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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the Avalanche Consensus, a novel implementation of PoS based on repeated sub-sampling of validators to reach consensus quickly, offering speed and scalability over other PoS variants. The Avalanche Protocol governs how transactions are validated, blocks are created, and consensus is achieved across three primary blockchains: the X-Chain for asset creation, the C-Chain for creation of smart contracts compatible with the Ethereum Virtual Machine (EVM), and the P-Chain for coordinating validators and subnets (to be defined below). Nodes on the network run clients to validate transactions and maintain the network, categorized into types based on their roles within the three chains. It’s possible to use Avalanche to create customizable blockchains known as subnets, allowing for private or public networks with their own set of validators, enhancing scalability and customization for specific applications. Network upgrades are managed through Avalanche Improvement Proposals (AIPs), with updates focusing on improving network functionality, interoperability, and performance.

AVAX is used to pay for transaction
fees on the Network, as a peer-to-peer currency for value transfer, a unit of account with the ecosystem of applications, and as
the economic incentive for staking and participating in consensus. AVAX is also used for creating and interacting with subnets.
Every AVAX is fractionable to the ninth decimal place, with its smallest fraction equal to 0.000000001 AVAX and called a nanoAVAX
or nAVAX.

AVAX has a maximum supply cap
of 720 million tokens, and a portion of transaction fees is burned, introducing a deflationary mechanism that reduces the circulating
supply over time. In September 2020, 360 million coins were minted at network’s genesis, and the other half of the AVAX tokens
are minted over time as a reward to validators securing the system. The initial supply was primarily distributed to the Avalanche
Team, the Avalanche Foundation, the community and development endowment, strategic partnerships; publicly sold in an ICO, privately
sold, or sold in a seed round; or airdropped to early users of the ecosystem. Most of this initial distribution was subject to
vesting schedules, fostering long-term commitment of the entities involved in the launch of Avalanche. Transaction fees on Avalanche
are not reverted to validators but rather burned, being permanently removed from the asset’s circulating supply. The issuance
of new AVAX is governed by dynamic parameters, which over time determine the future supply expansion rate subject to the asymptotic
maximum cap. As of October 2025, the circulating supply of AVAX was approximately 422 million coins.

Avalanche competes directly
with networks like Ethereum, Solana and Cardano, standing out due to its focus on speed, scalability, and the ability to create
customized subnets, aiming to offer a platform where developers can build in a more flexible and efficient environment compared
to other blockchain ecosystems. The value of AVAX is determined, in part, by the supply of and demand for AVAX in the global crypto
market, market expectations for the adoption of Avalanche as a novel technological platform for dApps, the number of merchants
that accept AVAX as a form of payment, the volume of peer-to-peer transactions involving the asset, among other factors.

Litecoin (Litecoin System)

Litecoin is a decentralized,
open-source blockchain designed for peer-to-peer transactions. Its system comprises the Litecoin Network, the Litecoin Blockchain,
the Litecoin Protocol, and Litecoin Clients. The native crypto asset of the Litecoin system is litecoin (LTC).

The Litecoin system was
created as an alternative to the Bitcoin System with a block time of 2.5 minutes (rather than Bitcoin’s 10 minutes)
and a different proof-of-work mining algorithm called Scrypt. Scrypt was intended to be more memory-intensive, making it less susceptible
to mining using application-specific integrated circuits (ASICs) and promoting a more decentralized block creation process. The
Litecoin Blockchain records all transactions in blocks, with each block linked to all its predecessors via a strong cryptographic
tie created by its proof-of-work consensus mechanism. Clients allow users to interact with the Litecoin Network to send value and
miners to generate proof-of-work and append new blocks to the Litecoin Blockchain. Litecoin Network upgrades are managed through
Litecoin Improvement Proposals (LIPs), with updates focusing on enhancing privacy, scalability, and security. In particular, Litecoin
has served as a testing ground for Bitcoin innovations, such as SegWit (described below) and the Lightning Network, emphasizing
its role in the broader crypto asset ecosystem as both a currency and a platform for technological experimentation.

LTC is used in peer-to-peer
transactions to pay for goods and services, stored for future use, or converted to government-backed currency such as the U.S.
dollar. It has a maximum supply cap of 84 million coins, with every LTC fractionable to the eighth decimal place, and its smallest
fraction equal to 0.00000001 LTC and called a “Litoshi” (analogously to Bitcoin Satoshis).

To make sure that the creation
of blocks and thus the issuance of new LTC occur on average every 2.5 minutes, the Litecoin system also possesses a built-in difficulty
adjustment that tunes the cost of generating a valid proof-of-work every interval of 2,016 blocks — approximately every 3.5
days (against Bitcoin’s approximate 14 days difficulty periods) — starting from its genesis block, which was mined
on October 7, 2011. Newly-issued LTC is the primary incentive for miners to keep appending blocks to the Blockchain. In addition,
users of the Network can pay miners with additional LTC to prioritize their transactions, with fees typically lower in comparison
to the ones on Bitcoin due to Litecoin’s design for faster and cheaper transactions.

The value of LTC depends on
its supply (which is limited to 84 million), and demand for LTC in the markets for exchange that have been organized to facilitate
the trading of the asset. The supply of LTC follows a predefined issuance schedule. After every 840,000 mined blocks, the issuance
of LTC per block is reduced in half. Litecoin’s mining subsidy started at 50 LTC per mined block and remained constant until
the first halving in August 2015 (at 840,000 blocks), dropping the mining subsidy to 25 LTC. The second halving occurred in August
2019 (at 1,680,000 blocks) setting the subsidy per block to 12.5 LTC. The third halving occurred in August 2023 (at 2,520,000
blocks), setting the subsidy per block to 6.25 LTC until height 3,359,999. In October 2025, the circulating supply of LTC was approximately
76 million coins.

LTC is considered a direct
competitor to bitcoin as a crypto asset for digital payments given its goal of improving upon bitcoin by offering faster transaction
confirmation times and a different proof-of-work algorithm to potentially have a more decentralized set of miners. Nonetheless,
while LTC also possesses a very strict monetary policy, its market perception as an emerging digital store of value is not as relevant
or consolidated as is the case of BTC. Therefore, the value of LTC is determined, in part, by the supply of and demand for LTC
in the global crypto market, market expectations for the adoption of Litecoin as novel payment network, the number of merchants
that accept LTC as a form of payment, the volume of peer-to-peer transactions involving the asset, among other factors.

DOT (Polkadot Network)

Polkadot is an online, decentralized,
distributed computing platform that operates on a peer-to- peer basis. The Polkadot system is comprised of the Polkadot Network,
Relay Chain, which is a decentralized protocol that secures, connects, and coordinates every chain, independent Parachains, and
Bridges. The native crypto asset of the Polkadot system is DOT.

Polkadot is designed to be
a base layer platform that will enable future developers the ability to build a wide variety of decentralized applications, as
well as to seamlessly connect with existing non-Polkadot blockchains such as Bitcoin or Ethereum. Decentralized applications are
applications that are designed to run without a middleman between the developer and the user. Polkadot’s main feature is
a sharded blockchain protocol. Conventional “homogenous” sharding is a way to distribute the burden of computation
involved in processing the blocks of a blockchain. When sharded, portions of the distributed ledger are broken down further and
distributed to additional computers for faster processing of a single chain. Heterogeneous sharding, on the other hand, is unique
to Polkadot. Heterogeneous sharding allows an entire network of blockchains to distribute the workload as shards but to operate
together in a single ecosystem. This gives developers scale, while still preserving a high degree of flexibility to customize features.
This flexibility allows for blockchains built on the Polkadot protocol to optimize for their own use cases.