The Floki decentralized autonomous organization (DAO) has overwhelmingly approved the allocation of liquidity for the creation of a Floki exchange-traded product (ETP), with 99.9% of votes in favor.
The proposal passed on Dec. 27 with 332.7 billion votes supporting the initiative. Notably, there were zero opposing votes.
As a DAO, Floki is community-driven, meaning that key decisions about the project, including major partnerships, token burns, and product launches, are made through on-chain governance votes by FLOKI token holders.
The move positions Floki to become the second memecoin to launch an ETP on a regulated exchange, following Dogecoin’s lead.
The Floki ETP is set to go live on the SIX Swiss Exchange in the first quarter of 2025. SIX is the largest stock exchange in Switzerland and the third largest in Europe.
"With the Floki DAO voting overwhelmingly in favor of the proposal to provide liquidity for the Floki ETP, Floki is on track to become the only memecoin besides Dogecoin with an ETP on a regulated stock exchange as early as January 2025," said B, a core advisor at Floki. “The Floki ETP will be going live on the SIX Swiss Exchange in what is an almost unprecedented move for memecoin legitimacy!”
An ETP allows investors to gain exposure to assets—such as cryptocurrencies—through regulated stock exchanges without directly holding the underlying tokens. Similar to an ETF, an ETP tracks the performance of the asset, making it easier for both institutional and retail investors to invest securely. This bridges the gap between crypto and traditional finance (TradFi), offering seamless access to digital assets.
The proposal, submitted on Dec. 25, sought approval to use part of the 16.3 billion FLOKI tokens from the community buyback wallet to provide liquidity for the ETP. The tokens are valued at approximately $2.8 million at current prices. While a portion of the tokens will support the ETP, the remaining balance will be burned to reduce supply.
Floki, currently valued at $1.73 billion according to CoinGecko, is the seventh-largest memecoin by market cap. Despite recent downward trends, Floki has posted a 400% gain since the start of 2024, trading at $0.00017 at the time of publication.
The launch of Floki’s ETP follows recent recognition by the U.S. Commodity Futures Trading Commission (CFTC), which identified Floki as a utility token during the Global Markets Advisory Committee (GMAC) meeting on Nov. 21.
Floki was highlighted alongside Ethereum (ETH) and Avalanche (AVAX) as part of ongoing discussions around regulatory clarity for digital assets.
A key factor in the CFTC’s decision was Valhalla, Floki’s upcoming NFT-based metaverse game expected to launch in early 2025. Valhalla will use FLOKI as its primary in-game currency.
