Grayscale files for first U.S. spot WLD ETF; Worldcoin token jumps 8%
In brief
- Grayscale filed S-1 for first U.S. spot WLD ETF tied to Worldcoin on Monday
- WLD token jumped 8% to $0.387 intraday high following the filing announcement
- Proposed fund would list on Nasdaq under ticker GWLD tracking WLD via CoinDesk benchmark
- BitGo and Bank of New York Mellon to handle custody and administration if approved
ETF structure and custody
The proposed fund would be a passive vehicle holding WLD and tracking its price through the CoinDesk Worldcoin Benchmark Rate. If approved by the SEC, the fund would list on Nasdaq under the ticker GWLD. BitGo Bank & Trust would custody the tokens, while the Bank of New York Mellon would serve as transfer agent and administrator.
The ETF could launch without a separate SEC rule change once WLD meets Nasdaq's eligibility criteria. This follows Grayscale's landmark court win over the SEC that enabled conversion of its Bitcoin trust into an ETF, and the firm's subsequent launch of an Ethereum fund. Grayscale has also filed for or rolled out products tied to Dogecoin, Solana, XRP, Litecoin and Chainlink.
Worldcoin's scale and regulatory challenges
WLD is the 55th-largest cryptocurrency with a market capitalization of around $1.4 billion. Worldcoin was co-founded by OpenAI CEO Sam Altman to build a global "proof of personhood" system. The project uses a spherical device called the Orb to scan people's irises and issue World IDs, distributing WLD tokens to verified users.
The project has drawn regulatory scrutiny over its biometric data collection in the EU and in countries including Brazil and Kenya. Despite these headwinds, Nasdaq-listed Eightco built the first corporate treasury around WLD last year, signaling growing institutional interest.
The 8% jump comes after WLD trimmed a rough week that still left it down around 5.5% over the prior seven days.
