T. Rowe Price Launches First Actively Managed Multi-Token Crypto ETF (TKNZ)
T. Rowe Price, a major traditional asset manager with $1.9 trillion in assets, has officially entered the crypto ETF market. The firm launched its TKNZ Active Crypto ETF on Thursday, marking the industry’s first actively managed multi-token spot crypto ETF.
ETF Details and Initial Portfolio
The TKNZ ETF began trading on the NYSE Arca. It launched with approximately $15 million in assets under management and a 0.75% management fee.
Initial portfolio allocation includes:
- Bitcoin (BTC) — 40.75%
- Ethereum (ETH) — 18.42%
- BNB — 11.01%
- Solana (SOL) — 9.44%
- XRP — 9.37%
- Hyperliquid (HYPE) — 6.45%
- Smaller positions in XLM, DOGE, USDC, and cash
Portfolio managers will actively adjust holdings based on research and market conditions.
Market Reaction and Context
Bloomberg Intelligence ETF analyst Eric Balchunas noted that the fund is underweight Bitcoin while overweight several altcoins, particularly Hyperliquid’s HYPE token. Despite the broader crypto bear market, HYPE has shown strong performance, reaching an all-time high of $74.50 last month.
The ETF will not initially stake any proof-of-stake assets for yield, though future staking remains possible.
Strong Traditional Finance Backing
- Rowe Price, with nearly 90 years of investment experience, filed for the TKNZ ETF in October 2025. Blue Macellari, Head of Digital Assets at the firm, serves as the lead portfolio manager.
This launch represents a significant step by a legacy asset manager into actively managed crypto products, signaling growing institutional adoption of digital assets.
