Grayscale SEC filing says top 100 wallets hold about 90% of Worldcoin’s WLD

Grayscale’s filing for a proposed Worldcoin ETF says the largest 100 WLD wallets held about 90% of circulating tokens as of the filing date, underscoring ownership concentration in a project that had previously envisioned broad distribution to verified humans. The trust would seek to list on Nasdaq under the ticker GWLD and, if approved, would hold WLD directly. The filing says the fund would use the CoinDesk Worldcoin Benchmark Rate to calculate net asset value, with BitGo Bank & Trust as custodian and The Bank of New York Mellon as administrator and transfer agent. Grayscale also describes the product as a passive vehicle without leverage or derivatives, with authorized participants able to create and redeem shares in 10,000-share baskets through in-kind WLD deliveries or cash transactions arranged via liquidity providers. Management fee, seed investment and the amount of WLD per share have not yet been disclosed. Risk disclosures in the registration statement also highlight governance and decentralization concerns around World Network. Grayscale says governance remains substantially guided by the World Foundation, that WLD’s future governance role depends on mechanisms that are new and untested at scale, and that World Chain still relies on a centralized sequencer. The filing adds that key upgrades remain under coordinated control tied to the World Foundation, Tools for Humanity and Optimism, while Orb devices are still mainly manufactured and distributed by or under the direction of Tools for Humanity. One large address identified in public blockchain data is the Ethereum-World Chain bridge, meaning part of the concentration may reflect pooled user assets rather than a single holder. The proposal comes after Robinhood added WLD in June, expanding retail access to the token. Nasdaq cannot list the ETF unless the SEC approves the registration process.