Grayscale files S-1 for first US Worldcoin ETF
Grayscale is seeking to launch the first US exchange-traded fund tied to the Worldcoin token, extending institutional access to alternative cryptocurrencies beyond Bitcoin and Ether.
Grayscale filed an S-1 registration statement on Monday for a Worldcoin exchange-traded fund. The product is intended to list on the Nasdaq under the ticker symbol GWLD.
The fund would hold WLD, an ERC-20 token built on the Ethereum blockchain. WLD powers World, a project that relies on biometric verification to distinguish humans from bots online. World was founded by Sam Altman, who also serves as the chief executive of OpenAI.
Offering WLD through an exchange-traded product removes the operational friction of self-custody for traditional investors. It allows portfolio managers to gain price exposure to the token through standard brokerage accounts, rather than navigating crypto-native exchanges and digital wallets.
The filing relies on established financial intermediaries to bridge the gap between digital assets and traditional finance. BitGo Bank & Trust is named as the crypto custodian. BNY Mellon will handle administrative duties and act as the transfer agent, while CSC Delaware Trust Company is designated as the trustee.
The preliminary prospectus is notably light on the mechanics of the fund's launch. Grayscale has not identified the authorized participants or liquidity providers responsible for creating and redeeming shares. Furthermore, the document omits any mention of seed investment amounts and management fees, which are closely watched by cost-sensitive ETF buyers.
This filing expands Grayscale’s push into alternative cryptocurrencies. The asset manager already sponsors 17 crypto-related exchange-traded products. Its existing lineup tracks major market cap tokens like Bitcoin and Ether, but also includes funds dedicated to XRP, Solana, Dogecoin and Chainlink.
Adding Worldcoin to this roster indicates that asset managers are betting on sustained demand for diversified crypto exposure. It also suggests that the regulatory pathway for alt-coin ETFs remains open following the earlier approvals of spot Bitcoin and Ether funds.
