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Bonk eyes new ETP with latest exchange-traded product announcement

Bonk eyes new ETP with latest exchange-traded product announcement

GrafaGrafa2024/09/24 02:10
By:Liezl Gambe

Developers of Bonk (CRYPTO:BONK), a meme coin built on Solana (CRYPTO:SOL), have announced plans to launch an exchange-traded product (ETP) by the end of 2024, marking the first step towards a potential Bonk exchange-traded fund (ETF). 

The announcement came during the Solana Breakpoint 2024 event in Singapore, where the Bonk team revealed that the ETP will be supported by Osprey Funds, providing a new avenue for investors to access the coin without directly owning it. 

An exchange-traded product allows investors to gain exposure to assets on the stock exchange, and the Bonk team believes that this ETP will not only strengthen the coin’s position but also pave the way for wider adoption of meme coins in traditional markets

Nom, a core contributor to the project, explained, "There are a lot of people who might love to be exposed to Bonk but don’t have traditional exchange accounts or wallets. We need to figure out how to bring them onto Solana.” 

While meme coin ETFs face regulatory hurdles, interest continues to grow. 

Lucie, Shiba Inu’s (CRYPTO:SHIB) marketing lead, previously speculated on the potential for a SHIB ETF, citing institutional demand. 

Bitwise Chief Investment Officer Matt Hougan also expressed optimism, saying, “There is substantial interest in trading meme coins. Allowing people to gain exposure through an ETF would be great.” 

Despite skepticism, Bonk’s price has remained stable following the announcement, with a modest 3% rise to $0.000017222. 

Bonk currently holds a market capitalization of $1.2 billion, according to CoinMarketCap. 

At the time of reporting, the Bonk (BONK) price was $0.00001725.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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