Floki DAO has proposed allocating a portion of its treasury to launch an exchange-traded product (ETP) in Europe, enabling institutional investors to gain exposure to the memecoin Floki.
Floki DAO's New Initiative
Floki DAO has proposed launching an exchange-traded product for the memecoin Floki in the European Union. The organization has been working with an undisclosed asset manager to bring this to fruition. The ETP is expected to launch in early Q1 2025 and will be listed on the SIX Swiss Exchange, Switzerland's largest stock exchange and the third-largest in Europe.
Proposal Details and Voting Process
On December 25th, Floki DAO members received a proposal to allocate part of their treasury assets, amounting to 16 billion FLOKI (valued at $2.8 million), as liquidity for the fund. As of publication time, 140 votes were cast in favor of the initiative, with none against. The voting period will conclude on December 27th at 11:00 UTC. If approved, the proposal will be executed in accordance with Floki DAO's mandate.
Market Reaction and Project Prospects
Despite the news of the proposal, Floki's price has barely budged, showing a 6.2% decline over the past week. However, the memecoin has posted a 400% gain since the beginning of the year. If the proposal is approved, Floki will become the second memecoin after Dogecoin to have an exchange-traded product, offering new opportunities for institutional investors.
The launch of an exchange-traded product could be a significant step for Floki and its community, providing institutional investors the opportunity to invest in memecoins. How this will impact Floki's value in the future remains uncertain.
