WLD▲$0.4310 price climbs to $0.38 as Grayscale seeks approval for a Nasdaq-listed fund that would hold Worldcoin’s token.
Grayscale Investments, one of the world’s largest crypto asset managers, filed an S-1 registration statement with the U.S. Securities and Exchange Commission on Monday, July 20, for the Grayscale Worldcoin ETF.
The proposed fund, according to the regulatory filing, would directly hold WLD, the native token of World Network, a financial network known for verifying whether users are human through iris-scanning devices called Orbs.
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Grayscale plans to list the shares on Nasdaq under the ticker GWLD.
The trust would operate passively and wouldn’t use leverage or derivatives. Authorized firms could create and redeem shares in blocks of 10,000 using either WLD or cash, according to the filing.
Crypto custodian BitGo Bank & Trust would custody the tokens, while Bank of New York Mellon would serve as administrator and transfer agent.
A Long Way to Go
The WLD price jumped 7.6% to $0.38 after Grayscale filed to launch a Worldcoin exchange-traded fund on Nasdaq, though the application is still at an early stage. Grayscale hasn’t disclosed the management fee, seed investment or firms that would initially create and redeem shares.
The filing also highlights World Network’s dependence on biometric data, whose collection and processing have faced regulatory restrictions and enforcement actions in several countries, as well as World Chain’s reliance on a centralized transaction sequencer.
World, previously known as Worldcoin, was founded in 2019 by OpenAI chief executive Sam Altman, Alex Blania and Max Novendstern.
Investors poured roughly $250 million into its developer, Tools for Humanity. Its backers included Andreessen Horowitz, Khosla Ventures, LinkedIn co-founder Reid Hoffman and Sam Bankman-Fried before the collapse of FTX.