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 boost the utility of the SHIB tokens, offering a range of typical DeFi tools. Users can trade tokens, deposit in liquidity pools, stake their coins, and vote on ShibaSwap governance proposals. These functions are handled by smart contracts on the Ethereum blockchain, which allows users to trade any supported ERC-20 token directly with other users. Users who add their tokens to a liquidity pool are termed to be “digging” for BONE token rewards. “Diggers” create ShibaSwap Liquidity Provider (SSLP) tokens and deposit them into a liquidity pool. These tokens represent each digger’s share in the trading pool and can be used to claim BONE rewards. The more liquidity a digger provides and the longer SSLP tokens are left in the pool, the more rewards the digger can potentially earn. This incentivizes users to contribute to ShibaSwap’s liquidity and decentralization, which helps stabilize the tokens’ prices and ensure smooth trading.

“Bury” is ShibaSwap’s
term for staking, another key feature of the platform. “Buried” tokens are temporarily removing them from circulation.
In return for this, stakers earn rewards in the form of additional tokens. On ShibaSwap, SHIB, Leash, and Bone tokens can all be
“buried.” Once buried, these tokens earn returns paid out in a wrapped version of the staked tokens. For instance,
if Leash or SHIB tokens are staked, stakers receive xLEASH or xSHIB in return. The rewards for burying tokens are distributed weekly,
but only one-third of the rewards can be claimed immediately. The rest are locked up and vested over six months.

SUI (SUI)

SUI is a crypto asset that
is created and transmitted through the operations of the peer-to-peer Sui Network, a network of computers that operates on cryptographic
protocols. No single entity owns or operates the Sui Network, the infrastructure of which is collectively maintained by a broad
user base. The Sui Network allows people to exchange tokens of value, called SUI, which are recorded on a public transaction ledger
known as a blockchain. SUI can be used to pay for transaction fees and network operations, including computational power on the
Sui Network, or it can be converted to fiat currencies, such as the U.S. dollar, at rates determined on crypto asset trading platforms
or in individual end-user-to-end-user transactions under a barter system. Furthermore, the Sui Network was designed to allow users
to write and implement smart contracts—that is, general-purpose code that executes on the network and can instruct the transmission
of information and value based on a sophisticated set of logical conditions. Using smart contracts, users can create markets, store
registries of debts or promises, represent the ownership of property, move funds in accordance with conditional instructions and
create crypto assets other than SUI on the Sui Network. Smart contract operations are executed on the Sui blockchain in exchange
for payment of SUI. Like the Ethereum network, the Sui Network is one of a number of projects intended to expand blockchain use
beyond just a peer-to-peer money system.

The Sui Network primarily
uses a delegated proof-of-stake consensus mechanism to incentivize SUI holders to validate transactions. Unlike proof-of-work,
in which miners expend computational resources to compete to validate transactions and are rewarded coins in proportion to the
amount of computational resources expended, in proof-of-stake, validators risk or “stake” coins to compete to be randomly
selected to validate transactions and are rewarded coins in proportion to the amount of coins staked. Any malicious activity, such
as disagreeing with the eventual consensus or otherwise violating protocol rules, results in the forfeiture or “slashing”
of a portion of the staked coins. Proof-of-stake is viewed as more energy efficient and scalable than proof-of-work.

Unlike many other smart
contract platforms that batch transaction into blocks, Sui validators individually validate transactions. Sui uses “Narwhal”
and “Bullshark” as its memory pool and consensus engines, respectively, which supplement proof-of-stake by allowing
transactions performed on Sui to be verified and executed in parallel, rather than sequentially like in prominent blockchains like
Bitcoin and Ethereum. Under Narwhal, instead of a proposing validator broadcasting all transactions in a block to the other validators,
the proposing validators send references to transactions that other validators have already received in their local memory pools.
These memory pools serve as logs of unprocessed transactions awaiting verification and execution on a blockchain. The transaction
data can thus bypass the full consensus process, removing the large data transmission step which often impedes proof-of-stake consensus
and introduces latency. Further unlike traditional blockchains, which add transactions in a single, linear sequence, Bullshark
uses a structure whereby each transaction points to multiple previous transactions, allowing many transactions to be processed
at the same time. The purpose of Narwhal and Bullshark is to increase scalability of a blockchain allowing for parallel processing
of transactions and increasing transaction speed.

The Sui Network was initially
conceived in 2021 by Evan Cheng, Adeniyi Abiodun, Sam Blackshear, George Danezis, and Kostas Chalkias to continue research initially
performed while the group was employed by Meta Platforms, Inc., in which they collaborated on a crypto asset project called Diem
(formerly known as Libra). Mysten Labs Inc. (Mysten), an independent consortium of blockchain software developers which contributes
to the development of the Sui Network, formed as an outgrowth of the Diem project. The Sui Foundation is an independent nonprofit
entity that supports research and development of open-source technology related to Sui.

Although Mysten and the
Sui Foundation continue to exert significant influence over the direction of the development of SUI, the Sui Network is distributed
and does not require governmental authorities or financial institution intermediaries to create, transmit or determine the value
of SUI.

Unlike Bitcoin, which was
solely created through a progressive mining process, 10 billion SUI were created in connection with the launch of the Sui Network.
Following the launch of the Sui Network, no further SUI will be created unless a modification (or “fork”) of the Sui
Network’s protocol occurs. The Sui Network’s capped total supply of 10 billion SUI tokens is unlocked according to
a distribution and unlock schedule designed to balance liquidity, stability, and long-term growth. The Sui “mainnet”
launched on May 3, 2023 with a portion of the total supply made liquid at launch.

The SUI token serves four
purposes on the Sui Network. First, SUI can be staked within an “epoch” in order to participate in the proof-of-stake
mechanism. Second, SUI is the asset denomination needed for paying the Gas Fees to execute transactions or other operations on
the Sui Network. Third, SUI can be used as a versatile and liquid asset for various applications including the standard features
of money – a unit of account, a medium of exchange, or a store of value – and more complex functionality enabled by
smart contracts, interoperability, and composability across the Sui ecosystem. Fourth, and finally, SUI plays an important role
in governance by acting as a right to participate in on-chain voting on issues such as protocol upgrades.

The SUI token powers a variety
of real-world applications:

1.	Decentralized Finance: Lending and borrowing protocols allow users to supply SUI for interest
or borrow against collateral. Yield farming and staking rewards allow liquidity providers to earn yield by participating in automated
market makers and liquidity pools. Stablecoins and payments benefit from SUI’s fast and low-cost transactions, making it
ideal for cross-border transfers and remittances.

2.	Non-Fungible Tokens: NFT minting and trading allow artists and developers to create and trade
NFTs on SUI’s blockchain with low minting costs. On-chain gaming assets enable in-game items, skins, and collectibles to
be represented as NFTs, unlocking true ownership.

3.	Gaming and Metaverse: Play-to-earn gaming economies allow players to earn rewards in a decentralized
manner. Low-latency transactions enable smooth in-game purchases and seamless on-chain interactions.

4.	Supply Chain and Enterprise Solutions: Provenance and authentication solutions track goods transparently,
ensuring authenticity and reducing fraud. Enterprise blockchain integration supports identity management, record-keeping, and automation.

5.	Identity Verification and Security: Decentralized identity solutions verify credentials and
prevent fraud. Data privacy enhancements allow privacy-preserving transactions and selective disclosure mechanisms.

SUI has a fixed total supply
of ten billion tokens, meaning no additional SUI will be minted beyond this limit. At network launch, a portion of the total supply
(roughly 5% of all tokens) was in circulation, while the remaining tokens are being released progressively over time. The structured
emission schedule is designed to support network security, incentivize validators and participants, and sustain the long-term growth
of the Sui Network.

RISK
FACTORS

Carefully consider the risks
described below before making an investment decision. Refer to the other information included in this prospectus, as well as information
found in documents incorporated by reference in this prospectus, before deciding to purchase any Shares. These risk factors may
be amended, supplemented or superseded from time to time by risk factors contained in any periodic report, prospectus supplement,
post-effective amendment or in other reports filed with the SEC in the future.

Risks Related to Crypto Asset Markets

The Eligible Assets are
relatively new technological innovations with a limited operating history