Why trillion-dollar asset manager T. Rowe Price put memecoins in its crypto ETF
T. Rowe Price has launched an actively managed crypto ETF, TKNZ, which includes memecoins like Dogecoin as part of its investment strategy. Portfolio manager Blue Macellari argues that memecoins serve as critical stress tests for blockchain network performance and represent a necessary component of a comprehensive crypto market portfolio.
Why it matters
This move signals a shift toward institutional acceptance of memecoins as legitimate assets, highlighting how traditional asset managers are using active management to navigate the volatility and technical utility of the crypto ecosystem.
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.”
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