Grayscale Investments has filed an S-1 registration with the SEC for a spot exchange-traded fund tied to Worldcoin's WLD token. The filing, made public this week, would be the first U.S. ETF linked to the biometric crypto project founded by Sam Altman. News of the filing pushed WLD up 8% on Tuesday.
Grayscale's latest ETF bet
The proposed fund would hold WLD directly, tracking the token's spot price. Grayscale already runs the world's largest Bitcoin and Ethereum trusts, but a Worldcoin product is a departure. The project's iris-scanning identity system has drawn both curiosity and criticism from regulators, making this filing a test of how far the ETF market is willing to stretch beyond established coins.
Market reaction
WLD's price jumped after the filing was spotted on the SEC's EDGAR system. The rally comes after weeks of relatively flat trading for the token. It's a reminder that ETF news still moves crypto markets, even for assets that aren't Bitcoin or Ethereum. The filing doesn't guarantee approval, but the market priced in a shot at it.
Grayscale's S-1 is the first step. The SEC now has a window to review the registration statement, request changes, or reject it. The agency has been cautious about crypto ETFs beyond Bitcoin and Ethereum, but Grayscale has a track record of pushing through – it won a key court battle in 2023 that forced the SEC to approve spot Bitcoin ETFs. Worldcoin's regulatory status could be a sticking point, but Grayscale is betting the SEC will let the market decide.
