Kraken opens Jersey Mike’s IPO to retail investors through tokenized shares and direct allocations
Kraken is letting retail users access Jersey Mike’s planned IPO through two channels: eligible US customers can request allocations of book-entry shares at the IPO price, while users in 110+ countries can request JMKEx, a tokenized version of the stock backed 1:1 by shares held in regulated custody. Allocations are not guaranteed and depend on the IPO underwriter. After the IPO closes, JMKEx will trade 24/5 on Kraken and partner xStocks platforms, while the actual shares trade during normal US market hours. Kraken says tokenized shares can move across partner platforms, onchain, and into compatible DeFi apps. Jersey Mike’s expects to price at $21–$25 per share and list on the NYSE under JMKE. The launch follows Kraken’s earlier SpaceX tokenized offering, which faced supply shortages and cancellations across several crypto platforms. Despite that setback, tokenized equities have grown sharply, reaching about $1.87 billion in value.
