Wall Street heavyweight T. Rowe Price, which oversees roughly $7 trillion in assets, has entered the cryptocurrency ETF market.
$7 Trillion Giant T. Rowe Price Launches Crypto ETF With XRP, Bitcoin and Ethereum US Nets Just 15% of FTX's Shiba Inu Value; Bitcoin Does What AI Cannot, Binance Founder Explains; 70 Million XRP Lands in Millionaire Whale Wallets - Morning Crypto Report The launch is particularly noteworthy given T. Rowe Price's long history as an active stock manager dating back to before World War II.
The fund debuted with approximately $15 million in assets with a 0.75% management fee. Balchunas opined earlier this week that T. Rowe Price appeared to be waiting until the recent crypto market selloff had subsided before bringing the product to market. T. Rowe Price is one of the world's largest asset managers, which makes the recent launch particularly significant. The Baltimore-based financial institution oversees retirement savings, pension assets, mutual funds, and institutional portfolios for millions of investors around the globe.
The financial titan has spent decades building its stellar reputation, so its entry into the crypto space is yet another sign of crypto reaching broad mainstream acceptance. The firm participated in funding rounds for major crypto companies, including Circle, the issuer of the USDC stablecoin, and Bullish, the digital asset exchange backed by Block.one. It also held stakes in Coinbase around the time of the exchange's public listing through various growth-oriented funds.
Bitcoin remains the largest holding with a 40.75% weighting. Ethereum accounts for 18.42%, followed by BNB at 11.01%. The remaining allocations include Hyperliquid with 6.45%, Stellar with 3.00%, Dogecoin with 1.28%, and USD Coin with 0.16%.
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