The organization behind the Floki memecoin, Floki Decentralised Autonomous Organisation (DAO), has introduced a proposal to allocate part of its treasury to launch a new financial product in Europe.
This initiative aims to create an exchange-traded product (ETP), allowing institutional investors to access the memecoin in a regulated market.
The proposal has received 146 votes in favor, with no opposition. If approved, the funds would be managed by a third-party asset manager, with the Floki DAO ensuring that the process aligns with its governance policies.
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Shared with the community on December 25, the proposal suggests using 16 billion FLOKI tokens, worth approximately $2.8 million at current market rates, as liquidity for the planned ETP.
Members of the DAO are voting on whether to approve this allocation. Voting will conclude on December 27 at 11:00 UTC.
According to the Floki team, they have collaborated with a professional asset manager to bring this project to life. A DAO member leading the proposal shared that the ETP is expected to launch in early Q1 2025 and will be listed on the SIX Swiss Exchange, Switzerland’s largest stock market.
As the Floki ETP moves closer to launch, the SEC has granted approval for Franklin Templeton and Hashdex's Bitcoin-Ethereum exchange-traded funds (ETFs). What led to the SEC's decision to approve two ETFs simultaneously? Read the full story.
