Grayscale Files First Worldcoin ETF With SEC

Grayscale has filed an S-1 registration statement with the US Securities and Exchange Commission to launch what would be the first spot exchange-traded fund tied to Worldcoin's $WLD token in the United States.

What the Filing Proposes

According to the preliminary prospectus, the Grayscale Worldcoin ETF would list on Nasdaq under the ticker GWLD. The fund is structured as a passive vehicle, meaning it would hold WLD directly and seek to reflect the token's market value, less fees and other expenses, using the CoinDesk Worldcoin Benchmark Rate as its pricing reference.

BitGo Bank and Trust would act as custodian, while The Bank of New York Mellon would serve as transfer agent, according to the filing. Several key terms, including the management fee, seed investment, and authorized participants, have been left blank and are expected to be filled in through later amendments.

Grayscale formed the trust on July 10 and filed just ten days later. The filing does not guarantee SEC approval or a confirmed listing date.

Context: Worldcoin and Grayscale's Broader Push

Worldcoin, now rebranded as World Network, is a digital identity project co-founded by OpenAI CEO Sam Altman. The project uses iris-scanning Orb devices to verify unique human identities, and its layer-2 network World Chain sits on top of Ethereum.

The filing extends a broader product strategy for Grayscale. Its Bitcoin Trust converted to a spot ETF in January 2024 after the firm prevailed against the SEC in court, with Solana and Dogecoin funds following in late 2025. The proposed Worldcoin ETF would add to the 17 crypto-related exchange-traded products Grayscale already offers.

The prospectus also flags notable risks, including World Chain's centralized sequencer, WLD's price volatility, and the possibility that regulators could classify the token or related transactions as securities. The filing further notes biometric-related regulatory pushback in several jurisdictions.

$WLD rose roughly 4.5% on the news, though the token remains approximately 97% below its all-time high of $11.80, reached in March 2024.

Sources:
The Block: Grayscale could take Worldcoin to Wall Street after ETF filing with the SEC
CoinTelegraph: Grayscale Files S-1 for First US Worldcoin ETF
Crypto Briefing: Grayscale expands crypto ETF push with Worldcoin filing