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: 2026-04-27
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/activecrypto-s1a_042726.htm

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crypto assets that are in the Index. Investment Company Act The Investment Company Act of 1940, as amended. ITV The intraday indicative trust value per Share. JOBS Act The Jumpstart Our Business Startups Act. NAV Net asset value. Order Book A list of buy and sell orders with associated limit prices and sizes that have not yet been matched. Reference Rate The primary reference rate that the Administrator uses to value each crypto asset and stablecoin held by the Fund in determining the Fund’s NAV. Sarbanes-Oxley Act The Sarbanes–Oxley Act of 2002. SEC The Securities and Exchange Commission of the United States, or any successor governmental agency in the United States. Securities Act The United States Securities Act of 1933, as amended. Shareholders Owners of beneficial interests in the Shares. Shares Units of fractional undivided beneficial interest in the net assets of the Fund. Sponsor T. Rowe Price Sponsor LLC.

Stablecoins
Crypto assets designed to have a stable value over time and are often pegged to a fiat currency, such as the U.S. dollar, at a certain
value.

Vault Balance The Fund’s
segregated account of crypto assets controlled and secured by the Crypto Custodian.

Report of Independent Registered Public
Accounting Firm

To the Sponsor and Shareholders of T. Rowe Price Active
Crypto ETF

Opinion on the Financial Statements

We have audited the accompanying statement of assets
and liabilities of T. Rowe Price Active Crypto ETF (the “Trust”) as of April 1, 2026, including the related notes (collectively
referred to as the “financial statement”). In our opinion, the financial statement presents fairly, in all material respects,
the financial position of the Trust as of April 1, 2026 in conformity with accounting principles generally accepted in the United States
of America.

Basis for Opinion

This financial statement is the responsibility of
the Trust’s management. Our responsibility is to express an opinion on the Trust’s financial statement based on our audit.
We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required
to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations
of the Securities and Exchange Commission and the PCAOB.

We conducted our audit of this financial statement in
accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statement is free of material misstatement, whether due to error or fraud.

Our audit included performing procedures to assess
the risks of material misstatement of the financial statement, whether due to error or fraud, and performing procedures that respond to
those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statement.
Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating
the overall presentation of the financial statement. We believe that our audit provides a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Baltimore, Maryland

April 10, 2026

We have served as the auditor of one or more investment
companies in the T. Rowe Price group of investment companies since 1973.

T. ROWE PRICE ACTIVE CRYPTO ETF

April 1, 2026

Statement
of Assets and Liabilities

Assets

Cash $	20,000

Total assets 20,000

Liabilities Commitments
and Contingencies (Note 1) —

NET ASSETS $	20,000

Net Assets Consist
of: Paid-in-capital
applicable to 800 shares of
$0.0001 par value outstanding; unlimited

shares authorized $	20,000

NET ASSET VALUE PER SHARE $	25.00

The accompanying notes are an integral part of this
financial statement.

NOTES TO FINANCIAL STATEMENT

T. Rowe Price Active
Crypto ETF (the Trust) is organized as a Delaware statutory trust, formed pursuant to the Delaware Statutory Trust Act. The Trust is
an actively-managed exchange-traded product that seeks long-term capital growth through investments in crypto assets. The Trust
operates pursuant to the Agreement and Declaration of Trust, dated September 15, 2025. The trustee of the Trust is CSC Delaware
Trust Company. The Trust’s sponsor is T. Rowe Price Sponsor LLC (Sponsor), a Delaware limited liability company and a direct
subsidiary of T. Rowe Price Group, Inc. T. Rowe Price Associates, Inc. (Price Associates) is the administrator of the Trust. The
Trust issues units of beneficial interest (shares) representing fractional undivided beneficial interests that are expected to
trade, subject to notice of issuance, on NYSE Arca, Inc. The Trust had no operations other than matters related to the sale and
issuance of 800 shares of the Trust at $25 per share on April 1, 2026.

NOTE 1 – SIGNIFICANT ACCOUNTING
POLICIES

Basis of Preparation
The Trust qualifies as an investment company solely for accounting purposes and follows the accounting and reporting guidance in the Financial
Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 (ASC 946). The Trust is not registered as an investment
company under the Investment Company Act of 1940, as amended. The accompanying financial statement was prepared in accordance with accounting
principles generally accepted in the United States of America (GAAP). GAAP requires the use of estimates made by management. Management
believes that estimates are appropriate; however, actual results may differ from those estimates.

Calculation of Net Asset
Value The net asset value (NAV) of the Trust will be equal to the total assets of the Trust, including, but not limited to, all crypto
assets, stablecoins, cash, and cash equivalents less total liabilities of the Trust. The NAV per share is calculated by dividing NAV of
the Trust by the number of shares currently outstanding. The Trust will calculate the NAV once each business day, as of the earlier of
the close of the New York Stock Exchange (NYSE) or 4:00 p.m. Eastern Time, each day the NYSE is open for business.

Cash Cash includes
non-interest bearing, non-restricted cash maintained with one banking institution that does not exceed U.S. federally insured limits.

Capital Transactions
The Trust will issue and redeem shares in aggregations of 10,000 shares (Creation Units) on a continuous basis, at NAV per share, with
authorized participants who have entered into agreements with the Trust’s distributor. Shares are not otherwise individually redeemable
securities of the Trust. Creation Units will be issued and redeemed in exchange for cash. Once created, shares generally will trade in
the secondary market at market prices that change throughout the day. Shares may trade at prices greater or less than NAV per share.

The Trust had no operations
other than the initial seed transaction related to the sale and issuance of 800 shares of the Trust at $25 per share on April 1, 2026.

Federal Income Taxes
The Trust is classified as a partnership for U.S. federal income tax purposes. The Trust does not record a provision for U.S. federal,
U.S. state, or local income taxes because the shareholders report their share of the Trust’s income or loss on their income tax
returns. The Trust plans to file an income tax return in the U.S. federal jurisdiction and may file income tax returns in various U.S.
states and foreign jurisdictions.

Management has reviewed the
tax positions as of April 1, 2026 and has determined that no provision for income tax is required.

Commitments and Contingencies In
the normal course of business, the Trust may provide indemnification in connection with its officers and directors, and service providers.
The Trust’s maximum exposure under these arrangements is unknown; however, the risk of material loss is currently considered to
be remote.

NOTE 2 – RELATED PARTY
TRANSACTIONS

The Sponsor is responsible
for management and control of the Trust. In consideration of the Sponsor’s services related to the management of the Trust, the
Trust pays an annual management fee equal to 0.90% of the Trust’s average daily net assets. The fee is computed daily and paid monthly
in arrears. The management fee to the Sponsor covers all routine operational, administrative, and other ordinary expenses of the Trust,
including but not limited to, fees and expenses of the administrator, trustee, custodians, transfer agent, licensors, accounting and audit
fees and expenses, tax preparation expenses, ongoing SEC registration fees, report preparation and mailing expenses, and ordinary legal
fees and expenses, but does not cover brokerage commissions and other transaction costs; interest and borrowing expenses; taxes or governmental
fees; and nonrecurring and extraordinary expenses. All costs related to organization and offering of the Trust were borne by the Sponsor.
The Sponsor has contractually agreed to waive 0.15% of the Trust’s annual management fee until May 31, 2027, for a net annual management
fee equal to 0.75% of the Trust’s daily average net assets. The annual management fee waiver will automatically terminate on May
31, 2027, and may only be extended at the sole discretion of the Sponsor.