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If the vote is approved and the ETP goes ahead, Floki DAO will join Dogecoin as the second memecoin to have a registered ETP.
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Floki DAO — the organization that manages the memecoin Floki — has proposed allocating a portion of its treasury to an asset manager in a bid to launch an exchange-traded product (ETP) in Europe, allowing institutional investors to gain exposure to the memecoin.
In a proposal submitted on Dec. 25, members of Floki DAO are currently voting on whether they should allocate liquidity for the ETP. The proposal requests using a portion of the 16 billion FLOKI — valued at $2.8 million at current prices — as liquidity for the future fund.
At the time of publication, 140 votes have been cast in favor of the proposal, with 0 voting against it. The voting period will end at 11:00 UTC on Dec. 27.
Floki is on track to launch an ETP in Europe by 2025. Source: Floki DAO
The Floki team said they have been working with an undisclosed asset manager to launch an ETP for the memecoin in Europe.
“We’ve been told that the Floki ETP is on track to go live in early Q1, 2025,” said the holder who put forward the proposal.
“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,” they added.
The team said they couldn’t disclose further specifics of the ETP due to non-disclosure agreements, but said if the proposal passes it would be “executed in line with the Floki DAO’s mandate.”
The price of Floki barely budged on the proposal and has traded down 6.2% in the last week, according to TradingView data.
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Floki is currently the 7th largest memecoin by total value, commanding a total market cap of $1.7 billion at the time of publication, per Coingecko data.
FLOKI is currently changing hands for $0.00017, and despite trading downwards in recent conditions — the memecoin has posted a 400% gain since the beginning of the year.
FLOKI is down 6.2% in the last week. Source: TradingView
If the proposal is approved, Floki will join Dogecoin as the second memecoin to have an exchange-traded product, allowing institutional investors to gain exposure to memecoins.
Toronto-based crypto fund issuer Valour launched the first ETP for Dogecoin on Nov. 26.
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This article first appeared at Cointelegraph.com News
