Key Insights:
- The Grayscale Worldcoin ETF would trade on Nasdaq under the ticker GWLD.
- Worldcoin (WLD) jumped more than 8% following the ETF filing, with analysts predicting $1 upside.
- WLD has returned to a historically significant support zone and is ready for 3700% surge.
Crypto asset manager Grayscale recently filed for a spot Worldcoin ETF with the U.S. Securities and Exchange Commission (SEC). The development was enough to send the WLD price soaring by more than 8% in the last 24 hours. Market experts are confident in a price target of $1 for the token.
Grayscale Worldcoin ETF (GWLD) Knocks on SEC Doors
On Monday, July 20, asset manager Grayscale filed an S-1 registration with the U.S. SEC to launch the Grayscale Worldcoin (WLD) ETF. This is the first major vote of institutional confidence in Sam Altman’s iris-scanning project Worldcoin.
The GWLD Worldcoin ETF would trade on the Nasdaq platform, as per the SEC filing. It will also provide investors with exposure to WLD through traditional brokerage accounts without needing any direct ownership of the WLD token.
The proposed fund would passively hold WLD and seek to track its market price using the CoinDesk Worldcoin Benchmark Rate. The trust would not employ leverage, derivatives, or other investment strategies beyond holding the underlying asset.
The SEC filing shows that the fund is structured as a Delaware statutory trust established on July 10. Moreover, the created shares could be redeemed in 10,000-share baskets through authorized participants using either cash or in-kind transactions.
BitGo Bank & Trust will serve as the digital asset custodian, while BNY Mellon will act as administrator and transfer agent. In their filing, Grayscale has mentioned that the trust’s WLD holdings will remain fully segregated and will not be lent, pledged, or used as collateral.
Will WLD Price Rally to $1 Soon?
Over the last 24 hours, Worldcoin (WLD) price has surged 8%, moving to $0.2897. The WLD market cap is now at $1.36 billion, with the daily trading volumes surging 17% to $183 million.
Speaking on it, Crypto King reiterated his bullish stance on Worldcoin (WLD). He believes that the WLD token remains undervalued despite its recent gains.
The analyst said he had previously recommended buying WLD at $0.15 before it rallied to $0.70, adding that he has increased his position at current levels.
Crypto King said Worldcoin’s proof-of-human technology could become a key bridge between Web2 and Web3. He added that if the current setup plays out as expected, WLD could consolidate before advancing toward the $1 level.
WLD Price Eyes A Major 3700% Pump
In another development, crypto analyst Flippix stated that Worldcoin (WLD) price has returned to a key support zone. Historically, the WLD token has seen three major pumps following this support. The analyst believes that WLD is preparing for a bigger PUMP 4 to its all-time highs.
According to the analyst, WLD gained approximately 470%, 156%, and 150% during its previous three rallies. Flippix said the current support area has consistently attracted long-term buyers ahead of major price expansions. If the level continues to hold, the analyst believes WLD could stage a fourth rally.
However, this time he believes that the WLD price could surge 3700%, all the way to its previous all-time highs. He added that any such advance could happen in phases of consolidation and corrections.
Bhushan is a FinTech enthusiast and holds a good flair for understanding financial markets. His interest in economics and finance draws his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In his free time, he reads thriller fiction novels and sometimes explores his culinary skills.
