Hassan Maishera
TL;DR
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Grayscale has filed with the SEC to launch the first U.S. exchange-traded fund (ETF) tied to Worldcoin (WLD).
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The proposed ETF would passively hold WLD tokens and track their market price, minus expenses.
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If approved, the fund will trade on Nasdaq, with BitGo Bank & Trust serving as custodian and BNY Mellon as transfer agent.
Grayscale has taken another step in expanding its cryptocurrency investment offerings by filing with the U.S. Securities and Exchange Commission (SEC) to launch the Grayscale Worldcoin ETF, a fund designed to provide investors with direct exposure to Worldcoin (WLD).
If approved, the product would become the first exchange-traded fund in the United States to hold the native token of the World Network.
Proposed ETF Would Hold WLD Tokens
According to the SEC registration statement filed on Monday, the Grayscale Worldcoin ETF will operate as a passive investment vehicle that directly holds WLD tokens.
The asset manager said the fund's objective is to mirror Worldcoin's market performance by tracking the value of the WLD held by the trust, after accounting for operating expenses and liabilities.
"As a passive investment vehicle, the Trust's investment objective is for the value of the Shares (based on WLD per Share) to reflect the value of WLD held by the Trust, determined by reference to the Index Price, less the Trust's expenses and other liabilities," Grayscale stated in its filing.
If the SEC approves the proposal, the ETF will trade on the Nasdaq Stock Market under the exchange's generic listing standards.
The filing also names The Bank of New York Mellon (BNY Mellon) as the transfer agent, while BitGo Bank & Trust, N.A. will serve as the fund's digital asset custodian.
Worldcoin's native token, WLD, is up 3.5% over the last 24 hours and currently has a market cap of approximately $1.35 billion, making it one of the top 50 cryptocurrencies by market cap.
The project, now rebranded as World, was co-founded by OpenAI CEO Sam Altman. It combines blockchain technology with a biometric identity verification system that uses a decentralized digital identity and the company's spherical Orb devices to verify users through iris scans.
The project aims to create a global proof-of-personhood network while supporting a broader ecosystem of digital identity and cryptocurrency services.
Grayscale Continues Broadening its Crypto ETF Portfolio
The Worldcoin filing is the latest addition to Grayscale's expanding lineup of cryptocurrency investment products.
The asset manager previously converted its flagship Bitcoin trust into a spot ETF following its successful legal challenge against the SEC.
It has also introduced Ethereum ETFs and submitted applications for investment products tied to several other cryptocurrencies, including Solana (SOL), Chainlink (LINK), and Dogecoin (DOGE).
Last month, Grayscale filed with the SEC to launch its own Hyperliquid exchange-traded fund (ETF).
The latest filing reflects Grayscale's continued push to offer regulated investment vehicles that provide traditional investors with access to a wider range of digital assets as demand for crypto ETFs continues to grow.
