T. Rowe Price, the 87-year-old investment firm known for its mutual funds, is making a move into crypto. On Wednesday, the company filed an S-1 form with the U.S. Securities and Exchange Commission (SEC) to launch the T. Rowe Price Active Crypto ETF. The S-1 is a key regulatory filing that signals a firm’s intent to list a new product, often used ahead of a public offering. In this case, the ETF would give investors active exposure to digital assets, a notable shift for a company that manages over $1.8 trillion, largely through conservative investment vehicles like mutual funds. “Did not expect it but I get it. There’s gonna be land rush for this space too,” Bloomberg Intelligence senior ETF analyst Eric Balchunas said Wednesday in a post on X. But T. Rowe Price has been signaling interest in crypto for some time. At an ETF conference in Las Vegas earlier this year, Dominic Rizzo, who manages the firm’s technology-focused ETF, said that now is a good time to consider bitcoin exposure. He likened the cryptocurrency’s price to that of a commodity, saying it closely tracks the cost of mining it. If approved, the fund would join a growing list of crypto-related ETFs trying to capture investor demand without offering direct coin ownership. The active approach may also allow fund managers more flexibility in navigating volatile markets.