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T. Rowe Price tests demand for spot crypto basket ETP TKNZ
The NYSE Arca-listed spot ETP, launched July 16, targets multi-token exposure as investors have favored single-asset Ethereum, XRP, and Solana products over baskets.
T. Rowe Price, which manages about $1.89 trillion, has moved into spot crypto with a diversified multi-token ETP, TKNZ, which began trading on NYSE Arca on July 16, according to CryptoSlate.
The firm’s first crypto product comes as inflows have concentrated in single-asset spot ETFs tracking Ethereum, XRP, and Solana, which have pulled in roughly $13.6 billion combined, excluding Bitcoin entirely, while comparable multi-asset products launched from scratch have collected about $161 million over a similar period.
CryptoSlate notes that several prominent crypto industry commentators expected multi-asset crypto ETPs to be a catalyst for broader institutional adoption, citing the idea that traditional investors may not have strong views on individual tokens and could prefer broad exposure.
Still, the outlet points to persistent barriers to basket-style investing, including debate over which tokens qualify as sufficiently decentralized, liquid, and legally eligible, plus the fact that basket holders effectively outsource token selection, while pensions and endowments have held less than 5% of spot Bitcoin ETF assets as of mid-2025.
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