Kraken Offers Tokenized Jersey Mike’s Shares in IPO
Kraken will let eligible U.S. customers request Jersey Mike’s book‑entry shares at the IPO price and allow global users to request JMKEx tokenized shares backed 1:1 by custodied stock.
Kraken announced it will offer retail access to Jersey Mike’s initial public offering. Eligible U.S. customers can request book‑entry Class A shares at the IPO price, while users in more than 110 countries can request JMKEx, a tokenized version of the stock backed 1:1 by underlying shares held in regulated custody.
Jersey Mike’s filed to price the offering between $21 and $25 per share and plans to list its Class A shares on the New York Stock Exchange under the ticker JMKE. Final allocations will be set by the IPO underwriter and are not guaranteed to individual customers. Participation requires meeting Kraken’s eligibility and regulatory requirements.
Kraken intends to list JMKEx on its platform and participating xStocks Alliance platforms for trading 24 hours a day, five days a week once the IPO closes. The actual Jersey Mike’s shares will trade during regular U.S. market hours on the NYSE. Kraken says tokenized shares can be transferred across xStocks Alliance platforms, moved onchain and used in decentralized finance applications that accept the tokens.
Jersey Mike’s operates more than 3,300 locations in the United States. The company set the expected price range and the planned NYSE listing in its IPO filing.
Tokenized IPOs have drawn interest from crypto platforms. Kraken previously offered a tokenized version of another public offering that was heavily oversubscribed, prompting some exchanges to cancel their tokenized IPO campaigns and refund customers after they could not secure enough underlying shares to meet token requests. Those underlying shares later traded below their IPO price.
Data tracking tokenized equities shows growth in the sector: distributed value rose from under $500 million in mid‑2025 to about $1.87 billion, with roughly a 29% increase in the past 30 days, according to a data provider.
Kraken’s announcement highlights custodial backing for JMKEx tokens and cross‑platform functionality. Customers should note that receiving an allocation depends on the IPO underwriter’s process and on Kraken securing the corresponding underlying shares.
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