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: 2026-05-15
Accession Number: 0001999371-26-010860
Exchange: 
SIC Code: 6221
SIC Description: Commodity Contracts Brokers & Dealers
URL: https://www.sec.gov/Archives/edgar/data/2089855/000199937126010860/tknz-s1a_051526.htm

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Each sale of crypto assets by the Fund generally will be a taxable event for the Fund. See “U.S. Federal Income Tax Consequences” section. The Sponsor, from time to time, may temporarily waive all or a portion of the Management Fee and/or Fund expenses, in its sole discretion. The Sponsor is not under an obligation to waive any portion of the Management Fee nor any Fund expenses. For any waiver instituted, such waiver does not create an obligation outside the strict terms of a waiver agreement. In the future, if the Sponsor decides to extend a waiver or institute a new waiver, Shareholders will be notified in a prospectus supplement, the Fund’s periodic reports, or current report on Form 8-K. In addition, the Sponsor, in its sole discretion, may determine to amend the Sponsor Agreement, including to increase the Management Fee, without Shareholder consent. OVERVIEW OF THE ELIGIBLE ASSETS’ INDUSTRY

Each Eligible Asset operates on its
respective network (Eligible Asset Networks). The Eligible Asset Networks are decentralized peer-to-peer computer systems that rely on
public key cryptography for security, and their values are primarily influenced by market supply and demand.

In this section, the Sponsor provides
descriptions of the Eligible Assets. Bitcoin and ether are discussed in more detail in this section because, as of the date of this prospectus,
together, they are expected to represent more than 50% of the Fund’s holdings. There is no assurance or guarantee that bitcoin and
ether will continue to be the two largest holdings at any time. The Eligible Assets described in this section are not discussed in any
particular order. The Sponsor may update this section periodically; however, there is no obligation to amend the Fund’s prospectus
in the event of changes to the Eligible Assets or weights of the Eligible Assets.

Prices, market capitalization,
and the approximate current supply for each of the Eligible Assets described in this section are as follows:

Crypto Asset Ticker	Market Cap	Closing Price (USD)	Current Circulating Supply

BTC	$1,375,464,640,847	$68,730.00	20,012,000

ETH	$253,416,950,546	$2,099.71	120,691,000

SOL	$45,980,032,248	$80.16	571,630,000

XRP	$80,389,484,571	$1.31	61,391,674,000

ADA	$8,979,841,260	$0.24	36,096,440,000

AVAX	$3,731,827,156	$8.64	427,892,000

LTC	$4,138,584,628	$53.72	77,031,000

DOT	$2,051,129,322	$1.22	1,655,822,000

DOGE	$14,086,000,989	$0.09	153,733,966,000

HBAR	$3,757,163,748	$0.09	43,320,766,000

BCH	$8,692,230,176	$434.45	20,018,000

LINK	$6,301,181,928	$8.67	724,167,000

XLM	$5,141,160,541	$0.16	33,311,121,000

SHIB	$3,475,139,633	$0.00	589,243,546,544,000

SUI	$3,459,588,249	$0.87	3,953,389,000

Source: CoinMetrics and Artemis,
as of April 7, 2026

Bitcoin (BTC)

The Bitcoin System as a whole is involved
in maintaining the ledger of bitcoin ownership and facilitating the transfer of bitcoin among parties, as well as its components, such
as the Bitcoin Network, the Bitcoin Blockchain, the Bitcoin Protocol and Bitcoin Clients (together, the “Bitcoin System”).
The crypto asset native to the Bitcoin System is bitcoin whose ownership registry and full transfer history is made by the Bitcoin System.

Bitcoin is a crypto asset that
serves as the unit of account on an open-source, permissionless, decentralized, peer-to-peer computer network (known as the Bitcoin Network).
Every bitcoin is fractionable to the eighth decimal place, with its smallest fraction equal to 0.00000001 bitcoin and called a “Satoshi.”
It may be used to pay for goods and services, stored for future use, or converted to government-backed currency such as the U.S. dollar.
The adoption of bitcoin for these purposes has been limited. The value of bitcoin is not backed by any government, corporation, or other
identified body.

Bitcoin Blockchain and Consensus
Mechanism

Transactions in bitcoin are broadcasted
over the Bitcoin Network and registered in bundles called blocks, which are set to occur on average every 10 minutes and collectively
track the full transaction history and ownership of bitcoins in circulation. Every block is cryptographically tied to its predecessor,
creating a chain of blocks called the “Bitcoin Blockchain.” Blocks are identified by a block height as if they were progressively
piled up starting from a height of zero. The first block of the Bitcoin Blockchain is known as the Genesis block, assigned a height of
0 (zero), and was created on January 3, 2009.

Unlike traditional financial ledgers
where a central authority is responsible for updating users’ balances and preventing the same balance to be spent twice, the Bitcoin
System introduces a cost for network participants to add new blocks of transactions to the Bitcoin Blockchain. This consists of creating
a proof-of-work by solving a highly costly cryptographic problem by trial and error and broadcasting the obtained solution to other network
participants for verification. A key feature of proof-of-work is its asymmetry: the proof generator needs to expend large amounts of computational
power to generate it, whereas others can easily verify that the proof is valid at a negligible cost.

The solution to the proof-of-work
problem creates a cryptographic hash that sets a unique identifier for every block and includes an imprint of all the transactions included
in the block as well as the identifier of the block’s immediate predecessor. This generates a strong cryptographic tie among the
blocks in the Bitcoin Blockchain and implies that rebuilding the transaction history from a height smaller than or equal to the current
one would demand regenerating all the cumulative proof-of-work from that point until the current block. Given the necessary computational
cost, the bigger the pile of blocks stacked above a specific block, the smaller the likelihood for the information included in it to be
changed, effectively making it immutable after enough proof-of-work is generated on top of it. At any height, if two diverging versions
of the Bitcoin Blockchain exist, a bifurcation referred to as a blockchain fork, the consensual version of the Bitcoin Blockchain is defined
as the chain with the largest cumulative proof-of-work, establishing Bitcoin’s so-called fork choice rule. These rules establish
a mechanism for the Bitcoin Blockchain to be appended over time and for the Bitcoin Network to reach consensus on bitcoin ownership and
transaction history. Therefore, proof-of-work is generally referred to as the consensus mechanism of the Bitcoin System.

The built-in incentive element of
the Bitcoin System is bitcoin, which is issued over time as a subsidy that rewards network participants responsible for generating proof-of-work
and, thus, adding new blocks to the Bitcoin Blockchain. Since they invest in computational equipment and expend electricity in exchange
for newly-issued coins, there exists a clear similarity between this activity and the mining of precious metals such as gold or silver.
The creation of proof-of-work is thus popularly referred to as bitcoin mining, and network participants engaging in the activity are called
bitcoin miners. Users of the Bitcoin Network might also pay transaction fees in bitcoin to gain priority over others in having their transactions
included in a new block. The fees paid by all transactions in a mined block are reverted to the successful miner alongside the mining
subsidy.

To make sure that the creation of
blocks and thus the issuance of new bitcoin occur on average every 10 minutes, the Bitcoin System has a built-in difficulty adjustment
that tunes the cost of generating a valid proof-of-work every interval of 2,016 blocks — approximately every two weeks — starting
from the Genesis block. If some miners get more specialized and are able to mine blocks faster than 10 minutes on average, the difficulty
is increased when the next cycle of 2,016 blocks starts. On the other hand, if some miners have to shut down operations and blocks start
being appended to the blockchain with an average interval exceeding 10 minutes, difficulty is decreased as of the beginning of the next
cycle of 2,016 blocks. The computational power of a miner is measured by its capacity to compute cryptographic hashes in the attempt to
generate a valid proof-of-work. The collective computational power of the Bitcoin Network is known as the network’s hash rate.

Bitcoin Supply

The value of bitcoin depends on its
supply (which is limited) as well as its demand across its trading venues. The supply of bitcoin follows a predefined issuance schedule
since Bitcoin’s conception. After every multiple of 210,000 blocks, the issuance of bitcoin per block is reduced in half. These
events are referred to as “halvings.” Bitcoin’s mining subsidy started at 50 bitcoin per mined block and remained
constant until the first halving in November 2012 (at 210,000 blocks), dropping the mining subsidy to 25 bitcoin. The second
halving occurred in July 2016 (at 420,000 blocks), dropping the subsidy per block to 12.5 bitcoin. The third halving took
place in May 2020 (at 630,000 blocks), dropping the subsidy per block to 6.25 bitcoin. The fourth happened in April 2024
(at 840,000), dropping the subsidy per block to 3.125 bitcoin which will persist until height 1,049,999.