Legacy Asset Manager T. Rowe Price Files For Crypto ETF

T. Rowe Price, a $1.8 trillion asset manager, has made a notable entry into the cryptocurrency arena by filing to launch an actively managed crypto exchange-traded fund (ETF) in the US. This unexpected move comes as a response to the significant outflows in the crypto market and indicates a shift in strategy for the traditionally conservative investment firm. The fund is designed to hold between 5 to 15 cryptocurrencies that comply with the SEC's listing criteria, including Bitcoin, Ethereum, Solana, and others. The objective is to surpass the returns of the FTSE Crypto US Listed Index, with asset weighting based on fundamentals, valuation, and momentum rather than solely on market capitalization. This filing has drawn attention from analysts, highlighting the growing interest of legacy asset managers in the crypto space, especially following their earlier hesitance in 2021, when T. Rowe's leadership deemed cryptocurrency investments as still being in their early stages.

Source 🔗