T. Rowe Price, a $1.9 trillion asset manager, includes memecoin exposure in its new crypto ETF and frames it as a blockchain stress test.
Ecosystem ·
T. Rowe Price, managing $1.9 trillion in assets, has defended the inclusion of memecoins in its newly launched actively managed multi-token spot crypto ETF. Blue Macellari, the firm's digital assets chief and portfolio lead for the fund (ticker TKNZ), argues that dismissing established memecoins on principle would conflict with genuine active management. The fund currently holds dogecoin as its sole memecoin position, representing 1.26% of the allocation.
Macellari frames memecoin activity as a practical stress test of blockchain infrastructure rather than a bet on speculation. She contends that high-volume memecoin trading reveals whether networks can sustain near-instant settlement, maintain low fees, and stay reliable under congestion—capabilities essential as stablecoins move into mainstream finance. The firm expects this active, multi-token approach to become standard as the crypto ETF market evolves beyond single-asset products.
The fund launched in July with a temporary 0.75% fee waiver through May 2027. Key questions remain about whether memecoin inclusion will shift as market conditions change and how other asset managers will respond to this active-management model in the growing crypto ETF space.