T. Rowe Price submitted an amended S-1 registration statement for its Active Crypto ETF on March 16, 2026, designating Anchorage Digital Bank N.A. as the fund's cryptocurrency custodian. This update marks a significant step for the asset manager in its pursuit of launching a multi-asset, actively managed crypto exchange-traded product.
Changes in the Latest S-1 Amendment
T. Rowe Price initially filed the S-1 for the Active Crypto ETF on October 22, 2025, followed by a first amendment on February 11, 2026. The March 16 update represents the second amendment in the registration process.
An S-1 amendment does not signify that the fund has been approved or is ready for trading. It indicates that the issuer is refining operational and disclosure details to meet the U.S. Securities and Exchange Commission's (SEC) review requirements. Each amendment typically addresses comments from SEC staff or fills in previously incomplete sections of the prospectus.
The filing describes the fund as an actively managed crypto ETP aiming for long-term capital appreciation. It typically expects to hold between five and 15 crypto assets, differentiating it from existing single-asset passive products like spot Bitcoin and spot Ethereum ETFs.
Significance of Anchorage as Custodian
The designation of a qualified crypto custodian is a crucial operational detail for any crypto fund seeking SEC registration. Anchorage Digital Bank N.A., holding a federal banking charter, is among the few federally chartered institutions permitted to custody digital assets.
The filing indicates that the custodian relationship is governed by a Master Custodial Services Agreement dated February 26, 2026. This formal custodial arrangement was established approximately three weeks prior to the latest S-1 amendment.
However, a notable gap remains in the amended filing: the field for the cash custodian remains blank. Crypto ETFs require both a crypto custodian for digital assets and a cash custodian for fiat operations. The blank field suggests this arrangement is not yet finalized or disclosed.
This distinction is vital for investors assessing the fund's structure. The crypto custodian is responsible for holding the underlying digital assets, while the cash custodian handles U.S. dollar-denominated transactions, including the cash creation and redemption process mentioned for authorized participants in the filing.
Regulatory Path Continues
The S-1 amendment is only one piece of the regulatory puzzle. On November 28, 2025, a rule change proposed by NYSE Arca to list and trade shares of the T. Rowe Price Active Crypto ETF was published in the Federal Register.
On January 28, 2026, the SEC initiated proceedings to determine whether to approve or disapprove the listing proposal. This procedural step extends the review timeline, indicating the SEC is still evaluating whether the exchange's surveillance and investor protection standards meet its requirements.
The fund cannot commence trading until the registration statement is declared effective and the listing rule change is approved. The amended S-1 filing awaits further review and approval.