Finance08 August, 20262 min read
T. Rowe Price Defends Dogecoin In Active Crypto ETF TKNZ, Says Excluding Memecoins Undermines Management
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T. Rowe Price includes Dogecoin in TKNZ alongside BTC and ETH. Excluding memecoins on principle would undermine its active management.
TKNZ Adds Dogecoin
T. Rowe Price defended including memecoins in its actively managed crypto exchange-traded fund, TKNZ, saying excluding them on principle would “undermine” active management.
In the fund’s current mix, Bitcoin and Ethereum account for about 60% of assets, while Dogecoin is the only memecoin holding at 1.26%.
Blue Macellari, head of digital assets at T. Rowe Price, told CoinDesk on Aug. 8 that the firm wanted “genuine active management” and would not exclude memecoins on principle if that meant investors could not participate in gains.
The ETF, launched last month, is described as the industry’s first active multi-token spot digital-asset ETF that can flexibly hold five to fifteen cryptocurrencies based on market conditions and risk assessments.
Macellari’s Active Management
Macellari said the rationale for adding Dogecoin is rooted in evaluating established memecoins individually, arguing that “We wanted to be truly active” rather than treating the category as internet hype. She emphasized that the firm is investing in a proven memecoin that has existed for years and ranks among the largest crypto assets by market capitalization, and she said the position is not aimed at capturing speculative demand.
In CoinDesk’s account, Macellari described memecoin trading as a practical stress test for blockchain networks, saying it is “the closest thing to seeing real stress testing of a network.” She also tied that stress-testing logic to settlement and costs, arguing that to handle memecoin-season activity a chain must offer “near-instant settlement” and remain reliable during congestion.
Fee, Regulation, and Outlook
TKNZ currently charges a 0.75% management fee, which is temporarily waived through May 2027, while the fund’s active structure is designed to let managers adjust holdings across a basket of cryptocurrencies.
Macellari said the launch timing depended on U.S. Securities and Exchange Commission changes, explaining that “Up until the SEC put out the generic listing standards, you didn’t have the tools to make a multi-token ETF where the investable universe could expand over time.”
Looking ahead, she predicted the crypto ETF market would become increasingly segmented, with funds focused on large-cap cryptocurrencies, small-cap emerging cryptocurrencies, and sector funds.
The Cryptonomist also reported that T. Rowe Price confirmed the launch during its second-quarter 2026 earnings call, with Chair and CEO Rob Sharps saying the product launched in mid-July and that the firm’s ETF lineup had grown to 34 funds and $30 billion in assets under management.