Signup with password AND activation?

I have a signup where the users choose a password. Is it possible to combine activation and password?

I am currently creating new users programmatically using:

wpmu_create_user() because this allows me to create a user with a password. However they are activated from start.

I can't use wpmu_signup_user because that will not allow me to set a password, but it will send an activation.

Any ideas?