T. Rowe Price, a legacy asset manager overseeing nearly $1.9 trillion in client assets, launched its first actively managed multi-token spot crypto ETF today. The T. Rowe Price Crypto ETF, trading under ticker TKNZ on NYSE Arca, entered the crypto exchange-traded fund market nearly nine months after first filing for it in October 2025. The Baltimore-based investment manager, which has been managing money for roughly 90 years, designed the fund to allocate to and actively balance a portfolio of top cryptocurrencies. The fund debuted with nearly 41% allocated to bitcoin and 18.4% to ether, alongside sizeable positions in BNB, Solana's SOL, XRP, and Hyperliquid's HYPE. Bloomberg Intelligence Senior ETF analyst Eric Balchunas noted the fund launched with roughly $15 million in assets and carries a 0.75% management fee.
TKNZ Allocates 40.75% to Bitcoin Across Ten Cryptocurrencies
The fund's initial portfolio includes ten cryptocurrencies with the following allocations: Bitcoin (BTC) at 40.75%, Ethereum (ETH) at 18.42%, BNB at 11.01%, Solana (SOL) at 9.44%, XRP at 9.37%, Hyperliquid (HYPE) at 6.45%, Stellar Lumen (XLM) at 3.00%, Dogecoin (DOGE) at 1.28%, USD Coin Stablecoin (USDC) at 0.16%, and Cash/Cash equivalent USD at 0.11%. TKNZ gives the portfolio managers the ability to adjust allocations based on T. Rowe Price's research and market outlook data.
Bloomberg Analyst Identifies HYPE Overweight Amid Token Performance Divergence
Bloomberg Intelligence Senior ETF analyst Eric Balchunas said the initial allocations appeared "underweight bitcoin and overweight most of the rest, especially HYPE." Although Balchunas sees HYPE as overweight in the portfolio, it has been one of crypto's strongest performers during the current crypto bear market. The token climbed to an all-time high of roughly $74.50 last month and is today trading around $65.60, up about 38% over the past year, while bitcoin has fallen roughly 45% over the same period.
T. Rowe Price Excludes Initial Staking Despite Proof-of-Stake Holdings
While the fund can invest across proof-of-stake networks, the prospectus states it will not initially stake any of its holdings to generate yield, though it leaves the possibility of introducing staking in the future.
Blue Macellari Leads Portfolio Management After October 2025 Filing
The debut of TKNZ has been a long time coming. T. Rowe Price initially filed for the fund in October 2025. Blue Macellari, T. Rowe Price's head of digital assets, is the lead portfolio manager alongside four co-managers.
FAQ
What did T. Rowe Price launch today?
T. Rowe Price launched the T. Rowe Price Crypto ETF (ticker TKNZ) on NYSE Arca today, which it describes as the industry's first actively managed multi-token spot crypto ETF. The fund debuted with nearly 41% allocated to bitcoin and 18.4% to ether, alongside positions in BNB, Solana's SOL, XRP, Hyperliquid's HYPE, and six other assets.
How much does T. Rowe Price manage and when did it file for TKNZ?
T. Rowe Price oversees nearly $1.9 trillion in client assets and has been managing money for roughly 90 years. The Baltimore-based firm initially filed for the TKNZ fund in October 2025, nearly nine months before today's launch.
Why does Bloomberg analyst Eric Balchunas consider HYPE overweight in the portfolio?
Bloomberg Intelligence Senior ETF analyst Eric Balchunas said the initial allocations appeared "underweight bitcoin and overweight most of the rest, especially HYPE," which makes up nearly 6.45% of the portfolio. Despite this assessment, HYPE has been one of crypto's strongest performers, up about 38% over the past year while bitcoin has fallen roughly 45% over the same period.
