Floki, a meme-inspired crypto project, is planning to launch an exchange-traded product (ETP) in Europe by early 2025. A project developer shared this news with CoinDesk.
The ETP will track the FLOKI token and is being developed with an unnamed asset manager. If approved, it would make FLOKI the second meme token, after dogecoin (DOGE), to have an institutional product in Europe.
“We’ve been working closely with a respected asset manager and ETP issuer for months. After extensive due diligence, we’ve been informed that the Floki ETP is set to launch in early Q1 2025,” said lead developer B in a Telegram message. The team has asked the Floki DAO community to approve providing early liquidity for the ETP. A vote on the proposal runs until Dec. 27 at 11:00 UTC.
If approved, the tokens for liquidity will come from Floki’s treasury wallet, which holds 16 billion tokens, valued at over $2.8 million. These tokens were purchased from the open market following a previous community vote. The liquidity would remain Floki’s property and could be withdrawn later if enough third-party liquidity is available.
The SIX Swiss Exchange, the biggest stock exchange in Switzerland and the third-largest in Europe is where the ETP is intended to be traded. This will provide safe and regulated access to FLOKI for institutional, retail, and regulated investors.
However, the team has not disclosed details like opening prices, fund structure, or institutional partners due to non-disclosure agreements.
The FLOKI token rose by 1.1% in the past 24 hours, matching the broader crypto market trend.
