Grayscale filed an S-1 registration statement with the SEC for a Worldcoin ETF targeting the ticker GWLD. WLD rose about 6% to $0.38 following the filing but remains 97% below its March 2024 peak of $11.80. The proposed fund would provide traditional brokerage investors direct exposure to WLD tokens without managing private keys, with BitGo Bank serving as custodian and Bank of New York Mellon as transfer agent. The filing uses Nasdaq's generic listing standards rather than seeking a bespoke rule change, a procedural pathway that has shortened approval timelines for several crypto ETFs over the past year.
Grayscale Files S-1 Under Nasdaq Generic Listing Standards
The proposed Grayscale Worldcoin ETF would hold WLD tokens directly and track their value using the CoinDesk Worldcoin Benchmark Rate, less the trust's fees and expenses. Bank of New York Mellon would serve as transfer agent, while BitGo Bank & Trust, N.A. would act as custodian.
![Grayscale's WLD filing]()
The filing leaves several key details blank. Grayscale has not yet disclosed the fund's management fee, its initial seed investment, or how much WLD each share would represent. The prospectus flags regulatory risk factors specific to Worldcoin, including biometric-scanning bans in seven countries and a wallet concentration in which roughly 90% of tokens sit in a small number of addresses.
Grayscale filed the product under Nasdaq's generic listing standards rather than seeking a bespoke rule change. That procedural choice suggests Grayscale expects a faster runway to listing than the years-long fights that characterized the earliest spot bitcoin ETF applications.
Worldcoin Network Reaches 20 Million Participants
Worldcoin, now branded World Network, was co-founded by OpenAI CEO Sam Altman and Alex Blania through their company Tools for Humanity. The project centers on World ID, a proof-of-personhood verification system that uses iris-scanning Orb devices, alongside the World App and World Chain, an Ethereum layer-2 network built for verified human users rather than bots. The network has grown to more than 20 million participants since its early rollout.
WLD currently has roughly 3.5 billion tokens in circulation, giving it a market capitalization near $1.36 billion and a rank around the 55th-largest cryptocurrency. That is a steep comedown from the token's March 2024 all-time high of $11.80. Even after the post-filing pop to $0.38, WLD remains close to 97% below that peak.
![Worldcoin price over the past 24 hours]()
The Orb hardware itself has evolved alongside the network's growth, with newer versions of the device incorporating Nvidia-powered chips to speed up iris verification, part of a broader push to make the identity-checking process fast enough for mainstream, in-person signups.
Grayscale Expands Altcoin ETF Strategy
The Worldcoin filing extends a pattern of Grayscale racing to wrap emerging tokens in ETF structures ahead of potential rivals. The firm has also filed to bring a HYPE ETF to Nasdaq, targeting the native asset of the Hyperliquid network, part of a wider strategy of filing for altcoin products across a range of market caps rather than concentrating solely on bitcoin and ether.
WLD has shown it can move sharply on treasury and institutional news before. The token surged more than 40% in a single day after Nasdaq-listed Eightco Holdings announced a $250 million private placement to fund a WLD treasury strategy.
FAQ
What did Grayscale file with the SEC?
Grayscale filed an S-1 registration statement with the SEC for a Worldcoin ETF targeting the ticker GWLD. The proposed fund would hold WLD tokens directly and track their value using the CoinDesk Worldcoin Benchmark Rate, with BitGo Bank serving as custodian and Bank of New York Mellon as transfer agent.
How did WLD price react to the filing?
WLD rose about 6% to $0.38 following the filing. However, the token remains 97% below its March 2024 all-time high of $11.80, despite the post-filing price movement.
What regulatory risks does the Worldcoin ETF filing highlight?
The prospectus flags regulatory risk factors specific to Worldcoin, including biometric-scanning bans in seven countries and a wallet concentration in which roughly 90% of tokens sit in a small number of addresses.
