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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to convert, redeem, or repurchase for a fixed amount of monetary value, not including a digital asset denominated in a fixed amount of monetary value; and (2) represents that such issuer will maintain, or create the reasonable expectation that it will maintain, a stable value relative to the value of a fixed amount of monetary value. That definition goes on to clarify that the term “payment stablecoin” does not include any digital asset that is a national currency, a deposit under the Federal Deposit Insurance Act, or a security under any of the Securities Act, the Securities Exchange Act of 1934, as amended (“Exchange Act”) or the Investment Company Act. The Stablecoin Statement defines a “covered stablecoin” to mean stablecoins that: ● are designed to maintain a stable value relative to the U.S. dollar, on a one-for-one basis; ● can be redeemed for U.S. dollars on a one-for-one basis; and

●	are backed by assets held in a reserve that are considered low-risk and readily liquid with
a U.S. dollar-value that meets or exceeds the redemption value of the stablecoins in circulation.

Given that rulemaking under
the GENIUS Act is not yet complete as of the date of this prospectus, and given that the definition of a “payment stablecoin”
under the GENIUS Act may be further qualified by such rulemaking, the Sponsor may further define the conditions under which a stablecoin
will be eligible to be held by the Fund, to reflect any developments in such rulemaking. Shareholders will be notified of any such
changes to the conditions under which the Fund may hold a particular stablecoin in a prospectus supplement, the Fund’s periodic
reports, or current report on Form 8-K.

If the status of the stablecoin
changes while being held in the portfolio, the Fund may need to liquidate the holding under sub-optimal conditions. Some stablecoins
have been asserted to be securities under the federal securities laws. For example, the District Court for the Southern District
of New York denied defendants’ motion to dismiss an SEC complaint asserting that the stablecoin UST, a U.S. dollar stablecoin
issued by Terra, is a security. Further public concern about the possible security status of stablecoins manifested in November
2023, when the financial technology company PayPal disclosed in a filing that it had received a subpoena from the SEC relating
to the PayPal USD stablecoin that requested the production of documents. In September 2024, the SEC announced settled charges against
TrueCoin LLC and TrustToken Inc. for their fraudulent and unregistered sales of investment contracts involving TrueUSD, a purported
stablecoin. The SEC’s complaint alleges that from November 2020 until April 2023, TrueCoin and TrustToken engaged in the
unregistered offer and sale of investment contracts in the form of the crypto asset TUSD and profit-making opportunities with respect
to TrueUSD on TrueFi. The complaint further alleges that TrueCoin and TrustToken falsely marketed the investment opportunity as
safe and trustworthy by claiming that TUSD was fully backed by U.S. dollars or their equivalent, when in fact a substantial
portion of the assets purportedly backing TUSD had been invested in a speculative and risky offshore investment fund to earn additional
returns for the defendants.

In addition, some have argued
that some stablecoins, particularly Tether, are issued without sufficient backing in a way that could cause artificial rather than
genuine demand for crypto assets, raising their prices. In February 2021, the New York Attorney General entered into an agreement
with Tether’s operators, requiring them to cease any further trading activity with New York persons and pay $18.5 million
in penalties for false and misleading statements made regarding the assets backing Tether. In October 2021, the CFTC announced
a settlement with Tether’s operators in which they agreed to pay $42.5 million in fines to settle charges that, among others,
Tether’s claims that it maintained sufficient U.S. dollar reserves to back every Tether stablecoin in circulation with the
“equivalent amount of corresponding fiat currency” held by Tether were untrue.

An allocation to stablecoins
in the Fund’s portfolio could impact performance in the same way cash and cash equivalents, i.e., may be a cash drag.

Risks Associated with the Fund’s
Holdings in Cash and Cash Equivalents

Cash creations and redemptions
may impact the efficiency of the arbitrage mechanism compared to in-kind creations and redemptions

The use of cash creations
and redemptions, as opposed to in-kind creations and redemptions, could cause delays in trade execution due to potential operational
issues arising from implementing a cash creation and redemption model, which involves more operational steps (and therefore execution
risk) than an in-kind creation and redemption model. Such delays could cause the execution price associated with such trades to
materially deviate from the Benchmark price. Even though Authorized Participants are responsible for the dollar cost of such difference
in prices, Authorized Participants could default on their obligations to the Fund, or such potential risks and costs could lead
Authorized Participants, who would otherwise be willing to purchase or redeem Creation Units to take advantage of any arbitrage
opportunity arising from discrepancies between the price of the Shares and the price of the underlying portfolio holdings, to elect
to not participate in the Fund’s Share creation and redemption processes. This may adversely affect the arbitrage mechanism
intended to keep the price of the Shares closely linked to the price of the Fund’s portfolio holdings, and as a result, the
price of the Shares may fall or otherwise diverge from NAV. If the arbitrage mechanism is not effective, purchases or sales of
Shares on the secondary market could occur at a premium or discount to NAV, which could harm Shareholders by causing them buy Shares
at a price higher than the value of the underlying portfolio holdings held by the Fund or sell Shares at a price lower than the
value of the underlying portfolio holdings held by the Fund, causing Shareholders to suffer losses. For in-kind transactions, the
Fund may not be able to successfully implement in-kind creation and redemption transactions, which could put the Fund at a disadvantage
compared to other crypto asset ETPs that are able to implement in-kind creations and redemptions.

The Fund may experience
a loss if it is required to sell cash equivalents at a price lower than the price at which they were acquired

If the Fund is required to
sell its cash equivalents at a price lower than the price at which they were acquired, the Fund will experience a loss. This loss
may adversely impact the price of the Shares and may decrease the correlation between the price of the Shares and the spot price
of the Eligible Assets. The value of cash equivalents held by the Fund generally moves inversely with movements in interest rates.
The prices of longer maturity securities are subject to greater market fluctuations as a result of changes in interest rates. While
the short-term nature of the Fund’s investments in cash equivalents should minimize the interest rate risk to which the Fund
is subject, it is possible that the cash equivalents held by the Fund will decline in value.

Risks Related to Lack of Liquidity

Certain of the Fund’s
investments could become illiquid, which could cause large losses to investors

The Fund’s holdings may
be more difficult to liquidate at favorable prices in periods of illiquid markets and losses may be incurred during the period
in which positions are being liquidated. If the Fund’s ability to obtain exposure to the Eligible Assets in accordance with
its investment objective is disrupted for any reason including, because of limited liquidity in crypto asset markets, or a disruption
in the crypto asset markets, the Fund may not be able to achieve its investment objective and may experience significant losses.
Any disruption in the Fund’s ability to obtain exposure to the Eligible Assets may negatively impact the Fund’s performance.

A market disruption, such as
a government taking regulatory or other actions that disrupt the crypto asset market, can also make it difficult to liquidate a
position. Unexpected market illiquidity may cause major losses to investors at any time or from time to time. In addition, the
Fund does not intend at this time to establish a credit facility, which would provide an additional source of liquidity, but instead
will rely only on the cash and cash equivalents that it holds to meet its liquidity needs. The anticipated value of the positions
in the Eligible Assets that the Sponsor will acquire or enter into for the Fund increases the liquidity risk.

Buying and selling
activity associated with the purchase and redemption of Shares may adversely affect an investment in the Shares