T. Rowe Price Files for Multi-Asset Crypto ETF — Bitcoin, Ethereum, Solana, and XRP Join Wall Street’s Next Big Bet

A major shift is happening in traditional finance as T. Rowe Price, one of the world’s largest asset managers with $1.77 trillion under management, steps deeper into crypto. On October 22, 2025, the firm filed with the U.S. Securities and Exchange Commission (SEC) to launch a spot crypto exchange-traded fund (ETF) called the T. Rowe Price Crypto Index ETF.

Unlike previous single-asset ETFs focused only on Bitcoin or Ethereum, this one plans to include a basket of cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP, Cardano (ADA), and Avalanche (AVAX). If approved, it would be the first major multi-asset spot crypto ETF from a traditional financial powerhouse. The proposed ETF would directly hold the digital assets, tracking their real market prices instead of using derivatives or futures. Each cryptocurrency’s weight in the basket would depend on its liquidity and market capitalization. This gives investors a balanced exposure to multiple leading digital assets through a single investment product.

The idea is simple, instead of choosing just one cryptocurrency, investors can get exposure to several, reducing risk while still capturing potential growth. The ETF mirrors how traditional index funds operate in the stock market, but this time, it applies that strategy to the crypto world.

For many investors, buying and managing individual crypto assets is risky and complex. A multi-asset ETF could simplify access to the market, offering exposure to the biggest cryptocurrencies without needing to deal with wallets, exchanges, or security concerns. Gregory McSheaffrey, Chief Investment Officer at T. Rowe Price, described the ETF as a way to “democratize access” to high-growth digital assets. The goal is to make crypto investment as easy as buying shares of a traditional stock fund. If approved, the ETF could begin trading by mid-2026, depending on the SEC’s 240-day review period.

T. Rowe Price’s decision signals how fast institutional attitudes toward crypto are changing. In 2024, Bitcoin and Ethereum ETFs attracted over $50 billion in inflows, showing strong appetite for regulated crypto exposure. Hong Kong’s approval of Solana and XRP-based ETFs further confirmed global momentum. Now, with T. Rowe Price expanding the concept to include multiple assets, the move could set a new standard for crypto diversification on Wall Street. This ETF could also push other big firms, such as BlackRock and Fidelity, to follow suit with broader products. As traditional finance embraces crypto, the divide between the two worlds continues to fade.

If the ETF gets the green light, analysts expect massive institutional inflows. Some predict that by 2026, multi-asset crypto ETFs could manage over $50 billion in assets, fueling fresh demand for leading altcoins like Solana and XRP. However, the SEC’s approval process remains a challenge. Regulators have been cautious with crypto products, especially those involving multiple tokens. Delays or stricter conditions could slow progress. Still, the potential impact is huge. A diversified ETF would not only attract traditional investors but also add legitimacy to cryptocurrencies that have struggled for mainstream recognition.

The Bigger Picture For Crypto ETF

T. Rowe Price’s filing reflects a growing belief that crypto is no longer a fringe asset but part of the modern investment landscape. By combining stability from Bitcoin and Ethereum with innovation from Solana and XRP, the ETF blends safety and growth potential. If it succeeds, this could be the moment crypto investment goes truly mainstream accessible, regulated, and professionally managed. And in a market now worth more than $4.5 trillion, that kind of access could reshape how the world invests in digital assets.

In short, T. Rowe Price’s move isn’t just another ETF application. It’s a sign that traditional finance is preparing for a new era where crypto and Wall Street move together, one diversified basket at a time.