A new exchange-traded product (ETP) based on the Floki token is expected to launch in Europe in early 2025, according to a developer involved in the project. Floki, which began as a meme cryptocurrency but has since evolved into a utility-focused project, is collaborating with an undisclosed asset manager to create the ETP. This product will track Floki’s FLOKI token and could become available to European investors in the first quarter of the year.

If approved, the Floki ETP will join dogecoin (DOGE) as one of the few meme tokens to be offered through an institutional product in Europe. Lead developer B told CoinDesk via Telegram on Wednesday, “After months of due diligence and hard work, we’ve been informed that the Floki ETP is on track for a launch in early Q1, 2025.”

As part of the process, the Floki development team is seeking approval from the Floki DAO community to provide initial liquidity for the product upon its launch. A vote is currently underway, with a 48-hour window that will close on December 27, 2024, at 11:00 UTC.

The proposal involves using some of the FLOKI tokens held in a treasury wallet, which contains 16 billion tokens valued at approximately $2.8 million at current market rates. These tokens were acquired from the open market over three years, following approval by the community. If the proposal is approved, the tokens would be used as liquidity for the ETP while remaining under Floki’s ownership, with the option to withdraw them if sufficient third-party liquidity is introduced.

“The Floki ETP is nearing completion and will be listed on the SIX Swiss Exchange, the largest stock exchange in Switzerland and the third-largest in Europe,” developer B stated. “Once live, it will give institutional investors, regulated entities, and retail investors the opportunity to gain regulated exposure to FLOKI.”

The team is unable to disclose additional details about the ETP at this stage, citing non-disclosure agreements, including specifics on the opening price, fund structure, and institutional partnerships.

In the past 24 hours, the FLOKI token has increased by 1.1%, mirroring the broader trends in the cryptocurrency market.