T. Rowe Price's active crypto ETF launched with Bitcoin at 41% and Ethereum at 18%. Head of digital assets sees potential winter exit by Q4.
Alpha Score of 79 reflects strong overall profile with moderate momentum, strong value, strong quality, strong sentiment.
T. Rowe Price launched an actively managed cryptocurrency exchange-traded fund holding six tokens, moving beyond the single-asset products that dominate the space. Blue Macellari, the firm's head of digital assets and the fund's lead portfolio manager, said the ETF reflects the company's focus on active management and fundamental research.
"We were never going to launch just a Bitcoin ETF," Macellari said on the Crypto Prime podcast Monday.
The fund opened with Bitcoin at roughly 41% and Ethereum at about 18%. Smaller positions went to BNB, Solana, XRP and Hyperliquid.
Macellari described the current market as a crypto winter and said the portfolio is positioned defensively, explaining the heavy Bitcoin weighting. Bitcoin has fallen about 50% from its peak, she said. Ethereum, Solana and other altcoins have dropped further.
She argued that Wall Street often tries to separate tokenization from native digital assets. If stocks and funds migrate to public blockchains, the activity could create value for the underlying networks and tokens.
Macellari highlighted Hyperliquid's revenue model as particularly compelling because it can be valued using metrics familiar to traditional investors. She expects choppy conditions and possibly further declines through the summer. The market could begin emerging from crypto winter heading into the fourth quarter, she said.
T. Rowe Price Group Inc. carries an Alpha Score of 78 out of 100, a Strong rating within the financials sector. The fund's active approach contrasts with the passive, single-token ETFs that have drawn most institutional inflows to date.
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