TL;DR:
- Grayscale formed the trust on July 10 and filed the formal application with the SEC on July 20.
- The top 100 wallets hold approximately 90% of WLD’s circulating supply.
- The price of the WLD token sits near $0.375, hovering around 97% below its all-time high from March 2024.
Grayscale filed an application with the U.S. Securities and Exchange Commission (SEC) to launch a spot Worldcoin ETF. According to regulatory filings, the proposal seeks to trade the fund on the Nasdaq exchange under the ticker symbol GWLD.
NEW: @Grayscale files for a Worldcoin ETF ethereum:0x163f8c2467924be0ae7b5347228cabf260318753. LOOK INTO THE ORB pic.twitter.com/nhdvVVK2IQ
— James Seyffart (@JSeyff) July 20, 2026
The asset manager structured the corresponding trust on July 10 and formalized the process ten days later. According to the filing record, BitGo will act as custodian for the WLD tokens, while BNY Mellon will handle the accounting administration of the fund. The current application omits the final management fee and trading execution partners.
This initiative follows the firm’s institutional path after converting its Bitcoin trust into a spot ETF in January 2024. Industry reports note that the company continued expanding this model with applications for Solana- and Dogecoin-linked products toward the end of 2025.
The network’s native token is trading around $0.375, reflecting a slight daily rebound of 3.3%. However, market data indicates that its current value remains nearly 97% below its all-time high of $11.74 reached in March 2024.
Regulatory Challenges and Token Distribution Structure
The filing submitted by the manager itself details various risk factors affecting the underlying asset. On the regulatory front, the project faces international scrutiny due to the use of the Orb device for user eye scanning. According to Grayscale’s document, authorities in Spain, Portugal, Germany, Hong Kong, Brazil, Kenya, and Indonesia implemented measures or restrictions against the initiative between 2024 and 2025.
On the other hand, the token structure shows high concentration in a few hands. Data included in the report shows that the top 100 wallets control nearly 90% of WLD’s circulating supply. Additionally, the unlock schedule for tokens allocated to the founding team and investors is projected to extend gradually until July 2028.
Recent market performance stems from opposing corporate events. A treasury buyback conducted in June generated a temporary bullish impulse in price. However, subsequent announcements regarding layoffs at Tools for Humanity, the project’s lead development company, exerted downward pressure on the asset.
The GWLD exchange-traded product will not be able to begin trading in the stock market until it receives formal approval from the SEC and listing authorization from Nasdaq.
