Shiba Inu has missed out on what could have been its first appearance in a U.S.-listed spot crypto exchange-traded fund (ETF).

This comes after T. Rowe Price launched its long-awaited Active Crypto ETF without including the meme coin among the supported assets. For months, the Shiba Inu community anticipated $SHIB’s inclusion in the fund.

During the ETF’s initial filing in October 2025, the $1.89 trillion asset manager revealed plans to hold between five and 15 digital assets. At the time, $SHIB appeared on the list of cryptocurrencies that met the fund’s eligibility standards, fueling optimism that it would become one of the first meme coins to gain exposure through a U.S.-listed spot crypto ETF.

However, that expectation did not materialize when the fund officially launched.

T. Rowe Price Debuts TKNZ on NYSE Arca

Following approval from the U.S. SEC, T. Rowe Price launched the Active Crypto ETF yesterday under the ticker TKNZ on NYSE Arca.

The actively managed fund debuted with $15 million in assets under management (AUM) and carries an expense ratio of 0.75%. Rather than including $SHIB, the ETF launched with exposure to the following digital assets:

  • Bitcoin (BTC) – 40.75%
  • Ethereum (ETH) – 18.42%
  • Binance Coin (BNB) – 11.01%
  • Solana (SOL) – 9.44%
  • $XRP ($XRP) – 9.37%
  • Hyperliquid (HYPE) – 6.45%
  • Stellar (XLM) – 3.00%
  • Dogecoin (DOGE) – 1.28%
  • USD Coin (USDC) – 0.16%
  • Cash equivalents – 0.11%

While Dogecoin secured a place in the portfolio, Shiba Inu was absent despite previously being identified as an eligible asset.

Why Was Shiba Inu Excluded?

T. Rowe Price did not provide an official explanation for $SHIB’s exclusion. Nevertheless, several developments since the ETF’s initial filing may have influenced the final portfolio selection.

When the filing was submitted in October 2025, Shiba Inu ranked among the top 20 cryptocurrencies by market cap. Since then, the token has experienced a significant decline in market value and has slipped out of the top 30.

At press time, $SHIB ranks as the 33rd-largest cryptocurrency, with a market cap of $2.43 billion and a trading price of $0.000004132.

Beyond its declining market position, the project’s public presence has also weakened. Several prominent members of the Shiba Inu ecosystem have become less active on social media. Meanwhile, the Shibtoken X account—once widely viewed as the project’s primary social media presence—has increasingly promoted other meme coin projects, raising concerns among some community members about the ecosystem’s current direction.

Active Management Leaves the Door Open

Although $SHIB was excluded from the ETF’s initial holdings, its chances of joining the fund in the future have not been completely ruled out.

Unlike passive index-tracking ETFs, the T. Rowe Price Active Crypto ETF actively adjusts its portfolio based on changing market conditions and investment opportunities. As a result, the fund manager can modify asset allocations or introduce new cryptocurrencies over time.

If Shiba Inu regains market momentum, improves its ranking, or demonstrates stronger ecosystem growth, it could potentially qualify for inclusion during a future portfolio rebalance.

For now, $SHIB also lacks a standalone spot ETF application in the United States. Unlike Bitcoin, Ethereum, $XRP, and several other major cryptocurrencies that have attracted ETF proposals, no asset manager has filed for a dedicated Shiba Inu ETF.

Until such a filing emerges, or $SHIB is added to an actively managed crypto fund like TKNZ, the timeline for the token’s first U.S. spot ETF exposure remains uncertain.