T. Rowe Price began trading TKNZ, its Active Crypto ETF, marking the first actively managed exchange-traded product to offer spot exposure across multiple cryptocurrency tokens simultaneously. The fund was filed under the TKNZ ticker in October before launching this week. No single-token restriction applies, meaning the portfolio can hold a mix of assets selected at the manager's discretion.
This is the first time a major traditional asset manager has brought active management to a spot multi-token crypto ETF wrapper, which matters because it opens the door for institutional capital that requires professional oversight rather than passive index exposure. Crypto holdings already inside brokerage accounts can now sit alongside this product without custodial friction. Bitcoin and Ethereum are the most likely core holdings, so both assets stand to benefit from any inflows.
Watch for TKNZ's first reported holdings disclosure, which will reveal which tokens the manager selected. Any SEC guidance on additional active crypto ETF applications would be the next structural signal.
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