T. Rowe Price filed an amended S-1 registration statement for its Active Crypto ETF on March 16, 2026, naming Anchorage Digital Bank N.A. as the fund’s cryptocurrency custodian. The update marks a concrete step in the asset manager’s push to bring a multi-asset, actively managed crypto exchange-traded product to market.
What changed in the latest S-1 amendment
The amended S-1/A filing, accepted by the SEC on March 16 at 10:33 ET, identifies Anchorage Digital Bank N.A. as the custodian responsible for holding the fund’s crypto assets and stablecoins. The previous versions of the filing had not disclosed a named crypto custodian.
T. Rowe Price originally filed the S-1 for the Active Crypto ETF on October 22, 2025, followed by an earlier amendment on February 11, 2026. The March 16 update is the second amendment in the registration process.
An S-1 amendment does not mean the fund has been approved or is ready to trade. It signals that the issuer is refining operational and disclosure details as part of the SEC’s review process. Each amendment typically responds to SEC staff comments or fills in previously incomplete sections of the prospectus.
The filing describes the fund as an actively managed crypto ETP that seeks long-term capital growth. It typically expects to hold between 5 and 15 crypto assets, distinguishing it from passive single-asset products like existing spot Bitcoin and spot Ether ETFs.
Why the Anchorage custodian designation matters
Naming a qualified crypto custodian is a critical operational detail for any crypto fund seeking SEC registration. Anchorage Digital Bank N.A. holds a federal bank charter, making it one of a small number of federally chartered institutions that can custody digital assets.
The filing states that the custody relationship is governed by a Master Custody Service Agreement dated February 26, 2026. This places the formal custody arrangement roughly three weeks before the latest S-1 amendment.
One notable gap remains: the cash custodian field in the amended filing is still blank. A crypto ETF needs both a crypto custodian for digital assets and a cash custodian for fiat operations. The blank field suggests that particular arrangement has not been finalized or disclosed yet.
The distinction matters for investors evaluating fund structure. The crypto custodian holds the underlying digital assets, while the cash custodian handles dollar-denominated transactions, including the cash creation and redemption process the filing contemplates for authorized participants.
Regulatory path still incomplete
The S-1 amendment is only one piece of the regulatory puzzle. A separate NYSE Arca proposed rule change to list and trade shares of the T. Rowe Price Active Crypto ETF was published in the Federal Register on November 28, 2025.
On January 28, 2026, the SEC instituted proceedings to determine whether to approve or disapprove that listing proposal. This procedural step extends the review timeline and indicates the SEC is still evaluating whether the exchange’s surveillance and investor protection standards meet its requirements.
Until both the registration statement becomes effective and the listing rule change receives approval, the fund cannot begin trading. The amended S-1 adds operational substance to the filing, but the listing decision remains a separate regulatory gate.
Compared with spot Bitcoin and spot Ether ETFs that are already trading, the T. Rowe Price product is differentiated by its active management approach and multi-asset structure. It also remains earlier in its regulatory lifecycle, with key operational details like the cash custodian still unresolved.
Bitcoin traded at $74,277 with a 24-hour change of roughly 1.19% at the time of writing. Broader crypto sentiment leaned cautious, with the Fear & Greed Index sitting at 28, in “Fear” territory. No direct market reaction tied specifically to the T. Rowe Price filing was observed.
For investors tracking the growing universe of crypto ETF products, the next milestones to watch are any further S-1 amendments that fill the remaining blank fields and, more critically, the SEC’s decision on the NYSE Arca listing proposal.
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.
