Key Takeaways:
Crypto exchange Kraken is offering retail investors access to the Jersey Mike's initial public offering, allowing eligible US customers to request allocations of the sandwich chain's shares at the $21-to-$25 IPO price and users in more than 110 countries to request tokenized shares backed 1:1 by the underlying stock.
"Jersey Mike's is the latest name to make that possible," Kraken said in a statement. "As more companies head to public markets, JMKEx and JMKE are how Kraken customers can be there from the first session, alongside institutions rather than behind them."
Jersey Mike's, founded in 1956 in Point Pleasant, New Jersey, operates more than 3,300 locations across the US and Canada with $4.3 billion in systemwide sales and 50% cumulative same-store sales growth from 2020 to 2025, according to the company's prospectus. The stock is expected to trade on the New York Stock Exchange under the ticker JMKE starting July 30. The company plans to offer 43.5 million shares of Class A common stock.
The offering follows Kraken's tokenized IPO platform debut with SpaceX in June, which was more than four times oversubscribed and led several exchanges including Binance, Bybit and MEXC to cancel allocations and refund users after they could not secure enough underlying shares. SpaceX shares have since declined from their $135 IPO price to about $115. The tokenized equities sector has grown to about $1.87 billion in distributed value, a 29.4% increase over the past 30 days, according to RWA.xyz data.
For US customers, Kraken is offering book-entry Jersey Mike's shares with no fee through its Kraken Securities LLC broker-dealer, with allocation determined by the IPO underwriter based on demand. Customers outside the US can request JMKEx, a tokenized representation of Jersey Mike's equity held in regulated custody, which will trade 24 hours a day, five days a week on Kraken and participating xStocks Alliance platforms. A 5% fee applies to JMKEx allocations. Neither allocation is guaranteed, and any unallocated funds will be returned automatically after listing.
This article is for informational purposes only and does not constitute investment advice.
