Meme coin Floki partners with undisclosed asset manager to develop EU-based exchange-traded product (ETP).
According to the latest announcement, this product will be available to European investors in early 2025, pending approval.
ETPs Meme Coins Are Growing in Popularity
If the plan goes ahead, Floki will become the second meme coin with an institutional-grade investment product in Europe after Dogecoin (DOGE).
The Floki DAO community is currently voting on whether to allocate early liquidity to the product. It proposes to use tokens from the treasury wallet, which holds 16 billion Floki, worth over $2.8 million at current market prices. The 48-hour vote is scheduled to end at 11:00 UTC on December 27.
“We have been actively working with a respected asset manager and ETP issuer to launch the Floki ETP for quite some time now,” Floki announced on X (formerly Twitter). “After months of due diligence and painstaking effort, we have been told that the Floki ETP is on track to launch in early Q1 2025.”
These tokens were acquired through open market purchases after a previous community vote. If approved by the community, they will be used to provide liquidity while remaining under Floki’s ownership. Tokens can be withdrawn if sufficient liquidity emerges from a third party.
Meanwhile, Floki’s exchange-traded product is said to be nearing its final stages and is planning to list on the SIX Swiss Exchange in Switzerland. This is the country’s largest exchange and the third in Europe.
Once launched, the exchange-traded product will offer institutional investors, regulated entities, and individual investors access to Floki within a regulated framework.
Meme Coins Continue to Grow
Earlier this year, Floki DAO announced a $200,000 investment in CAT, a meme coin inspired by the animated series Simon’s Cat. The move marked Floki’s entry into entertainment-themed meme coins.
After its launch, the CAT token surged more than 250%, reaching a market cap of $275 million. However, it saw continued declines in December. Binance listed the token earlier this month.
The broader meme coin market has shown significant growth throughout 2024, achieving a collective market cap of $112 billion. FLOKI itself reached an all-time high in June and has gained around 375% this year.
Floki’s planned ETP aims to capitalize on this growing interest, seeking to bridge the gap between meme coins and institutional adoption in a regulated environment.