Sam Altman is a tech genius, no one seriously disputes that. ChatGPT and its other creations have proven this to the world. However, with Worldcoin and its WLD crypto, its intelligence seems to have hit an insurmountable wall. Grayscale’s helping hand could serve as an unexpected springboard. The bet is bold, but the path remains strewn with pitfalls.
In brief
- Grayscale filed a spot Worldcoin ETF (GWLD) on Nasdaq on July 20, causing the WLD to jump 4.5%.
- The token remains 97% below its peak of $11.74 reached in March 2024, a dizzying fall.
- Grayscale itself lists the risks: 7 countries have banned the project, 90% of tokens are concentrated in 100 wallets.
- Technical analysis shows a bullish signal, but the rebound remains fragile in the face of massive token unlocks.
Grayscale surprises markets with Worldcoin ETF, WLD climbs 4.5%
On July 20, 2026, Grayscale, author of an ETF linked to Hyperliquid, dropped a bomb on the SEC desk. The ETF issuer has submitted a form S-1 to launch a Worldcoin (WLD) spot fund on Nasdaq, under the ticker GWLD. BitGo will ensure custody of the assets, BNY Mellon will administer the fund. The trust will be passive, without leverage or derivatives.
The news propelled the token 4.5% to $0.37. Still, WLD remains 97% below its March 2024 high of $11.74.
Grayscale knows the way though. She transformed her Bitcoin Trust into a spot ETF in January 2024, after a legal standoff with the SEC. Solana and Dogecoin ETFs followed.
But WLD is neither Bitcoin nor Solana. It is a controversial crypto, banned in seven countries, in free fall for two years.
The irony of the Grayscale file: the issuer itself warns of the risks
Grayscale’s S-1 filing looks like an unintentional indictment of Worldcoin. Seven countries took action against the project between 2024 and 2025: Spain, Portugal, Germany, Hong Kong, Brazil, Kenya and Indonesia. The reason? The collection of biometric data via Orbs, these devices that scan users’ irises.
Grayscale also mentions the centralization of World Chain, whose unique sequencer makes the network vulnerable. And then there is the concentration of tokens: the 100 largest wallets hold 90% of the circulating supply. The paradox is striking.
The ETF issuer, seeking to convince investors, simultaneously lists reasons not to invest. Is this transparency or a disguised warning?
Bloomberg analysts, such as James Seyffart, confirmed the filing on X. But the file remains incomplete: the management fees are not disclosed, the trading partners not named.
WLD breaks out of a descending channel: is the crypto rebound viable or temporary?
Technical analysis of the WLD reveals an interesting signal after the Grayscale deposition. Crypto jumped by 4.5% to $0.37, breaking out of a descending channel on the 4-hour chart. This technical movement was anticipated by some traders.
Before the announcement, a “falling wedge” had formed, a classic bullish signal where selling pressure gradually weakens. Immediate resistance now lies at $0.3796, followed by $0.3876 and $0.3957.
Below that, key support lies at $0.3681 and then $0.3534. The RSI at 49.59 remains close to neutral, which leaves room for improvement. The MACD shows a tentative bullish crossover, with a positive histogram of 0.0016.
The macro context did not play a major role: the overall crypto market only grew by 1% over the same period. The rise in WLD is therefore specific to the ETF announcement.
But with 97% losses since the ATH, this rebound remains modest.
SEC approval: the last hurdle or the first stone?
Uncertainty remains the only certainty in this complex matter. Filing an S-1 is just one of many first steps. The SEC must approve the prospectus and Nasdaq must authorize the listing. Amendments will be necessary before any final validation.
Grayscale has already won against the SEC in 2023 for its Bitcoin Trust, but WLD’s case is much more complex. The token itself could be classified as a “financial security” by regulators, which would force the closure of the trust.
Grayscale touts easy access to WLD for traditional investors. But she herself admits that the token is vulnerable, concentrated, contested. A risky bet, disguised as an institutional product. The question remains: will the ETF save WLD or sink it further?
Key figures for the Grayscale bet:
- WLD price at time of writing: $0.3838;
- All-time high: $11.74 in March 2024;
- Fall from ATH: 97%;
- Supply in circulation: 3.5 billion out of 10 billion.
The happy days for Worldcoin holders seem far, far away. We still remember the 140% price explosion driven by the craze for AI. But this memory fades in the face of a dizzying fall of 97%.
Maximize your Tremplin.io experience with our ‘Read to Earn’ program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.
