Sam Altman is a tech genius, no one seriously disputes that. ChatGPT and his other creations have proven it to the entire world. Yet, with Worldcoin and its crypto WLD, his intelligence seems
Sam Altman is a tech genius, no one seriously disputes that. ChatGPT and his other creations have proven it to the entire world. Yet, with Worldcoin and its crypto WLD, his 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 obstacles.
On July 20, 2026, Grayscale, author of an ETF linked to Hyperliquid, dropped a bomb on the SEC’s desk. The ETF issuer submitted a Form S-1 to launch a Worldcoin spot fund (WLD) on Nasdaq, under the ticker GWLD. BitGo will handle asset custody, BNY Mellon will administer the fund. The trust will be passive, with no leverage or derivatives.
The news propelled the token by 4.5% to $0.37. Yet, WLD remains 97% below its peak from March 2024, which topped $11.74.
Grayscale knows the way though. It converted its Bitcoin Trust into a spot ETF in January 2024, after a legal battle with the SEC. Solana and Dogecoin ETFs followed.
But WLD is neither Bitcoin nor Solana. It’s a controversial crypto, banned in seven countries, in free fall for two years.
Grayscale’s S-1 filing reads like an inadvertent indictment against Worldcoin. Seven countries took action against the project between 2024 and 2025: Spain, Portugal, Germany, Hong Kong, Brazil, Kenya, and Indonesia. The reason? Collecting biometric data via the Orbs, these devices that scan users’ iris.
Grayscale also mentions the centralization of World Chain, whose unique sequencer makes the network vulnerable. And then there is the token concentration: 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 it transparency or a disguised warning?
Bloomberg analysts, like James Seyffart, confirmed the filing on X. But the file remains incomplete: management fees are not disclosed, trading partners are unnamed.
Technical analysis of WLD shows an interesting signal following Grayscale’s filing. The crypto jumped 4.5% to $0.37, breaking out of a descending channel on the 4-hour chart. This technical move was anticipated by some traders.
Before the announcement, a “falling wedge” had formed, a classic bullish signal where selling pressure gradually weakens. Immediate resistance is now at $0.3796, followed by $0.3876 and $0.3957.
Below, key support lies at $0.3681, then $0.3534. The RSI at 49.59 remains close to neutral, leaving room for growth. The MACD shows a timid bullish crossover, with a positive histogram of 0.0016.
The macro context did not play a major role: the overall crypto market only rose 1% over the same period. WLD’s rise is therefore specific to the ETF announcement.
But with 97% losses since the ATH, this rebound remains modest.
Uncertainty remains the only certainty in this complex case. The S-1 filing is just a first step among many. The SEC must approve the prospectus and Nasdaq must authorize the listing. Amendments will be necessary before any final approval.
Start your crypto adventure safely with OKXThis link uses an affiliate program.Grayscale already won against the SEC in 2023 for its Bitcoin Trust, but WLD’s case is far more complex. The token itself could be deemed a “financial security” by regulators, which would force the trust to shut down.
Grayscale praises easy access to WLD for traditional investors. But it admits the token is vulnerable, concentrated, and contested. A risky bet disguised as an institutional product. The question remains: will the ETF save WLD or sink it further?
Happy days for Worldcoin holders seem far, very far away. We still remember the 140% price explosion driven by the hype around AI. But that memory fades before a dizzying 97% drop.
