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WLD Gray Investment submitted a World Coin ETF application and plans to launch the first U.S. -listed WLD investment product.
Gray Investment submitted a registration statement with the U.S. Securities and Exchange Commission on July 20, planning to launch an exchange-traded fund, which will hold the world network's native cryptocurrency-world coin. If approved, this will be the first WLD-related listed investment product in the United States, providing investors with a regulated channel to invest in an encryption project with biometric authentication as its core.
Gray describes the fund as a passive investment tool. The investment goal of its trust is to have the value of each share reflect the value of the WLD held by the trust after deducting trust fees and other liabilities, which is calculated based on a reference index price.
If approved, the ETF will be traded in accordance with the general listing standards of the Nasdaq Stock Market. Bank of New York Mellon will serve as transfer agent, while BitGo Bank & Trust, NA will serve as custodian.
The project behind the token
Worldcoin (later renamed World) was co-founded by OpenAI CEO Sam Ultraman. The project combines biometrics with blockchain technology, using a spherical scanning device to verify users 'iris data. Participants who complete the scan will receive a decentralized digital passport to confirm their identity. At the time of submission, WLD had a market value of US$1.3 billion, ranking 57th among cryptocurrencies by this indicator.
Gray's expanding product line
WLD's application is the latest move by Gray's continued push to expand its crypto investment product line. The company previously converted its flagship Bitcoin trust into an ETF after winning a legal challenge against the U.S. Securities and Exchange Commission, and subsequently launched the Ethereum ETF. In addition, Gray also submitted fund applications related to Dogecoin, Solana and Chainlink.
The application for world coins pushes this effort into a different category. The main function of the world coin is authentication, rather than the stored value or smart contract use cases defined by most previous crypto ETF applications in the United States, which makes it different from all other funds in Gray's existing portfolio.
