Answer box: T. Rowe Price, the $7 trillion asset management giant, launched its first actively managed cryptocurrency ETF on Thursday under the ticker TKNZ, with Bitcoin, Ethereum, and XRP among its top holdings. The fund debuted with roughly $15 million in assets and a 0.75% management fee, marking a significant step by a traditional Wall Street heavyweight into the crypto ETF space.
A Historic Wall Street Firm Embraces Crypto
T. Rowe Price, a Baltimore-based firm that has managed retirement savings, pensions, and mutual funds since before World War II, is now wading into digital assets with a multi-token ETF. Bloomberg ETF analyst Eric Balchunas reported that the fund began trading on Thursday, adding that the firm appeared to have waited for the recent crypto market selloff to subside before launching.
The move follows similar entries by BlackRock and Fidelity, signaling broad mainstream acceptance. T. Rowe Price had already invested indirectly in crypto through private markets, participating in funding rounds for Circle (the issuer of USDC) and Bullish, and holding stakes in Coinbase around its public listing.
Portfolio Breakdown: Bitcoin Leads, Solana and XRP Follow
Bitcoin commands the largest weighting at 40.75%, while Ethereum accounts for 18.42%. BNB holds 11.01%, with Solana at 9.44% and XRP at 9.37%. Smaller allocations include Hyperliquid (HYPE) at 6.45%, Stellar (XLM) at 3.00%, Dogecoin (DOGE) at 1.28%, and USD Coin (USDC) at 0.16%. Balchunas noted the fund is "underweight Bitcoin and overweight most of the rest, especially HYPE."