A new exchange-traded product (ETP) tracking the Floki token is set to debut in Europe in early 2025, a project developer revealed to CoinDesk. Floki, originally a meme coin but now evolving into a utility project, has partnered with an unnamed asset manager to create the ETP. This product, which will track the FLOKI token, could be available to European investors in the first quarter of the upcoming year.
If it gets regulatory approval, the Floki ETP will join dogecoin (DOGE) as one of the few meme coins with an institutional product in Europe. Lead developer B shared with CoinDesk via Telegram on Wednesday, “We’ve been working diligently with a reputable asset manager and ETP issuer for some time, and after thorough due diligence, we’re excited to announce that the Floki ETP is scheduled to launch in early Q1 2025.”
The developers are now seeking approval from the Floki DAO community to provide liquidity for the ETP upon its release. The proposal, which will be voted on for 48 hours, is set to close on December 27, 2024, at 11:00 UTC.
The plan involves allocating a portion of the 16 billion FLOKI tokens held in the Floki treasury wallet, which are worth roughly $2.8 million at current prices. These tokens were acquired over the past three years following a previous community vote. If the proposal passes, the tokens will be used as liquidity for the ETP but will remain Floki’s property, with the option to withdraw them if the ETP garners enough third-party liquidity.
“The Floki ETP is in its final stages and will be available on the SIX Swiss Exchange, the largest exchange in Switzerland and the third-largest in Europe,” developer B explained. “Once live, this ETP will offer institutional investors, regulated entities, and retail investors a regulated means of gaining exposure to FLOKI.”
Due to non-disclosure agreements, further details about the ETP—such as pricing, fund structure, and institutional partners—remain confidential.
In the past 24 hours, FLOKI has seen a 1.1% increase, reflecting the overall movement of the cryptocurrency market.
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