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: 2026-03-16
Accession Number: 0001999371-26-005896
Exchange: 
SIC Code: 6221
SIC Description: Commodity Contracts Brokers & Dealers
URL: https://www.sec.gov/Archives/edgar/data/2089855/000199937126005896/active-s1a_031626.htm

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are processed at speeds that can be orders of magnitude faster than on a blockchain, and offers higher levels of security needed for distributed networks. According to Hedera, developers and enterprises can use the Hedera Network’s services (crypto assets, smart contracts, file, and Hedera Consensus Service) to create applications that run on top of the network. The Hedera Network supports the potential for an exceptionally wide range of applications — from music-streaming services to pharmaceutical supply chain management to energy microgrids to multi-player online games. The Hedera Network is built on the hashgraph distributed consensus algorithm, invented by Dr. Leemon Baird and subsequently patented by Swirlds, Inc. in 2016. Swirlds has granted to Hedera an exclusive non-transferable, perpetual right and license to using hashgraph technology for the limited and sole purpose of making the Hedera Network. The hashgraph data structure and consensus algorithm provides a novel platform for distributed consensus.

The Hedera Network is governed
by the Hedera Governing Council (Hedera Council), a rotating group of global organizations that span across multiple industries
and geographies. The primary responsibilities of Hedera Council members are to: (i) participate in the governance of the Hedera
Network; and (ii) host and maintain a node on the Hedera Network. Hedera Council members contribute their expertise and experience
in Hedera Council deliberations and decision-making relating to software updates, Hedera Treasury management, network pricing,
regulatory compliance, and other key governance matters.

Each Hedera Council member
holds an equal ownership interest in the Hedera Network and has equal voting rights on governance matters. The Hedera Council membership
does not confer any economic interest in Hedera, such as rights to dividends or a share of profits. Other than Swirlds, Inc. (which
has a permanent Hedera Council seat), each Hedera Council member is term-limited to two consecutive three-year terms, and members
will accordingly rotate on and off the Hedera Council.

The Hedera Council also votes
on proposals to upgrade the Hedera Network software and other features, although the source code and protocols for the Hedera Network
are capable of being developed in an open- or closed-source environment for distributed applications.

One central difference between
hashgraphs and blockchains is the way that they add transactions to their respective distributed ledgers. Generally on a blockchain,
blocks with records of transactions are added to the data-chain one after the other to create a history of the network’s
data. If two miners create blocks simultaneously, the blockchain will momentarily fork and the network’s nodes will choose
to continue adding to the longest chain, abandoning the shorter chain. The sequential order must be maintained for the network
to function and to ensure the ledger consists of just one chain of blocks.

Hashgraphs also package
transactions into blocks, but unlike on a blockchain, all hashgraph blocks are added to the distributed ledger, regardless of their
order or circumstance – none are discarded. The hashgraphs are all used to create a more complete picture of the network’s
transactional data. The resulting structure is called a Directed Acyclic Graph and one of the primary advantages over blockchains
is that they can reduce the data size per transaction, thereby lowering costs, increasing speed, and ultimately achieving higher
levels of scalability.

To achieve consensus on the
network’s transactional data, hashgraph functions to calculate a fair order of transactions in a decentralized environment.
One of the major differentiators is the degree to which individuals or small groups are prevented from manipulating the order,
ensuring fairness.

Hashgraph uses “gossip
about gossip” and virtual voting in order to bring the network to consensus on the timestamp of any event with efficiency
of bandwidth usage without centralizing around any entity or group of entities. Nodes continuously communicate all the information
they hold about transactions to other nodes at random via gossip protocol. Every time two nodes come in sync, each node marks the
completion of the sync with an “event.” An event is a data structure that is stored in the network’s memory and
comprises a timestamp, transactions, two hashes of the last of each node’s events, and a cryptographic signature. Hashgraph
calculates timestamps via automated virtual voting such that consensus is collectively arrived at by all nodes.

HBAR enables any holder of
the asset to pay for utility provided by the network, and also ensures security of the network through the process of staking (tying
influence within virtual voting to the amount of coin held). This also protects the network from malicious actors through a staking
mechanism similar to PoS, by using HBAR as a scarce resource.

Gossip between the network
nodes is the same speed regardless of which node submitted the transaction and cannot be increased by paying more for a given transaction.
This differs from other public network models which allow applications to pay more for their transactions to be processed first.
Similarly, because there is no concept of leaders in the consensus, no small subset of nodes can collude to unduly influence the
consensus order in their own favor. This helps the hashgraph consensus algorithm achieve asynchronous Byzantine Fault Tolerance,
which enables honest nodes of a network to agree on the timing and order of a set of transactions fairly and securely without a
centralized authority.

Transactions are propagated
to the network and come to final consensus in a matter of seconds. If an application is worried about a single node holding back
from sending the transaction to the rest of the network then they can submit to multiple nodes. In this scenario then only the
first transaction to reach consensus would be kept and the others would be ignored.

HBAR serves two vital purposes.
First, it is used as a mechanism to secure the network against cyberattacks through the Hedera Network’s distributed consensus
process. Additionally, it provides the “fuel” that incentivizes and pays for the computing resources necessary to enable
the Hedera Network.

The Hedera Network was launched
in August 2018. At that time, the network’s total fixed supply of HBAR of 50 billion HBAR was minted and placed into a Hedera
Treasury account. The Hedera Treasury consists of multiple cryptographically secure, multi-signature accounts. HBAR can be transferred
out of a Hedera Treasury account only after a transaction is cryptographically signed by a majority of the Hedera Council members.
This ensures that control over the network’s crypto assets remains decentralized and vested in large, trustworthy entities.

Hedera’s HBAR release
plan calls for a slow, measured release of HBAR out of the Hedera Treasury. Hedera’s strategy behind this schedule is to
release HBAR from the Hedera Treasury such that the growth of circulating supply is commensurate with the adoption and use of the
Hedera Network.

Hedera’s strategy regarding
the number of HBAR in circulation may change depending on several factors, including (but not limited to) accelerated or diminished
demand for services on the network, network security considerations, efforts to provide incentives or support to developers and
others who will encourage use of the network, and as may be needed based on regulatory considerations. As of October 2025, the
circulating supply was about 42 billion.

Bitcoin Cash (Bitcoin Cash Network)

Bitcoin Cash (BCH) is a crypto
asset created and transmitted through the operations of the peer-to-peer Bitcoin Cash Network. There are several key features of
the Bitcoin Cash Network. As of October 2025, BCH has a maximum supply of 21 million coins and a current circulating supply
of approximately 20 million coins.

BCH was created as a result
of a fork of the Bitcoin blockchain. In July 2017, bitcoin miners implemented a software upgrade known as BIP 91, which activated
the Segregated Witness (SegWit) upgrade at block 477,120. SegWit was sought to enable second-layer solutions on bitcoin, such as
the Lightning Network. Several developers, miners and other participants on the Bitcoin blockchain opposed the proposed SegWit
upgrades designed to increase bitcoin’s capacity; these stakeholders pushed forward alternative plans which would increase
the block size limit to eight megabytes through a hard fork.

The Bitcoin Cash fork occurred
in August 2017, at block 478,559. Up to the previous block (478,558), the bitcoin and Bitcoin Cash blockchains were identical.
This means that anyone who owned one bitcoin at the time of the fork automatically owned one unit of Bitcoin Cash. The technical
difference between Bitcoin Cash and bitcoin at the time of the fork is that Bitcoin Cash supports larger block sizes. This allows
the Bitcoin Cash blockchain to process more transactions per second compared to bitcoin.

Bitcoin Cash was the first
of the bitcoin forks. In November 2018, Bitcoin Cash further split into two separate crypto assets: BCH and Bitcoin Satoshi Vision.
In November 2020, there was a second contested hard fork where the leading node implementation, BitcoinABC, created BCHA (now
dubbed “eCash” or “XEC”).

LINK (Chainlink Network)

LINK is an ERC-677 token that
serves as the native digital currency for the Chainlink Network, a decentralized “oracle” platform that is an application
built on the Ethereum Network. LINK relies on the Ethereum Network for key functionalities such as storage, transfer and usage.