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WLD Wall Street's top asset management company Grayscale officially submits its application for registration with the Worldcoin Spot ETF
On Monday, Wall Street's top asset management company Grayscale officially submitted its intention to launch the Worldcoin Native Token WLD Spot ETF with the US Securities and Exchange Commission (SEC). The move aims to provide U.S. investors with a regulated compliance platform to hold the token without having to contact a cryptocurrency exchange.
When the application was filed, the WLD was trading at approximately US$0.375, down about 97% from its all-time high two years ago. The registration statement filed with the SEC involved the "Gray Worldcoin ETF", which is expected to be listed on the Nasdaq under the trading symbol GWLD.
Gray scale advance GWLD spot ETF issuance
The GWLD trust will hold the WLD directly and track its value using the CoinDesk Worldcoin benchmark interest rate. The fund will operate as a passive investment vehicle and will not involve leverage or derivatives. Its explicit purpose is to allow shareholders to gain WLD exposure without having to purchase or store tokens themselves, in line with the way other spot ETFs operate.
BitGo Bank & Trust will serve as the WLD token custodian for the trust. Gray also selected Bank of New York Mellon as the manager and transfer agent, and CSC Delaware Trust Company as the trustee.
This product has not yet been approved for trading because the registration statement has just been submitted. GWLD requires SEC approval and Nasdaq listing approval. According to Binance's summary of application documents, any changes to the Rule 19b-4 must be met before being launched.
WLD Tokens and Potential Risks
WLD is a native token of the World Network. The project was developed by Tools for Humanity and co-founded by OpenAI CEO Sam Altman and Alex Blania. The network combines its "proof of personality" system, World ID, with World Chain, World App and Orb devices. Orb is a spherical device that verifies identity by scanning the iris of the human eye.
World's iris scanning technology has encountered restrictions, law enforcement actions and court rulings in multiple countries. Between 2024 and 2025, Spain, Portugal, Germany, Hong Kong, Brazil, Kenya and Indonesia all took legal or regulatory measures against Orb.
Gray mentioned in a statement that the above risks, coupled with World Chain's centralized sorter, WLD's price volatility, and the possibility that regulators may identify the token as a security, could weaken the value of the token or force the ETF to close.
In addition, WLD's on-chain ownership is highly concentrated. The top 100 wallets hold approximately 90% of the circulating supply, and the tokens of teams and investors will continue to be unlocked until around July 2028.
Gray scale expands its ETF product line, and WLD prices slightly boost
Gray scale registration documents show that as of June 30, WLD circulation was approximately 3.5 billion, with a market value of approximately US$1.4 billion, and an average daily trading volume of US$135.1 million. At that time, WLD ranked 41st among cryptocurrency assets. As of writing, CoinMarketCap shows WLD ranked 48th.
After the application was submitted, the WLD price rose by about 4%, but the token is still down about 97% from its all-time high of $11.80 in March 2024. A treasury purchase in June briefly boosted token prices, but then Tools for Humanity layoffs wiped out the gains.
This application is part of Grayscale's continued expansion of its cryptocurrency product line. After defeating the SEC in court, the company converted its flagship Bitcoin trust into an ETF in January 2024, subsequently launched the Ethereum Fund, and successively added or submitted more products related to Solana, Dogecoin and Chainlink.
