Floki DAO floats liquidity provisioning for a Floki ETP in Europe

Floki DAO, the governing body of the Floki memecoin, has proposed allocating funds to an asset manager to establish an exchange-traded product (ETP) in Europe. This ETP would provide institutional investors with access to the Floki memecoin.

Members of Floki DAO are currently voting on the proposal, which involves using a portion of the organization's 16 billion FLOKI tokens (valued at approximately $2.8 million) as liquidity for the ETP.

As of the time of writing, 140 votes have been cast in favor of the proposal, with none against. The voting period concludes on December 27 at 11:00 UTC.

Floki intends to launch the ETP in Europe by 2025 and has reportedly partnered with an undisclosed asset manager for this purpose. The ETP is expected to be traded on the SIX Swiss Exchange, the third-largest stock exchange in Europe.

Details of the ETP cannot be disclosed publicly due to non-disclosure agreements. However, the Floki team has stated that it will execute the proposal in accordance with the Floki DAO's mandate.

Floki's market value has remained relatively stable following the proposal, with a slight decline of 6.2% in the past week.

Currently ranked as the seventh-largest memecoin by market capitalization ($1.7 billion), Floki has seen a 400% gain since the beginning of the year, despite recent downward trends.

If approved, the Floki ETP would be the second such product for a memecoin, following the launch of an ETP for Dogecoin by Valour earlier this year.