The U.S. Securities and Exchange Commission has approved a T. Rowe Price crypto ETF that includes exposure to Bitcoin, Ether and XRP, marking a notable addition to the growing roster of regulated digital asset investment products.
What the SEC approved in T. Rowe Price’s crypto ETF filing
The SEC granted approval for T. Rowe Price’s actively managed crypto ETF, which is set to trade on NYSE Arca. The decision was formalized in SEC filing 34-104726, confirming the regulatory green light for the fund.
T. Rowe Price, one of the largest asset managers in the United States, joins a competitive field of traditional finance firms launching crypto-linked ETF products. The fund is structured as an actively managed ETF, giving portfolio managers discretion over allocation rather than passively tracking an index.
The approval follows a broader pattern of SEC engagement with crypto ETF applications. As reporting on the filing noted, the product places Bitcoin, Ether and XRP on its eligible asset list, distinguishing it from single-asset funds that have dominated the crypto ETF landscape so far.
Why Bitcoin, Ether and XRP exposure makes this ETF stand out
Most crypto ETFs approved to date have focused on a single asset, predominantly Bitcoin or Ether. The T. Rowe Price crypto ETF breaks from that model by including three digital assets in one wrapper.
Bitcoin and Ether inclusion is expected for any multi-asset crypto fund given their market dominance. XRP’s presence on the eligible asset list is the more notable detail, as the token has had a complex regulatory history with the SEC itself.
The multi-asset approach offers investors diversified crypto exposure through a single regulated product. This positions the fund differently from the growing number of spot Bitcoin ETFs and spot Ether ETFs that require investors to hold separate positions for each asset. Countries like the Philippines and India have also been tightening their own crypto regulatory frameworks, reflecting a global trend toward bringing digital assets under clearer oversight.
What the approval could mean for crypto investors and the ETF market
The approval expands the range of regulated crypto products available to U.S. investors. An actively managed multi-asset ETF from a firm the size of T. Rowe Price, which manages roughly $1.9 trillion in assets, could attract institutional capital that has so far stayed on the sidelines of single-asset crypto funds.
For competing ETF issuers, the approval raises the bar. Firms that have built their crypto ETF strategies around Bitcoin-only or Ether-only products may face pressure to broaden their offerings. The inclusion of XRP signals that the SEC is open to ETF products referencing assets beyond the two largest cryptocurrencies by market capitalization.
The decision also feeds into a wider narrative around Bitcoin’s growing role in traditional finance. Bitcoin’s market value has already surpassed the GDP of several major economies, and the expansion of ETF products that bundle it alongside other digital assets could further normalize crypto allocations in diversified portfolios.
Regulatory clarity in the U.S. has broader implications as well. As governments worldwide grapple with crypto oversight, including India’s recent wave of crypto tax enforcement actions, SEC approvals of multi-asset crypto ETFs set a precedent for how traditional asset managers can package digital assets for mainstream investors.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.
