash rate.

Bitcoin Supply

The value of bitcoin depends
on its supply (which is limited) as well as its demand across its trading venues. The supply of bitcoin follows a predefined issuance
schedule since Bitcoin’s conception. After every multiple of 210,000 blocks, the issuance of bitcoin per block is reduced
in half. These events are referred to as “halvings.” Bitcoin’s mining subsidy started at 50 bitcoin per
mined block and remained constant until the first halving in November 2012 (at 210,000 blocks), dropping the mining subsidy
to 25 bitcoin. The second halving occurred in July 2016 (at 420,000 blocks), dropping the subsidy per block to 12.5 bitcoin.
The third halving took place in May 2020 (at 630,000 blocks), dropping the subsidy per block to 6.25 bitcoin. The fourth
happened in April 2024 (at 840,000), dropping the subsidy per block to 3.125 bitcoin which will persist until height

By design, the supply of bitcoin
is intentionally limited to 21 million units, making bitcoin a disinflationary asset, that is, with a rate of supply growth
that decreases over time until reaching zero when the last satoshi is mined. The maximum cap and the disinflationary nature of
bitcoin makes it a potential candidate for digital store of value, an investment thesis that is still gaining traction among investors
worldwide. As of October 2025, there are approximately 19.93 million bitcoins in circulation.

Bitcoin Network, Protocol,
Clients and Network Upgrades

Bitcoin is maintained on the
decentralized, open source, peer-to-peer computer network, the Bitcoin Network. No single entity owns or operates the Bitcoin Network.
The Bitcoin Network is accessed through software and governs bitcoin’s creation and movement. The source code for the Bitcoin
Network, often referred to as the Bitcoin Protocol, is open-source, and anyone can contribute to its development.

Proof-of-work, the fork choice
rule, the difficulty adjustment and the supply schedule of bitcoin comprise the Bitcoin Protocol, the full set rules that users
of the Bitcoin System must agree on in order to participate in the Bitcoin Network. Implementations of the Bitcoin Protocol are
called “Bitcoin Clients.” These are open-source codes that can be maintained by anyone and used by any individual wishing
to join the Bitcoin Network. Every computer running an instance of a Bitcoin Client is called a node.

The infrastructure of the Bitcoin
Network is collectively maintained by its participants, which include miners, developers, and users. Miners register transactions
and provide security to the Bitcoin Network. Developers maintain and contribute updates to the Bitcoin Clients. Users access the
Bitcoin Network either running their own node or communicating with the node run by a third-party server. Anyone can be a user,
developer, or miner, but not all Bitcoin Network participants need to run a node.

Bitcoin is stored on the
bitcoin blockchain contains a complete record and history for each bitcoin transaction.