SEC Filing Document

Company: T. Rowe Price Active Crypto ETF
Ticker: 
CIK: 2089855
Filing Type: S-1/A
Document Type: EX-3.1
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/ex3-1.htm

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T.Rowe Price Active Crypto ETF S-1A

Exhibit 3.1

AMENDED AND RESTATED

AGREEMENT AND DECLARATION OF TRUST

T. Rowe Price Active Crypto ETF

Dated as of March 31, 2026

This Amended and Restated Agreement
and Declaration of Trust (“Trust Agreement”) of T. Rowe Price Active Crypto ETF (the “Trust”) is made and entered
into as of March 31, 2026, by and between T. Rowe Price Sponsor LLC, a Delaware limited liability company, as sponsor of the Trust
(the “Sponsor”), and CSC Delaware Trust Company, a Delaware corporation, as Delaware trustee (the “Trustee”).

RECITALS

WHEREAS, the Trust was formed on September
15, 2025, pursuant to a trust agreement between the Sponsor and the Trustee (the “Original Trust Agreement”);

WHEREAS, the Sponsor and the Trustee
wish to enter into this Amended and Restated Trust Agreement.

NOW, THEREFORE, the Sponsor and the
Trustee hereby amend and restate the Original Trust Agreement in its entirety and agree to enter in the Amended and Restated Trust Agreement
as set forth below.

Article I

TRUST FORMATION

Section 1.1     Name.

The trust continued hereby shall be
known as “T. Rowe Price Active Crypto ETF” (the “Trust”). The Sponsor shall conduct the business of the Trust
under this name or any other name as the Sponsor may from time to time determine in its sole discretion. Any name change shall become
effective on the execution by the Trustee, upon receipt of written direction from the Sponsor, of an instrument setting forth the new
name and the filing of a certificate of amendment pursuant to Section 3810(b)(1) of the Delaware Act. Any change in name of the Trust
shall not require the approval of Shareholders. A change in name of the Trust in accordance with this section shall have the status of
an amendment to this Trust Agreement.

Section 1.2     Declaration of Trust.

In consideration of the agreements
and obligations set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, it is the intention of the parties hereto that, effective as of the date hereof, this Trust Agreement constitute the
governing instrument of the Trust, which shall be binding in accordance with its terms on the parties hereto, and on every
Shareholder, by virtue of having become a Shareholder of the Trust. Further, it is the intention of the parties hereto that the
Trust continued hereby constitute a statutory trust under the Delaware Act, and that this Trust Agreement constitute the governing
instrument of the Trust.

It is not the intention of the Sponsor
to create a general partnership, limited partnership, limited liability company, joint stock association, corporation, bailment or any
form of legal relationship other than a Delaware statutory trust that has elected to be treated as a partnership for U.S. federal income
tax purposes and for purposes of applicable state and local tax laws. The Trust shall be entitled to exercise all of the powers, rights
and privileges granted to, or conferred upon, a statutory trust formed under the laws of the State of Delaware, now or hereafter in force.

Section 1.3     Term.

The term for which the Trust is to
exist shall be perpetual, unless terminated pursuant to the terms of Article X and the Delaware Act or as otherwise provided by law.

Section 1.4     Definitions.

“Administrator” means a
Person from time to time engaged by the Sponsor to assist in the administration of the Shares.

“Affiliate” means (i) any
Person directly or indirectly owning, controlling or holding with power to vote 25% or more of the outstanding voting securities of the
Sponsor, (ii) any Person 25% or more of whose outstanding voting securities are directly or indirectly owned, controlled or held with
power to vote by the Sponsor, (iii) any Person, directly or indirectly, controlling, controlled by or under common control of the Sponsor,
(iv) any employee, officer, director, member, manager or partner of Sponsor, or (v) any employee, officer, director, member, manager or
partner of any Person under (i-iv).

“Book-Tax Disparity” means,
with respect to any property held by the Trust, as of any date of determination, the difference between the book value of such property
(as initially determined under Section 2.5(b)(ii), and as adjusted from time to time in accordance with Section 2.2(d)) as of such date
of determination and the adjusted basis thereof for United States federal income tax purposes as of such date of determination.

“Capital Contribution” means
, with respect to any Shareholder of the Trust, the amount of money and the fair market value of any property (other than money) contributed
to the Trust by such Shareholder.

“Certificate of Trust”
means the Certificate of Trust of the Trust, including all amendments thereto, in the form attached hereto as Exhibit A, filed with the
Secretary of State of the State of Delaware pursuant to Section 3810 of the Delaware Act.

“Code” means the Internal Revenue
Code of 1986, as amended.

“Crypto Custodian” means
any Person from time to time engaged to provide custodian, security or related services to the Trust’s crypto holdings and cash
assets pursuant to authority delegated by the Sponsor.

“Delaware Act” means the
Delaware Statutory Trust Act, Chapter 38 of Title 12 of the Delaware Code, 12 Del. C. § 3801 et seq., as the same may be amended
from time-to-time.

“Indemnified Persons” has
the meaning assigned to such term in Section 3.6.

“IRS” means the Internal
Revenue Service.

“Liquidating Trustee” has the meaning
assigned to such term in Section 10.2.

“Percentage Interests”
means a fraction, the numerator of which is the number of any Shareholder’s Shares and the denominator of which is the total number
of Shares of the Trust outstanding as of the date of determination.

“Person” means any natural
person and any partnership, limited liability company, statutory trust, corporation, association, or other legal entity.

“Shareholder” means any Person that
owns Shares.

“Shares” means the common
units of fractional undivided beneficial interest in the profits, losses, distributions, capital and assets of, and ownership of, the
Trust. Shares may be owned by the Sponsor or a Shareholder.

“Sponsor” means T. Rowe
Price Sponsor LLC, or any successor thereto by merger or operation of law.

“Sponsor Indemnified Party” means
Sponsor and its Affiliates.

“Treasury Regulations” means
regulations, including proposed or temporary regulations, promulgated under the Code. References herein to specific provisions of proposed
or temporary regulations shall include analogous provisions of final Treasury Regulations or other successor Treasury Regulations.

“Trust” means T. Rowe Price
Active Crypto ETF, a Delaware statutory trust formed pursuant to a Certificate of Trust and the Initial Declaration of Trust, the business
and affairs of which are governed by this Trust Agreement.

“Trust Agreement” means
this Amended and Restated Trust Agreement, as it may at any time or from time-to-time be amended, restated, supplemented or amended and
restated.

“Trust Property” means the
property of the Trust, including, the cash or assets (including digital assets) owned or held by or for the account of the Trust.

“Trustee” means CSC Delaware
Trust Company, its successors and assigns, or any substitute therefor as provided herein, acting not in its individual capacity but solely
as Delaware trustee of the Trust.

“U.S. Dollar” means United States
dollars.

Section 1.5     Assets and Liabilities of the
Trust.

(a)          Legal title to all of the Trust Property shall be vested in the Trust as a separate legal entity; provided, however, that
if applicable law in any jurisdiction requires legal title to any portion of the Trust Property to be vested otherwise, the Sponsor may
cause legal title to such portion of the Trust Property to be held by or in the name of the Sponsor or any other Person (other than a
Shareholder or the Trustee ) as nominee.

(b)          The Trust Property shall irrevocably belong to the Trust for all purposes, subject only to the rights of creditors of the
Trust and shall be so recorded upon the books of account of the Trust.

(c)          The Trust Property shall be charged with the liabilities of the Trust and with all expenses, costs, charges and reserves
attributable to the Trust. The Sponsor shall have full discretion, to the extent not inconsistent with applicable law, to determine which
items shall be treated as income and which items as capital, and each such determination and allocation shall be conclusive and binding
upon the Shareholders.

Section 1.6     Offices.

The principal office of the Trust, and
such additional offices as the Sponsor may establish, shall be located at such place or places inside or outside the State of Delaware
as the Sponsor may designate from time to time in writing to the Trustee. The principal office of the Trust shall be at 1307 Point Street,
Baltimore, Maryland 21231.

The Trustee’s principal offices
are located at 251 Little Falls Drive, Wilmington, DE 19808 and its telephone number is (866) 403-5272.

Article II

SHARES; CAPITAL CONTRIBUTIONS

Section 2.1     General.