Kraken Offers Retail Access to Jersey Mike’s IPO Through Tokenized Shares

Crypto exchange Kraken is giving retail investors access to the upcoming Jersey Mike’s initial public offering, combining direct share allocations for US customers with tokenized shares available to users in over 110 countries.

How the Offering Works

Eligible US customers can request book-entry Jersey Mike’s shares at the IPO price, while international customers can request JMKEx, a tokenized version backed 1:1 by shares held in regulated custody. Allocations depend on the IPO underwriter and are not guaranteed. Once the IPO closes, JMKEx will trade continuously five days a week on Kraken and partner platforms, while the underlying shares will follow standard US market hours. Kraken said the tokenized shares can move across partner platforms and integrate with decentralized finance applications.

About the Listing

Jersey Mike’s, a sandwich chain with more than 3,300 locations, expects to price shares between $21 and $25 and list on the New York Stock Exchange under the ticker JMKE.

Lessons From the SpaceX Rollout

This follows Kraken’s earlier tokenized offering tied to SpaceX’s public debut in June, which saw multiple exchanges struggle after the listing was heavily oversubscribed. Several platforms ultimately canceled their tokenized SpaceX programs and refunded customers due to limited share availability. Despite those setbacks, the broader tokenized equities market has continued growing, with total distributed value rising substantially over the past year.