Crypto16 July, 20262 min read
T. Rowe Price Launches First Active Multi-Token Crypto ETF TKNZ On NYSE Arca
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First actively managed multi-token spot crypto ETF, ticker TKNZ, on NYSE Arca. Actively manages a basket of 5–15 tokens, including Bitcoin, Ethereum, XRP, Solana, BNB.
TKNZ Begins Trading
T. Rowe Price launched its first actively managed multi-token spot crypto exchange-traded product, the T. Rowe Price Active Crypto ETF, trading on NYSE Arca under the ticker TKNZ.
The fund began trading on Thursday, and its portfolio is led by Bitcoin at 40.75% and Ethereum at 18.42%, with BNB at 11.01%, Solana at 9.44%, and XRP at 9.37% in the initial allocation.
The product is positioned as the “first actively managed multi-token spot ETF on the market,” with managers able to adjust holdings rather than track a fixed index.
In the firm’s published holdings, TKNZ also includes Hyperliquid, Dogecoin, Stellar’s XLM, and the USDC stablecoin alongside newer tokens, while carrying a management fee of 0.75% with a net fee waiver effective until May 31, 2027.
Who Manages It
Blue Macellari, who has led T. Rowe Price’s digital asset work since 2022, serves as the fund’s portfolio manager, supported by co-portfolio managers Stefan Hubrich, David Kroger, Sean McWilliams, and Dante Pearson.
TKNZ is designed to use research, valuation data, momentum signals, and risk controls when choosing allocations, and it can change positions when models identify different opportunities or risks.
In a statement tied to the launch, Macellari said, "Given the rapidly evolving and potentially volatile nature of crypto assets, active management plays an incredibly meaningful role in this space," and she added that the product helps eliminate the guesswork of building a crypto allocation on their own.
Bloomberg Intelligence’s senior ETF analyst Eric Balchunas linked the timing to the market correction after T. Rowe Price’s original filing in October 2025, writing on X, "I think they were smart with the timing—waiting till the Oct selloff dust settled a bit."
Mainstream Access, Open Questions
The launch places T. Rowe Price into a U.S. market that already includes several single-asset crypto ETFs, while new products tied to Ethereum, Solana, and Hyperliquid have continued to reach regulators.
Crypto Briefing frames the move as crypto edging into the mainstream through regulated exchange-traded products, noting that “The emergence of regulated exchange‑traded products (ETPs) has made crypto easier to hold inside traditional accounts.”
In the same context, T. Rowe Price’s Active Crypto ETF is described as a way to move beyond single-token exposure, because it is “not simply tracking bitcoin or ether” and instead gives portfolio managers room to shift allocations across tokens.
Critics in the coverage also point to tradeoffs, with one account noting that “Critics, however, note that they typically carry higher fees and must consistently outperform passive alternatives to justify their costs,” while TKNZ’s fee is set at 0.75% through May 2027 under a temporary fee waiver.