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Arthur Hayes has amplified a bullish Worldcoin thesis from Maelstrom, arguing that WLD could become a high-beta proxy for the coming wave of artificial intelligence IPOs. The call centers on a short-heavy setup, a potential balance-sheet bid from Eightco, and a scheduled reduction in WLD unlocks later this month.
Hayes, the BitMEX co-founder and Maelstrom chief investment officer, put the argument in his typically blunt style on X. “Read it and weep WLD bears,” he wrote. “This shitcoin is going to moon … cause AI duh. Don’t mid-curve this shit.”
The post quoted a Maelstrom research note titled “WLD Hated Rally,” authored by Lukas Ruppert, which frames Worldcoin as an overlooked liquid proxy for exposure to OpenAI-adjacent artificial intelligence upside. Maelstrom’s stated target is $5 by August, though the firm cautioned readers to “DYOR” and said the note was “not financial advice.”
Maelstrom Sees Worldcoin (WLD) As An AI Proxy
Maelstrom’s core thesis begins with public-market behavior around private technology listings. The firm pointed to SpaceX’s confidential S-1 filing on April 1, arguing that high-beta space-linked equities reacted sharply after the filing became known.
“When SpaceX confidentially filed its S-1 on April 1, high-beta space names ran,” Maelstrom wrote. “Rocket Lab (RKLB) rallied 165%. Anthropic has now filed as well. The AI mega IPOs are coming – and it appears the market has overlooked one of the cleanest proxies.”
The proxy in question is WLD. According to Maelstrom, investors are aggressively pursuing exposure to companies such as Anthropic and OpenAI, often through layered SPVs that charge high fees and imply valuations in the hundreds of billions or even trillions. By contrast, the note says WLD trades at a $2 billion unlocked market capitalization, a comparatively small figure if the market begins treating it as a liquid expression of AI-linked speculative demand.
“Capital is aggressively chasing Anthropic and OpenAI exposure,” Maelstrom wrote. “Layered SPVs are charging egregious fees. Valuations are in the hundreds of billions and trillions. WLD trades at $2B unlocked market cap. A small cap, when it comes to AI valuations. Asymmetric upside.”
The Bear Trap Setup
The second leg of the thesis is positioning. Maelstrom argued that WLD has lagged the broader AI trade despite the intensity of investor interest in the sector. The token is down year-to-date, according to the note, while perp funding has turned deeply negative.
The firm tied that weakness partly to Worldcoin’s March OTC round, which it said raised $65 million, including $25 million locked for six months. Since then, Maelstrom argued, OTC participants have been hedging exposure while long-short traders continued leaning into a bearish chart.
“While the AI bull market has been raging, $WLD is down YTD,” the note said. “In March, Worldcoin closed a $65M OTC round, with $25M locked for six months. Since then, perp funding has turned deeply negative as OTC participants hedge exposure and L/S traders continue pressing a down-only chart. Textbook short overhang. But those shorts could end in tears.”
That short overhang is central to the $5 target. In Maelstrom’s view, WLD does not need a constant bid to move sharply. It needs a catalyst capable of forcing crowded shorts to reassess at the same time that new buyers begin treating the token as an AI trade.
Maelstrom pointed to Eightco Holdings, trading under the ticker ORBS, as another possible accelerant. The note described Eightco as a WLD/OAI digital asset treasury and said the company reported approximately $144 million in cash and equivalents on its balance sheet on May 27.
“Even a modest allocation into WLD could trigger a reflexive loop,” Maelstrom wrote, adding that the daily unlock rate is scheduled to drop 43% on July 24. The firm also said ORBS already holds roughly 283 million WLD, equal to about 8.3% of circulating supply, and claimed the company is “just getting started.”
UPDATE: In a later X post, Hayes added: “The SpaceX IPO is going to melt people’s faces off. Holding the WLD through the listing next week.” He also revealed that he sold his entire HYPE and NEAR positions.
At press time, WLD traded at $0.5192.
