Why trillion-dollar asset manager T. Rowe Price put memecoins in its crypto ETF

When $1.9 trillion asset manager T. Rowe Price launched the industry's first actively managed multi-token spot crypto exchange-traded fund (ETF) in July, investors expected to see familiar names like bitcoin BTC $64,973.57, ether ETH $1,918.19 and solana (SOL) in the portfolio. What surprised many was another category of holdings: memecoins.

For Blue Macellari, T. Rowe Price's head of digital assets and lead portfolio manager for the T. Rowe Price Active Crypto ETF (TKNZ), the decision wasn't about chasing internet hype. It was about building what she described as a complete representation of the crypto market.

Macellari said active management means judging each eligible token on its investment merits, not dismissing it because of its reputation. If an established memecoin has strong momentum or could improve the portfolio, she said, excluding it on principle could leave investors on the sidelines.

“We wanted true active management,” she said. “I’m not going to stand on principle and say, ‘I’m going to be an intellectual snob,’ and if a memecoin performs, my investors aren’t going to participate.”