Grayscale Files for Spot Worldcoin ETF to Track WLD Price

If approved, the fund will offer investors regulated exposure to the token without the necessity of directly holding the digital asset.

ETF to Track Worldcoin Price Performance

According to filed documents, the fund will hold $WLD tokens directly and track their performance through the “CoinDesk Worldcoin Benchmark Rate,” after deducting fees and operating expenses. Grayscale does not plan to use leverage, derivatives, or other financial instruments, maintaining a structure similar to existing spot Bitcoin and Ethereum ETFs.

The company intends to list the fund on Nasdaq under the ticker GWLD, choosing to utilize the exchange’s general listing rules rather than a separate rule change procedure. This approach could potentially shorten the regulatory process if the SEC determines the fund meets existing requirements.

BitGo Bank & Trust will serve as the digital asset custodian, while BNY will act as the administrator and transfer agent. The fund’s trustee will be CSC Delaware Trust Company.

Key Information Remains Pending

The preliminary prospectus lacks several key parameters, including the annual management fee, the fund’s initial seed capital, and the exact number of $WLD tokens backing each share.

Grayscale established the trust in Delaware on July 10, and the official S-1 registration statement was filed with the SEC on July 20, marking the first formal step toward potential product approval.

Prospectus Warns of Regulatory Risks

In the documentation, Grayscale devotes significant attention to specific risks surrounding the World Network ecosystem.

The company notes that the project remains under intense regulatory scrutiny due to its use of Orb devices for biometric iris scanning. The prospectus acknowledges that project activities have been restricted or temporarily suspended in several jurisdictions, including Germany, Spain, Portugal, Brazil, Hong Kong, Kenya, and Indonesia.

An additional risk identified by Grayscale is the high concentration of $WLD tokens. The documents state that approximately 90% of the circulating supply is held by a relatively small number of addresses, while the token unlock schedule for early investors and the project team will continue until mid-2028, potentially increasing supply pressure.

$WLD Reacts with Moderate Gains

Following news of the filing, the price of Worldcoin saw an uptick. At the time of writing, $WLD is up 6%, trading at a price of $0.383.

Despite the positive reaction, the token remains below its all-time highs, and investors will likely monitor the regulatory process closely. If the SEC gives the green light, Worldcoin will join the growing list of crypto assets for which asset managers seek to create regulated ETF products, expanding access for institutional and traditional investors to the digital asset market.