T. Rowe Price, the Baltimore-based investment giant that manages roughly $7 trillion in assets, has launched a cryptocurrency exchange-traded fund that holds XRP alongside Bitcoin and Ethereum. The move marks one of the largest traditional asset managers to wade directly into the spot-crypto ETF space, and notably includes XRP — a token that has faced regulatory uncertainty in the U.S. in prior years.
The ETF's holdings
The fund, which began trading this week, allocates across three digital assets: Bitcoin, Ethereum, and XRP. T. Rowe Price did not disclose the exact weighting of each token, but the inclusion of XRP signals a shift in institutional comfort with the asset. XRP was the subject of a long-running SEC lawsuit that ended in 2024, and its presence in a major ETF suggests the regulatory cloud has largely lifted.
T. Rowe Price's crypto push
The firm has been building out its digital-asset capabilities for years. It launched a private crypto fund in 2022 and has since added several crypto-related roles. The new ETF is its first publicly traded product that holds the tokens directly, rather than through futures or derivatives. For a firm of T. Rowe Price's size — it oversees more than $7 trillion — the move is a clear signal that mainstream asset managers see a lasting place for crypto in diversified portfolios.
What comes next
The ETF is now available on major U.S. exchanges. T. Rowe Price hasn't announced plans for additional crypto funds, but the structure of this product — a multi-asset, spot-based ETF — could serve as a template for similar offerings from other traditional firms. The launch also adds to a growing roster of crypto ETFs from legacy finance, including offerings from BlackRock, Fidelity, and Invesco.
