T. Rowe Price just listed a crypto ETF where managers pick the coins. The 0.75% fee is the bet.
Active management is a premium product. TKNZ is T. Rowe Price's bet that institutions will pay for it in crypto too.
CryptoVibe Desk · etf · t-rowe-price · bitcoin
- →T. Rowe Price listed TKNZ on NYSE Arca today. It is the first actively managed US spot crypto ETF holding multiple tokens.
- →TKNZ has five portfolio managers rotating the basket and charges 0.75% net through May 2027. BlackRock's IBIT charges 0.25%.
- →Watch the first holdings report within 60 days. If Dogecoin or Hyperliquid shifts, the managers are moving. If not, the fee gets harder to defend.
- actively managed ETF → An exchange-traded fund where a human team decides which assets to hold and how much, instead of automatically following a fixed list.
- basis points → A small unit for measuring fees or interest rates where 100 basis points equals 1 percent.
T. Rowe Price listed TKNZ on NYSE Arca today. It is the first actively managed multi-token spot crypto ETF in the US market.
The basket holds seven tokens. Bitcoin sits at 40.75%, ether at 18.42%, with Solana, XRP, Hyperliquid, Dogecoin, and BNB filling the rest, according to Bitcoin Magazine. Blue Macellari, T. Rowe's head of digital assets, and four co-managers run the allocations. That means a salaried team decides how much Dogecoin you own.
T. Rowe Price manages around $1.89 trillion across its funds, Bitcoin Magazine reported. The firm filed for this product with the SEC in October 2025. CoinDesk says it also built its own crypto trading setup before today's listing. Nine months of regulatory runway.
The fee is 0.75% net through May 2027. After that, it rises to 0.90%, according to CoinDesk. BlackRock's IBIT charges 0.25%. If you're choosing TKNZ over a simple spot BTC ETF, you're paying 50 basis points more per year for active coin selection. That is the only number that matters here. It earns its keep only if Macellari's team beats a passive bitcoin-heavy basket.
Bitcoin Magazine described TKNZ as "the first of the firm's lineup" for digital assets. The word "first" does a lot of work.
T. Rowe Price's choice to raise fees to 0.90% after May 2027 without naming a benchmark is the fund's biggest structural risk, not the Dogecoin allocation.
Watch TKNZ's first monthly holdings report, due within 60 days of today's launch: if Dogecoin or Hyperliquid moves by more than five percentage points, the team is active; if holdings stay flat, the 0.75% fee is passive exposure at active prices.
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