Kraken opens Jersey Mike’s IPO to retail investors through tokenized shares and direct allocations
Kraken is letting retail investors participate in Jersey Mike’s planned IPO through tokenized stock access. Eligible US users can request allocations of book-entry shares at the IPO price, while users in 110+ countries can request JMKEx, a tokenized version backed 1:1 by underlying shares held in regulated custody. Allocations depend on the underwriter and are not guaranteed. After the IPO closes, JMKEx will trade 24/5 on Kraken and partner xStocks Alliance platforms. The tokenized shares can also move across participating platforms and into compatible DeFi apps. Jersey Mike’s plans to price shares at $21–$25 and list on the NYSE under JMKE. The rollout follows Kraken’s earlier tokenized SpaceX offering, which faced supply shortages and led several exchanges to cancel their campaigns. Despite that, tokenized equities have grown sharply, reaching about $1.87 billion in value.
