SEC Filing Document

Company: T. Rowe Price Active Crypto ETF
Ticker: 
CIK: 2089855
Filing Type: S-1/A
Document Type: EX-10.7
Date Filed: 2026-04-27
Accession Number: 0001999371-26-009120
Exchange: 
SIC Code: 6221
SIC Description: Commodity Contracts Brokers & Dealers
URL: https://www.sec.gov/Archives/edgar/data/2089855/000199937126009120/ex10-7.htm

Chunk 0 of 7
Word Count: 1337
Character Count: 8611

Document Content:

T.Rowe Price Active Crypto ETF S-1A

Exhibit 10.7

AUTHORIZED PARTICIPANT AGREEMENT

T. Rowe Price Active Crypto
ETF

This Authorized Participant
Agreement (the “Agreement”) dated as of [________________], is entered into by and between T. Rowe Price Sponsor LLC, a Delaware
limited liability company and the sponsor (the “Sponsor”) of the T. Rowe Price Active Crypto ETF (the “Fund”),
T. Rowe Price Investment Services, Inc., a Maryland corporation and distributor of the Fund (the “Distributor”), and [Participant
Name] (the “Participant”) and is subject to acceptance by State Street Bank and Trust Company as transfer agent (the “Transfer
Agent”).

Capitalized terms used but
not defined herein are defined in the Prospectus, which is defined to mean the current registration statement of the Fund, as it may be
supplemented, amended, or otherwise filed with the U.S. Securities and Exchange Commission (“SEC”) from time to time. To the
extent there is a conflict between any provision of this Agreement (other than the indemnities provided herein) and the provisions of
the relevant Prospectus, the provisions of the relevant Prospectus shall control.

The Sponsor serves in its
capacity as Sponsor of the Fund, pursuant to an Agreement and Declaration of Trust for the Fund (the “Trust Agreement”). The
Sponsor may delegate certain obligations and duties under this Agreement to an affiliate. As described in the Prospectus, common units
of fractional undivided beneficial interest in and ownership of the Fund (the “Shares”) may be purchased or redeemed by the
Participant in aggregations of a specified number of Shares, as identified in the Prospectus (a “Creation Unit”).

This Agreement is intended
to set forth certain procedures by which the Participant, on its own behalf or as agent for a Participant client (a “Participant
Client”), may purchase and/or redeem Creation Units through the Federal Reserve/Treasury Automated Debt Entry System maintained
at the Federal Reserve Bank of New York (the “Federal Reserve Book-Entry System”) or The Depository Trust Company (“DTC”).

Nothing in this Agreement
shall obligate the Participant to create or redeem one or more Creation Units, to facilitate a creation or redemption through it by a
Participant Client, or to sell or offer to sell the Shares.

The parties agree as follows:

1.	STATUS, REPRESENTATIONS AND WARRANTIES OF
PARTICIPANT

(a)       Status of Participant. The
Participant represents and warrants that it has, and during the term of this Agreement will continue to have, the ability to
transact through the Federal Reserve Book-Entry System and, it is, and during the term of this Agreement will continue to be, a DTC
participant (a “DTC Participant”), with respect to orders for the purchase of Creation Units (“Purchase
Orders”) or orders for redemption of Creation Units (“Redemption Orders” and, together with Purchase Orders, the
“Orders”). Any change in the foregoing status of the Participant shall automatically and immediately terminate this
Agreement. The Participant shall give prompt written notice of any such change to the Sponsor, Distributor, and Transfer
Agent.

(b)       Licenses
and Compliance. The Participant represents and warrants that: (i) it is a broker-dealer registered
with the SEC, and it is a member of the Financial Industry Regulatory Authority (“FINRA”), or it is exempt from registration,
or it is otherwise not required to be registered, as a broker-dealer or a member of FINRA; (ii) it is registered and/or licensed to act
as a broker or dealer and to carry out its responsibilities hereunder, as required under all applicable laws, rules and regulations in
the states or other jurisdictions in which the Participant conducts its activities hereunder, or it is otherwise exempt; and (iii) it
is a Qualified Institutional Buyer, as defined in Rule 144A under the U.S. Securities Act of 1933, as amended (the “1933 Act”).

The Participant agrees that
it will: (i) maintain such registrations, licenses, qualifications, and memberships referenced in the preceding paragraph in good standing
and in full force and effect throughout the term of this Agreement; (ii) comply with the applicable rules and regulations of FINRA, and
the securities laws of any jurisdiction in which it sells Shares, directly or indirectly, to the extent such laws, rules and regulations
relate to the Participant’s transactions in, and activities with respect to, the Shares; and (iii) not offer or sell Shares of any
Fund in any state or jurisdiction where such Shares may not lawfully be offered and/or sold.

Any change in the foregoing
status of the Participant shall terminate this Agreement. The Participant shall give prompt written notice of any such change to the Sponsor,
Distributor, and Transfer Agent.

Unregistered. In the event Shares are authorized for sale in jurisdictions outside the several states, territories and possessions
of the United States and the Participant offers and sells Shares in such jurisdictions and is not otherwise required to be registered
or qualified as a broker or dealer, or to be a member of FINRA as set forth above in connection with such offers and sales, the Participant
nevertheless agrees to comply with all the applicable laws, rules and regulations of the jurisdiction in which such offer and/or sale
is made, to comply with the full disclosure requirements of the 1933 Act, and, if applicable, the Commodities Exchange Act (the “CEA”),
and the regulations promulgated under the 1933 Act and CEA as applicable, and to conduct its business in accordance with the applicable
rules and regulations of FINRA, to the extent the foregoing relates to the Participant’s transactions in, and activities with respect
to, the Shares.

(d)       Continuous
Offering and Distribution. The Participant understands and acknowledges that the method by which
Creation Units will be created and traded may raise certain issues under certain interpretations of applicable U.S. federal
securities laws. For example, because new Creation Units of Shares may be issued and sold by a Fund on an ongoing basis, a
“distribution”, as such term is used in the 1933 Act, may occur at any point depending upon the particular facts and
circumstances. The Participant understands and acknowledges that some activities on its part, depending on the circumstances,
may result in it being deemed a participant in a distribution in a manner which could, under certain interpretations of applicable
law, render it a statutory underwriter and subject it to the prospectus delivery and liability provisions of the 1933 Act. The
Participant will review the “Plan of Distribution” portion of the Prospectus and consult with its own counsel in
connection with entering into this Agreement and placing an Order. The Participant also understands and acknowledges that dealers
who are not “underwriters,” but who effect transactions in Shares, whether or not participating in the distribution of
Shares, are generally required to deliver a prospectus.

(e)       In-Kind.
To the extent the Sponsor, on behalf of the Fund, Participant and Transfer Agent agree to participate in in-kind creation and redemption
transactions, the Participant has entered into an agreement with any of the Fund’s custodian responsible for safekeeping crypto
assets, including any sub-custodian (“Crypto Custodian”) to establish an account (the “Participant Crypto Asset Account”)
for depositing and holding crypto assets. The Participant shall maintain such Participant Crypto Asset Account for purposes of effecting
receipt and delivery of the relevant crypto asset to/from the Fund’s account with such Crypto Custodian. Each of the Sponsor,
Participant, and Distributor hereby agree to take such actions, and enter into such other agreements (including any amendments to this
Agreement) as may reasonably be required to facilitate in-kind creation and redemption transactions. To the extent that any crypto asset
transfers from the Fund are delayed due to congestion or other issues with any one or more Crypto Asset Networks, such crypto asset(s)
generally are not expected to be held in cold storage until such transfers can occur. With respect to any Incidental Right, as described
in the Prospectus, Participant acknowledges that it and any Participant Client shall have no direct claim to any Incidental Right, including
forked assets, in-kind and shall be entitled, if at all, only to such cash proceeds (if any) as may be distributed to Shareholders in
accordance with the Trust Agreement, the Prospectus, and applicable law.