T. Rowe Price says its actively managed crypto ETF can hold established memecoins as part of a disciplined portfolio process, with dogecoin currently appearing in the fund’s rotation. The firm argues that memecoin activity can also reveal how well blockchain networks handle real demand under pressure.
T. Rowe Price says its actively managed crypto ETF can hold established memecoins as part of a disciplined portfolio process, with dogecoin currently appearing in the fund’s rotation. The firm argues that memecoin activity can also reveal how well blockchain networks handle real demand under pressure.
T. Rowe Price has defended the inclusion of memecoin exposure in its T. Rowe Price Active Crypto ETF, arguing that the approach reflects active crypto portfolio management rather than a bet on online hype. The $1.9 trillion asset manager launched the multi-token spot crypto ETF in July, with expected holdings such as bitcoin, ether and solana alongside a smaller allocation to dogecoin.
T. Rowe Price has defended the inclusion of memecoin exposure in its T. Rowe Price Active Crypto ETF, arguing that the approach reflects active crypto portfolio management rather than a bet on online hype. The $1.9 trillion asset manager launched the multi-token spot crypto ETF in July, with expected holdings such as bitcoin, ether and solana alongside a smaller allocation to dogecoin.
The decision matters because it shows how traditional asset managers are beginning to treat crypto ETFs as more than single-asset bitcoin or ether products. Instead of tracking a market-cap-weighted index, T. Rowe Price says the fund gives managers room to select and rotate among digital assets based on research, market conditions and risk management.
Blue Macellari, the firm’s head of digital assets and lead portfolio manager for the ETF, told CoinDesk that established memecoins should not be ruled out simply because of their reputation. In her view, if a token has a significant market position and could contribute to the portfolio, excluding it on principle would conflict with the fund’s active mandate.
For now, the fund’s memecoin exposure appears limited. CoinDesk reported that dogecoin is the only memecoin listed in the ETF’s rotation, accounting for 1.26% of the fund, while roughly 60% is allocated to bitcoin and ether. Binance Coin was cited as the third-largest allocation.
T. Rowe Price also frames memecoin trading as a practical test of blockchain infrastructure. Macellari said periods of intense memecoin activity can show whether a network can support fast settlement, low fees and reliability during congestion, a capability the firm sees as relevant as stablecoin use expands from large transfers to smaller payments.
The ETF was designed to expand as regulation allows more eligible assets, according to the firm. Macellari said the SEC’s generic listing standards helped make a multi-token ETF with a growing investable universe possible, and she expects the crypto ETF market to become more differentiated across large-cap, emerging-asset and sector-focused products.
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