Floki DAO Floats Proposal Ahead of Possible European ETP, Second After Dogecoin

Meme-turned-utility mission Floki is working with an unknown asset supervisor to develop an exchange-traded product (ETP) that tracks its FLOKI token and could possibly be accessible to buyers in Europe early this yr, one of many builders at CoinDesk.

If permitted, FLOKI could be the one meme token aside from dogecoin (DOGE) with an institutional product in Europe.

“We’ve been actively working with a revered asset supervisor and an ETP issuer for a while to launch a Floki ETP (Change-Traded Product), and after months of due diligence and painstaking efforts, we’ve got been advised that the Floki ETP is on monitor to go reside in early Q1 2025,” lead developer B advised CoinDesk in a Telegram message on Wednesday.

The builders are in search of approval from the Floki DAO neighborhood to offer early liquidity to the product when it goes reside. The voting will final 48 hours and finish on December 27 at 11:00 UTC.

They’re in search of approval to allocate a portion of the FLOKI wanted for the ETP from a treasury portfolio containing 16 billion tokens, price simply over $2.8 million at present costs. Tokens in that pockets had been bought on the open market three years after a brand new neighborhood vote.

If the proposal is permitted, the FLOKI tokens would offer liquidity for the ETP whereas remaining owned by Floki and could possibly be withdrawn if there may be enough third-party liquidity within the ETP.

“The Floki ETP is at present in a complicated stage and can turn out to be tradable on the SIX Swiss Change, the most important trade in Switzerland and the third largest in Europe,” mentioned B. “When the Floki ETP goes reside, institutional buyers, regulated entities and personal buyers can acquire publicity to FLOKI in a regulated method.”

B mentioned the staff couldn’t reveal additional particulars in regards to the ETP because of non-disclosure agreements, equivalent to opening costs, fund construction and institutional companions.

FLOKI is up 1.1% over the previous 24 hours, in keeping with the broader crypto market.