What to know:
- Worldcoin ETF filing by Grayscale aims to launch the first U.S. exchange-traded fund tracking WLD.
- The proposed GWLD ETF will trade on Nasdaq, with BitGo as custodian and BNY Mellon as administrator.
- If approved, investors can gain WLD exposure without directly buying or holding the token.
Worldcoin ETF move was made possible after Grayscale submitted an S-1 registration document to the SEC (Securities and Exchange Commission) in the United States on Monday for the introduction of the world’s first exchange-traded fund in the United States based on Worldcoin (WLD).
If approved, the Worldcoin ETF will allow investors to access the WLD token through an exchange-traded vehicle without having to directly purchase or hold the coin.
Also Read | XRP Ledger Upgrade Moves Closer to Validator Vote With Major New Features
Worldcoin ETF Set for Nasdaq Under GWLD Ticker
As per the provisional prospectus document, the new fund called Worldcoin ETF would be traded on the NASDAQ exchange under the symbol GWLD.
For the storage of the worldcoins (WLD), Grayscale chose the company named BitGo Bank & Trust. BNY Mellon has been appointed by Grayscale for administrative purposes, while CSC Delaware Trust Company was chosen as the trustee.
The filing lacks information on the management fee for the fund, the seed investment for the fund, the authorized participants, and the liquidity providers. It is expected that the details will come out in future filings.
What Is Worldcoin
WLD is the official coin of Worldcoin and belongs to the ERC-20 cryptocurrency type and operates using the Ethereum blockchain. The coin is used within World, an initiative launched by Sam Altman, the CEO of OpenAI.
This platform utilizes biometrics to differentiate humans from bots. The purpose of the identity system developed for World is to facilitate access to the platform by verifying that users are not bots.
Worldcoin ETF Marks Grayscale Expansion
The new Worldcoin ETF will be yet another product in the existing range of cryptocurrency investments by Grayscale.
At present, there are 17 exchange-traded products related to cryptos, such as those for Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL), Dogecoin (DOGE), and Chainlink (LINK).
Grayscale is continuing its expansion into other cryptocurrencies with the launch of the filing for the Worldcoin ETF, thus allowing its investors to diversify their holdings via regulated products. The approval of the Worldcoin ETF would mean that WLD becomes available to a wider audience via the conventional market.
Also Read | Circle President Sells $30.8 Million in CRCL Shares as SEC Filings Reveal 10 Transactions