Worldcoin subsidiary expects to sell WLD tokens from treasury to 'support' network growth
Quick Take
- Worldcoin says its subsidiary World Assets may routinely sell WLD tokens to meet increasing demand for orb-verified World IDs and support network growth.
- The subsidiary expects to sell between 0.5 million and 1.5 million WLD tokens per week over the coming months, the project noted.
World Assets, a subsidiary of the Worldcoin Foundation, plans to sell 
WLD
+0.59%
tokens from the World Assets treasury over the coming months.
The reason cited for the sale is to meet the increasing demand for orb-verified World IDs as well as claiming to support the growth of the Worldcoin network.
The WLD token selling schedule will take place for up to six months, according to a blog post. "To meet the increasing demand for orb-verified World IDs around the world and support the growth of the Worldcoin network, World Assets Ltd. (a subsidiary of the Worldcoin Foundation) expects to sell WLD tokens from the World Assets treasury in the coming months," the post read.
It noted that World Assets expects to sell between 0.5 million ($2.7 million) and 1.5 million ($8.1 million) WLD tokens per week on average, at current market conditions. According to Worldcoin, this selling rate is less than 0.1% to 0.4% of the current weekly token trading volume.
"World Assets plans to gradually sell WLD tokens through private placements to a select group of institutional trading firms operating outside of the U.S. These private placements of WLD will take place for up to 6 months," it further stated.
Prohibition on resales to U.S. domiciles
Worldcoin gave an example of restrictions on asset distribution. Trading firms will be restricted from any resales of WLD to U.S. persons or on digital asset trading platforms available to U.S. persons. World Assets may also seek to include a 40-day lock-up period restricting the resale of WLD by trading firms.
RELATED INDICES
"World Assets will be negotiating with multiple trading firms, placed in competition with each other, with the goal of executing the private placements at prices as close to the prevailing market prices for WLD as possible given the foregoing restrictions," the statement added.
Worldcoin (WLD) is currently changing hands for $5.43, falling over 3% over the past 24 hours, at 5:27 a.m. ET., according to The Block's Price Page. The cryptocurrency is currently ranked 97th with a market cap of $1.1 billion and a fully diluted valuation of $54 billion.
The price of WLD tokens has fallen over 3% in the past 24 hours. Image: The Block.
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