Meme-turned-utility project Floki is working with an unidentified asset manager to develop an exchange-traded product (ETP) tracking its FLOKI token that could be available to investors in Europe early in the new year, one said. developers at CoinDesk.
If approved, FLOKI would be the only meme token other than dogecoin (DOGE) with an institutional product in Europe.
“We have been actively working with a respected asset manager and ETP issuer to launch a Floki ETP (Exchange-Traded Product) for some time now, and after months of due diligence and painstaking effort, we have been says the Floki ETP is on track to go live in early Q1 2025,” Lead Developer B told CoinDesk in a Telegram message on Wednesday.
The developers are seeking approval from the Floki DAO community to provide early liquidity to the product when it goes live. Voting lasts 48 hours and will close at 11:00 UTC on December 27.
They are seeking approval to allocate a portion of the FLOKI required for the ETP from a treasury wallet containing 16 billion tokens, worth just over a bit more. $2.8 million at current prices. The tokens in this wallet were purchased on the open market more than three years after another community vote passed.
If the proposal is approved, FLOKI tokens would provide liquidity to the ETP while remaining owned by Floki and could be withdrawn if there is sufficient third-party liquidity in the ETP.
“The Floki ETP is currently at an advanced stage and will become tradable on the SIX Swiss Exchange, the largest exchange in Switzerland and the third largest in Europe,” said B. “When it goes live, the ETP Floki will enable institutional investors, regulated entities and retail investors to gain exposure to FLOKI in a regulated manner.”
B said the team could not disclose more details about the ETP due to non-disclosure agreements, such as opening prices, fund structure and institutional partners.
FLOKI is up 1.1% over the past 24 hours, in line with the broader crypto market.