Grayscale Filing Shows 90% of WLD Held by 100 Wallets

A recent SEC filing from Grayscale has brought fresh attention to the ownership structure of Worldcoin. While the project initially marketed itself as a global currency for humanity, the filing reveals that a mere 100 wallets control approximately 90 percent of all circulating WLD tokens. This massive concentration of assets stands in sharp contrast to the goal of distributing tokens fairly to verified humans across the globe.

The document also highlights significant centralization within the project infrastructure. Grayscale points out that World Chain relies on a centralized sequencer, while governance remains primarily under the control of the World Foundation. Despite promises of a decentralized future, the report confirms that actual governance votes are rare and the project still depends on a small group of entities for technical upgrades and bridge operations.

For investors, these details are important because they contradict the narrative that the token is already a tool for decentralized human governance. While the World Foundation maintains that it plans to transition toward full decentralization by 2026, the current reality shows that early adopters hold the vast majority of the supply.

Traders are watching these developments closely as WLD struggles with price performance. The token is currently trading significantly lower than its historical peaks, and the gap between the project's ambitious marketing and the technical facts laid out by Grayscale raises questions about the path forward for the network.