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- The proposed fund will hold WLD tokens directly and seek to list them on the Nasdaq under the ticker GWLD.
- Grayscale opted for Nasdaq’s public listing standards, a route that could shorten the regulatory review process.
- The filing highlights the regulatory scrutiny surrounding the global network and the risks of concentration within the token offering.
- The value of WLD rose after the announcement but remains well below its historical peak.
The ETF will track the price of Worldcoin directly
According to Registration Statement S-1The proposed ETF would passively hold Worldcoin (WLD) and track its performance using CoinDesk Worldcoin’s benchmark price, excluding fees and expenses. The Fund will not use leverage, derivatives, or active portfolio management.
If the product is approved, it will rely on several existing financial institutions:
- Indicator: Gold
- exchange: Nasdaq
- Guardian: Bitgo Bank & Trust
- Responsible and transportation agent: BNY Mellon
- Guardian: CSC Delaware Trust Company
Grayscale established the primary Delaware legal fund on July 10 before filing a formal registration statement with the Securities and Exchange Commission on July 20.
Instead of seeking to change exchange rules on demand, the asset manager filed its applications under Nasdaq’s general listing standards, an approach that could reduce the time needed for regulatory review. The preliminary prospectus leaves out many details that will be finalized through future amendments, including management fees, initial capital, and share-to-token ratio.
The bulletin details the risks facing the global network
The Registration Statement devotes significant attention to risks associated with the global network ecosystem.
Among them is ongoing regulatory scrutiny of the project’s biometric identity verification system, which uses Orb devices to scan users’ iris. The filing notes that authorities in Germany, Spain, Portugal, Brazil, Hong Kong, Kenya and Indonesia have imposed restrictions, launched investigations or temporarily suspended aspects of the project.
The gray scale also indicates token concentration as a potential risk. According to the prospectus, approximately 90% of WLD in circulation is controlled by a relatively small group of wallets, while the token opening scheduled for early investors and project contributors is expected to continue until mid-2028, increasing future supply.
The filing arrives as issuers continue to expand the range of cryptocurrency investment products available to US investors following immediate approval Bitcoin and Ethereum ETFs. A successful Worldcoin ETF would represent another step toward bringing smaller digital assets into regulated investment vehicles.
The technical picture is improving, but resistance remains
The introduction of the ETF helped spark a short-term rebound in WLD, with the token rising approximately 3.5% to 4.5% to trade at around $0.38.
This move lifted the price back above the 20-period moving average on the four-hour chart, a level that has served as near-term support recently.
Momentum indicators also strengthened. The Relative Strength Index (RSI) has rebounded to around 55, recovering from the oversold conditions seen earlier in the week, indicating renewed buying interest without entering the overbought zone yet.
Despite the recovery, the broader technical picture remains mixed. WLD continues to trade below its $50 period moving average near $0.389, while the 100 period ($0.394) and 200 period moving averages ($0.448) remain significantly higher. These levels could act as resistance if the rally extends.
A sustained move above the 50 period EMA would be the first sign that short-term momentum is shifting in favor of buyers. A break above the 100 period average could reinforce this view, while a recovery of the 200 period average would signal a reversal in the broader trend after weeks of bearish price action.
For now, the recent rebound appears to reflect improved sentiment following the introduction of ETFs rather than a definite change in the long-term trend. The price remains well below the levels at which WLD traded earlier this year, leaving buyers with several technical hurdles before a broader recovery can be achieved.
