$1.7 Trillion Firm T. Rowe Price Seeks Approval For Crypto ETF Linked To Multiple Tokens

According to a Reuters report, global asset management firm ￰0￱ Price, with $1.7 trillion in assets under management (AuM), is seeking regulatory approval to launch its first actively managed crypto ETF linked to multiple tokens, marking the firm’s initial entry into the cryptocurrency market ￰1￱ Firm’s First Crypto ETF Bryan Armour, an exchange-traded fund analyst at Morningstar, commented on the development stating, “It’s a surprise to see them as a relatively late entrant, but they’re planning to offer something differentiated to try and break into the space.” Related Reading: Crypto Winter Looms: These Key Signals Point To A Deeper Crash Ahead While many asset managers have inundated the SEC with applications for ETFs tied to individual cryptocurrencies like Solana (SOL), XRP, Dogecoin (DOGE), among the most anticipated, proposals for new multi-coin products that are actively managed remain uncommon, Armour ￰2￱ Price’s crypto ETF reportedly aims to provide investors exposure to a selection of five to 15 digital coins that meet specific eligibility ￰3￱ fund’s prospectus indicates that eligible assets could include Bitcoin (BTC), Ethereum (ETH), SOL, DOGE, and Shiba Inu (SHIB).

The managers will target outperformance of the FTSE Crypto US Listed Index, utilizing fundamental, valuation, and momentum factors to guide their asset selections and portfolio allocations, a spokesman told ￰4￱ Price’s New Digital Assets Strategy Rowe Price has been closely monitoring developments in the digital assets space and has developed the capability to trade digital assets in recent years, Reuters ￰5￱ 2022, as one of its first steps to prepare for entering the industry, the firm appointed Blue Macellari, a former crypto hedge fund executive, as head of its digital assets ￰6￱ could be boosted by recent regulatory developments in the US, where the pro-crypto Trump administration has developed and introduced new crypto bills that aim to lay the foundation for transforming the country into the crypto capital of the world, as Donald Trump himself has stated repeatedly this ￰7￱ Reading: Gold Rotation Impact: Bitwise Warns Bitcoin Could Skyrocket To $242,000 Todd Rosenbluth, head of research at VettaFi, an ETF market analysis firm, commented, “It’s exciting to see them expand their ETF lineup beyond stock and bond exposure.” Numerous crypto ETF applications are awaiting SEC approval amid a government shutdown that has significantly reduced the agency’s operational ￰8￱ products are unlikely to receive the green light until the shutdown concludes, despite the regulator’s recent adoption of new listing standards that have paved the way for a range of new offerings, including the ￰9￱ Price crypto ￰10￱ of this writing, Bitcoin has resumed its downward trend, dropping to the lower boundary of its consolidation range at $107,988—a 3.5% decrease from Tuesday’s ￰11￱ image from DALL-E, chart from ￰12￱