Grayscale storms SEC with Worldcoin-ETF application: WLD has plummeted 97% from its peak
On July 20, investment giant Grayscale submitted an application to the U.S. Securities and Exchange Commission (SEC) to launch an exchange-traded fund (ETF) tied to the spot price of Worldcoin (WLD). If approved, the instrument under the ticker GWLD will trade on the Nasdaq. This move is further evidence that major players continue to expand their lineup of crypto ETFs, despite a deep bearish trend for the asset itself.
Application Details: Speed and Partners
Analysts have already noted Grayscale's efficiency: the trust was created on July 10, and the application was filed just 10 days later. Custody of WLD has been entrusted to BitGo, while BNY Mellon will handle the fund's accounting. The company is following a proven playbook — it previously successfully converted its Bitcoin Trust into a spot ETF in January 2024 after a court victory over the SEC, and by the end of 2025 had launched products based on Solana and Dogecoin. The fee structure and list of trading partners have not yet been disclosed — these parameters will be revealed later.
Risks Grayscale Does Not Hide
In the documents, Grayscale has detailed the high risks associated with WLD. The innovative iris scanning system using Orb devices has already drawn close regulatory scrutiny. In 2024–2025, strict restrictions against the project were imposed by authorities in Spain, Portugal, Germany, Hong Kong, Brazil, Kenya, and Indonesia.
But the main concerns revolve around tokenomics. Nearly 90% of the current WLD supply is held by just 100 large wallets. The unlocking of tokens for the team and investors will stretch approximately until July 2028, creating constant downward pressure on the price. Meanwhile, the price has collapsed 97% from its all-time high of $11.74, recorded in March 2024. The coin is currently trading around $0.375, showing a symbolic daily increase of 3.3%.
My Professional Opinion
Summer spot purchases have only briefly supported quotes, but layoffs at Tools for Humanity, the project's main developer, have once again crashed the chart. A full launch of GWLD is only possible after complete SEC approval. Easy access to the instrument will attract capital, but Worldcoin's long-term future still hangs on the thread of tokenomics and the unlocking schedule. Until the problem of excessive supply concentration is resolved, even ETF approval is unlikely to save WLD from further pressure.