Meme-turned-utility project Floki is working with an unnamed asset manager to develop an exchange-traded product (ETP) that tracks its FLOKI token and could be available to investors in Europe early in the new year, it said one of the developers at CoinDesk.
If approved, FLOKI would be the only meme token besides 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 quite some time now, and after months of due diligence and painstaking effort, we have been told that 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 will last 48 hours and will end at 11:00 UTC on December 27.
They are seeking approval to allocate some of the FLOKI required for the ETP of a treasury wallet containing 16 billion tokens, worth just over $2.8 million at current prices. The tokens in that 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the proposal is approved, FLOKI tokens would provide liquidity for the ETP while remaining owned by Floki and could be withdrawn if there is sufficient third-party liquidity on the ETP.
“The Floki ETP is currently at an advanced stage and will be able to be traded on the SIX Swiss Exchange, the largest stock exchange in Switzerland and the third largest in Europe,” said B. “When it goes live, the Floki ETP will allow institutional investors, regulated entities and retail investors gain exposure to FLOKI in a regulated manner.”
B said the team could not reveal more details about the ETP due to confidentiality agreements, such as opening prices, fund structure and institutional partners.
FLOKI is up 1.1% in the last 24 hours, in line with the broader crypto market.
