Top ETF manager adds meme coins to new crypto fund
One of the world's largest asset managers, T. Rowe Price, has filed an application to create a new actively managed cryptocurrency ETF fund. According to the updated SEC filing, the fund may invest not only in popular cryptocurrencies like Bitcoin and Ethereum, but also in the so-called 'meme coins' Dogecoin and Shiba Inu.
This is a strong signal that institutional investors are becoming increasingly interested in speculative crypto assets that were previously considered 'toys for retail investors'. The inclusion of Dogecoin and Shiba Inu in the ETF portfolio indicates that the managers see potential in these assets and consider them mature enough for institutional investment.
However, it's worth noting that the share of meme coins in the fund's portfolio will be limited - the main focus will still be on larger and more mature cryptocurrencies. Additionally, the fund will be actively managed, meaning that the managers will dynamically allocate assets depending on the market situation.
Overall, this move by T. Rowe Price demonstrates that institutional investors are showing growing interest in the cryptocurrency market as a whole and in alternative coins in particular. This could be a good signal for further institutional adoption of cryptocurrencies.