Grayscale's Worldcoin ETF filing reveals 100 wallets control 90% of WLD's circulating supply, raising concentration concerns.
Regulation & Gov ·
A Grayscale S-1 filing for a proposed Worldcoin ETF reveals that the 100 largest WLD wallets held approximately 90% of the token's circulating supply at the time of filing. WLD serves as the native token for World Network, a digital identity and financial platform.
The concentration figure warrants interpretation: some addresses in the dataset, including cross-chain bridge wallets, may represent assets held on behalf of multiple underlying users rather than single entities. This distinction matters when assessing true ownership dispersion versus apparent wallet distribution.
The filing does not clarify the composition of those 100 addresses—how many are user-controlled versus custodial, exchange, or infrastructure accounts—leaving the actual concentration of user-level holdings unclear. The degree to which this distribution reflects early-stage tokenomics, founder allocations, or other factors remains unspecified in the available material.