The firm of Grayscale Investments has filed a Form S-1 registration statement with the United States Securities and Exchange Commission (SEC) to introduce another cryptocurrency exchange-traded fund to its family of funds. The proposed fund aims at getting listed on the Nasdaq exchange under the ticker GWLD and would give investors regulated access to the Worldcoin ETF. Grayscale formed this Delaware statutory trust on July 10.
The filing comes at a time when Worldcoin (WLD) is trading at its all-time low price level as opposed to times when the market has momentum. The token fell to its all-time low of $0.2279 on May 17, 2026, way below all the previously recorded high prices. After the announcement of the ETF application, the coin surged by more than 8%, along with a substantial increase in trade volume. Considering that U.S. citizens are not eligible for Worldcoin user grants, the ETF would allow American citizens to invest in WLD through the regulated product.
ETF Filing Highlights Tokenomics Issues
The filing of Grayscale also highlights many structural issues that the investor should keep in mind before regulatory authorities approve the product. According to the filing, the top 100 wallet addresses hold about 90% of the circulating supply of Worldcoin tokens. Additionally, there will be continuous unlocking of tokens by insiders and developers. Thereby increasing the supply until 2028, which will continue to put selling pressure on the token.
The Worldcoin tokenized ecosystem also has some unique regulatory implications due to its use of biometrics through Orbs’ eye-scanning devices. Previously, there have been several administrative sanctions from different international jurisdictions relating to data collection and regulatory oversight.
Despite the delay in going public on the stock exchange, which will now not happen until late 2026, Grayscale has been continuously adding to its list of cryptocurrency investment products. It seems like Grayscale is trying to establish itself within the nascent ETF market before other institutions start demanding them. Though the SEC approval is still uncertain, the filing shows that Grayscale is planning to expand its regulated crypto investments.
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