Inside T. Rowe Price’s Case for Memecoins in Its Crypto Fund

When $1.9 trillion asset manager T. Rowe Price launched its first actively managed multi token crypto ETF in July, investors were surprised to find memecoins included alongside bitcoin, ether, and solana in the portfolio.

Active Management, Not Hype Chasing

Blue Macellari, T. Rowe Price’s head of digital assets and lead portfolio manager for the fund, said the decision reflects a disciplined approach to active management rather than a bet on internet trends. She said excluding an established, well-performing memecoin purely on principle would mean leaving investors out of legitimate market opportunities. The fund, called TKNZ, currently allocates about 1.26% to dogecoin, with roughly 60% concentrated in bitcoin and ether and Binance Coin as its third-largest holding.

Memecoins as a Network Stress Test

Macellari argued established memecoins offer more than speculation, noting they provide insight into a blockchain’s technical performance. She said periods of heavy memecoin trading act as a real stress test for networks, requiring fast settlement, low fees, and reliability under congestion, qualities that matter as stablecoins increasingly handle both large institutional transfers and everyday payments.

Built to Grow Over Time

TKNZ currently holds between five and 15 cryptocurrencies, with the eligible universe expected to expand as more assets meet SEC generic listing standards finalized last year. Macellari expects the crypto ETF market to become increasingly specialized going forward, with T. Rowe Price focusing specifically on active management rather than competing directly with passive-fund giants like BlackRock.