T Rowe Price Tests Crypto Basket Thesis with New ETP

T. Rowe Price has entered the crypto market with its first product, a spot exchange-traded product (ETP) called TKNZ, which tracks four major tokens: Ethereum, XRP, Solana, and Bitcoin.

The ETP was launched on July 16 on NYSE Arca and aims to fill a gap in the diversified multi-token basket segment, which has seen relatively low investment so far.

Multi-asset crypto baskets have struggled to attract investors, with only $161 million gathered by four comparable products built from scratch, compared to $13.6 billion invested in single-asset spot ETFs tracking Ethereum, XRP, and Solana.

T. Rowe Price's entry into the market brings a unique combination of advantages: its relationships with advisers and retirement platforms, active management, and direct selling of its own judgment on token selection.