Meme-Turned-Utility Project Floki Is Working to Develop an Exchange-Traded Product (ETP) Tracking Its FLOKI Token That Could Be Available to Investors in Europe Early in the New Year

If approved, FLOKI would be the only meme token other than dogecoin (DOGE) with an institutional product in Europe.

CoinDesk learned on Wednesday from one of its developers that Meme-turned-utility project Floki is working with an unidentified asset manager to develop an exchange-traded product (ETP) that will track its FLOKI token and could be available to investors in Europe early in the new year.

If approved, FLOKI would be the only meme token other than dogecoin (DOGE) to have an institutional product in Europe.

“We've been actively working with a respected Asset Manager and an ETP Issuer to launch a Floki ETP (Exchange-Traded Product) for quite a while now, and after months of due diligence and painstaking effort, we've been told that the Floki ETP is on track to go live in early Q1, 2025,” lead developer B told CoinDesk in a Telegram message on Wednesday.

The developers are seeking approval from the Floki DAO community to provide early liquidity to the product when it goes live. The vote will run for 48 hours and will end at 11:00 UTC on Dec. 27.

The developers are seeking approval to allocate part of the FLOKI that will be required for the ETP from a treasury wallet that holds 16 billion tokens, which are valued at just over $2.8 million at current prices. The tokens in that wallet were purchased from the open market over three years ago following another community vote.

If the proposal is approved, the FLOKI tokens will provide liquidity for the ETP and will remain the property of Floki, which can withdraw the tokens if there is sufficient third-party liquidity in the ETP.

“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,” B said. “When it goes live, the Floki ETP will allow institutional investors, regulated entities and retail investors to get exposure to FLOKI in a regulated way.”

B stated that the team is unable to disclose any further specifics about the ETP, including opening prices, fund structure and institutional partners, due to non-disclosure agreements.

FLOKI has risen by 1.1% in the past 24 hours, roughly in line with the broader crypto market.