Kraken Opens Jersey Mike’s IPO to Retail Investors with Tokenized Shares

Crypto exchange Kraken is offering retail investors access to the planned Jersey Mike’s initial public offering, allowing eligible US customers to request allocations of the sandwich chain’s shares and users in more than 110 countries to request tokenized shares backed 1:1 by the underlying stock.

Eligible US customers can submit interest in book-entry Jersey Mike’s shares at the IPO price, while global customers can request JMKEx, a tokenized version of the stock with the backing shares held in regulated custody. Allocations are determined by the IPO underwriter and are not guaranteed.

JMKEx will begin trading 24 hours a day, five days a week on Kraken and participating xStocks Alliance platforms once the IPO closes, while the underlying Jersey Mike’s shares will trade during regular US market hours.

Kraken said tokenized shares can be transferred across participating xStocks Alliance platforms, moved onchain and integrated with compatible decentralized finance applications, extending access to public equities beyond traditional brokerage accounts.

Jersey Mike’s is a US sandwich chain with more than 3,300 locations. According to the company’s IPO announcement, it expects to price the offering between $21 and $25 per share and list its Class A shares on the New York Stock Exchange under the ticker JMKE.

Related: Kalshi in early IPO talks with investment banks: Report

SpaceX offering faced allocation shortfall

Jersey Mike’s is the latest company to be offered through Kraken’s tokenized IPO platform, following SpaceX’s public debut in June. Several other crypto platforms, including Binance, Bybit, Blockchain.com, Bitget Wallet and MEXC, also launched products tied to the SpaceX offering.

However, demand for the listing quickly outpaced supply. The SpaceX IPO was reportedly more than four times oversubscribed, leaving crypto platforms competing for a limited pool of underlying shares.

Several exchanges, including Binance, Bybit, Bitget Wallet and MEXC, ultimately canceled their tokenized IPO campaigns and refunded users after they were unable to secure enough underlying SpaceX shares to fulfill customer allocations.

Those Nasdaq traded shares have declined from their $135 IPO price, last trading at roughly $115 on Tuesday.

The difficulties surrounding the SpaceX rollout have not slowed growth in the broader tokenized equities market. RWA.xyz data shows the sector’s distributed value rising from well under $500 million in mid-2025 to about $1.87 billion, including a 29.4% increase over the past 30 days.

Tokenized equities. Source: RWA.xyz

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