Floki DAO, the governing body behind the popular Floki memecoin, has launched an intriguing proposal to channel a portion of its treasury into creating an exchange-traded product (ETP) in Europe.
This new venture seeks to open up investment opportunities in Floki for institutional investors.
Proposal Details
The proposal was submitted on December 25 and is currently under consideration by Floki DAO members, who are voting on the suggested allocation of funds to ensure ETP liquidity.
The plan involves using some of the 16 billion FLOKI tokens—valued at around $2.8 million based on current market prices—to back this initiative.
As of now, the vote is leaning positively, with 140 members in favor and no dissenters.
The voting process will wrap up on December 27.
Collaboration with Asset Manager
In addition to this, the Floki team mentioned they are working with an asset manager (although their identity remains undisclosed) to help bring the ETP to life in European markets.
The Floki ETP is expected to launch in the early part of the first quarter in 2025, with plans to list it on the SIX Swiss Exchange, which is not only Switzerland’s largest stock exchange but also ranks as the third-largest in Europe.
While specifics about the ETP remain under wraps due to confidentiality clauses, the Floki team assured that if the proposal passes, they will execute it in full alignment with the Floki DAO’s guidelines.
Market Impact
Interestingly, even with this significant development, Floki (FLOKI) has seen little fluctuation in price, experiencing a 6.2% drop over the past week, according to TradingView’s reports.
If this proposal receives the green light, Floki will join Dogecoin (DOGE) as the second memecoin to introduce an exchange-traded product, paving a way for institutional investors to engage with the memecoin market.
The initial ETP for Dogecoin was launched by Valour, a Toronto-based crypto fund issuer, on November 26, marking a significant milestone in this evolving sector.
Source: Cointelegraph
