Floki DAO proposes liquidity provisioning for Floki ETP in Europe

Floki DAO has proposed allocating a portion of its treasury to launch a Floki (CRYPTO:FLOKI) exchange-traded product (ETP) in Europe, enabling institutional investors to gain exposure to the memecoin.

On December 25, Floki DAO members began voting on whether to allocate liquidity for the ETP, using 16 billion FLOKI, valued at $2.8 million.

As of the latest update, 140 votes support the proposal, with none against it. The voting period will conclude on December 27, 11:00 UTC.

The Floki team is collaborating with an undisclosed asset manager to launch the ETP, which is expected to go live in early Q1 2025.

The Floki ETP is set to be listed on the SIX Swiss Exchange, the largest stock exchange in Switzerland and the third-largest in Europe.

While further details cannot be disclosed due to non-disclosure agreements, the proposal will proceed in line with Floki DAO’s mandate if approved.

The price of Floki remained largely unchanged after the proposal, trading down by 6.2% in the past week.

Floki is currently ranked the seventh-largest memecoin with a market cap of $1.7 billion and has posted a 400% gain since the start of 2024.

If the proposal passes, Floki would become the second memecoin after Dogecoin (CRYPTO:DOGE) to have an ETP, offering institutional investors a new avenue to access memecoins.

Valour, a Toronto-based crypto fund issuer, launched the first Dogecoin ETP on November 26.

At the time of reporting, the FLOKI price was $0.000177.