Grayscale registered an S-1 statement with the SEC on July 20, 2026, aiming to launch a spot Worldcoin ETF on Nasdaq under the ticker GWLD. Following the filing announcement, the WLD token price increased between 3% and 4.5%, trading around $0.375 to $0.377.

Details of the Worldcoin ETF Filing

The trust was established by Grayscale on July 10, with the registration submitted just ten days later. BitGo Bank and Trust is designated to custody the WLD tokens, while the Bank of New York Mellon will fulfill roles as administrator and transfer agent. also CSC Delaware Trust Company will act as trustee.

Shares could be created or redeemed in baskets of 10,000, either through direct delivery of WLD tokens or via cash orders managed by liquidity providers. Grayscale intends to list the ETF under Nasdaq’s generic listing standards, which can potentially accelerate approval once eligibility criteria are met, bypassing a full individual review.

The filing leaves several parameters undefined, including management fees, initial seed investment, and WLD token allocation per share, indicating further amendments before the ETF launch. Grayscale has prior experience converting trust products into spot ETFs, such as its Bitcoin Trust debut in January 2024 after a court victory against the SEC, followed by Solana and Dogecoin ETFs in late 2025.

This move comes shortly after T. Rowe Price introduced the first actively managed multi-asset crypto ETF and coincides with Grayscale’s Hyperliquid ETF release, reflecting an increase in new crypto fund offerings this year.

Regulatory and Market Risk Factors Highlighted

Worldcoin underpins the World Network’s proof-of-personhood system, which uses biometric iris scans collected via a device named the Orb. Grayscale’s prospectus identifies biometric data collection as a significant risk, noting enforcement actions taken against Worldcoin’s biometric practices by regulators in Spain, Portugal, Germany, Hong Kong, Brazil, Kenya, and Indonesia between 2024 and 2025.

Additional risks flagged include World Chain’s centralized sequencer, volatility in WLD token value, and the possibility that WLD could be classified as a security. Such regulatory outcomes could adversely affect token value or necessitate trust closure.

The filing also mentions token concentration risks and unlock schedules, with approximately the 100 largest wallets controlling a significant portion of the supply.

The material is informational and does not constitute financial advice.