Floki Plans Exchange-Traded Product Launch in Europe for Early 2025
Meme-turned-utility project Floki is collaborating with an unidentified asset manager to develop an exchange-traded product (ETP) that will track its FLOKI token, potentially available to European investors in early 2025, according to a developer's statement to CoinDesk.
If approved, FLOKI would be the only meme token alongside dogecoin (DOGE) with an institutional product in Europe.
Lead developer B stated, “We've been actively working with a respected Asset Manager and an ETP Issuer to launch a Floki ETP for quite a while now. After months of due diligence, we've been informed that the Floki ETP is on track to go live in early Q1, 2025.”
The developers are seeking approval from the Floki DAO community to provide early liquidity for the product upon its launch. The voting period lasts 48 hours, concluding at 11:00 UTC on December 27.
They aim to allocate part of the FLOKI needed for the ETP from a treasury wallet containing 16 billion tokens, valued at over $2.8 million. These tokens were acquired from the open market following a previous community vote.
If the proposal passes, the FLOKI tokens will supply liquidity for the ETP while remaining under Floki's ownership and can be withdrawn if sufficient third-party liquidity develops.
B noted, “The Floki ETP is currently in an advanced stage and will become tradable on the SIX Swiss Exchange, the largest stock exchange in Switzerland and the third-largest in Europe. When it goes live, it will enable institutional investors, regulated entities, and retail investors to gain exposure to FLOKI in a regulated manner.”
Further specifics regarding the ETP, such as opening prices and fund structure, cannot be disclosed due to non-disclosure agreements. Currently, FLOKI has increased by 1.1% within the past 24 hours, consistent with trends in the broader crypto market.