Grayscale filed an S-1 registration statement with the SEC on Tuesday for the first US exchange-traded fund tied to Worldcoin. The filing marks the asset manager's latest push into crypto ETFs beyond its existing Bitcoin and Ether products.
What the filing says
The S-1 proposes a fund that would track the price of Worldcoin (WLD), the digital token linked to the iris-scanning project founded by Sam Altman. Grayscale's move comes as the firm continues to diversify its lineup of crypto-themed investment vehicles. The filing doesn't specify a ticker or exchange listing date yet — those details typically come in later amendments.
Why Worldcoin
Worldcoin has been one of the more controversial projects in crypto, combining biometric data collection with a universal basic income concept. Despite regulatory scrutiny in parts of Europe and Asia, the token has maintained a market cap north of $2 billion this year. Grayscale likely sees demand from institutional investors who want exposure to projects with a broader social or tech narrative, not just pure store-of-value coins.
Grayscale's ETF push
The firm already operates the Grayscale Bitcoin Trust and the Grayscale Ethereum Trust, both of which converted to ETFs earlier this year. Adding a Worldcoin ETF would give investors a third option — and a more niche one. The filing is part of a broader trend where asset managers are filing for ETFs tied to individual altcoins, from Solana to XRP, as the SEC shows incremental openness to crypto products under the current administration.
The SEC now has up to 240 days to review the S-1, though the agency could approve or deny it sooner. Grayscale will need to file a 19b-4 form with the exchange that plans to list the fund — likely NYSE Arca or Nasdaq — before trading can begin. For now, the filing is a signal that Grayscale sees Worldcoin as having enough institutional interest to justify the regulatory hurdle.
