Grayscale Investments, a U.S. crypto asset manager controlled by Digital Currency Group, filed with the U.S. Securities and Exchange Commission on Monday to launch the Grayscale Worldcoin ETF, a fund that would hold WLD tokens directly.
- The proposed fund would trade on Nasdaq, a U.S. stock exchange, under the ticker GWLD, according to the registration statement.
- However, Grayscale said trading wouldn't begin until WLD meets Nasdaq's eligibility requirements and the exchange confirms that the fund satisfies its listing rules.
- The filing doesn't provide an expected launch date, while the management fee and initial share price also remain blank.
Under Nasdaq's generic standards for commodity-based funds, an asset can qualify through several routes. One requires the asset to underlie a futures contract traded on a regulated derivatives exchange for at least six months.
The Grayscale Worldcoin ETF would track the CoinDesk Worldcoin Benchmark Rate after deducting its fees and other liabilities, per the statement.
BitGo Bank & Trust, a regulated crypto custodian, would hold the tokens.
Bank of New York Mellon, a U.S. financial-services company, would serve as the administrator and transfer agent.
- Authorized participants could create or redeem blocks of 10,000 shares using WLD or cash, a mechanism designed to keep the fund's market price close to the value of its underlying tokens.