Floki DAO Proposes Allocating Treasury Funds to Launch ETP in Europe

Floki DAO, the organization behind the popular memecoin Floki, has recently proposed a significant move to allocate a portion of its treasury to an asset manager.

Floki DAO, the decentralized autonomous organization (DAO) behind the popular memecoin Floki, has proposed allocating a portion of its treasury to an asset manager. The initiative aims to launch an exchange-traded product (ETP) in Europe, offering institutional investors a regulated avenue to memecoins.

The proposal, submitted on December 25, is being debated by members of the Floki DAO. It requests using a portion of the 16 billion FLOKI tokens, currently valued at around $2.8 million at press time, to provide liquidity for the upcoming fund.

According to the proposal's author, the Floki ETP is set to launch in early Q1 2025. It will be tradable on the SIX Swiss Exchange, the largest stock exchange in Switzerland and the third-largest in Europe.

Specific details regarding the ETP, such as the asset manager's identity and the precise launch date, are being withheld due to non-disclosure agreements. However, the Floki team has assured that the ETP will be executed in line with the Floki DAO's mandate if the proposal is approved.

The proposal comes amid a broader effort to enhance the credibility and adoption of Floki within the crypto market. While the initiative is unlikely to have a direct impact on the memecoin's price, it could contribute to its long-term growth and sustainability.

As of December 26, 140 votes have been cast in favor of the proposal, with none opposing it. The voting period is scheduled to conclude on December 27.

If approved, Floki will join Dogecoin as the second memecoin to have a registered ETP, offering institutional investors a new avenue to gain exposure to memecoins.