Kraken Opens Jersey Mike’s IPO Access to US and Global…

Cryptocurrency exchange Kraken will let retail investors participate in Jersey Mike's planned initial public offering through two separate structures, combining traditional share allocations for eligible U.S. customers with tokenized stock for users across more than 110 countries.

The U.S. sandwich chain, which operates over 3,300 locations, expects to price its Class A shares between $21 and $25 and list them on the New York Stock Exchange under the ticker JMKE.

Eligible U.S. investors can request book-entry shares at the IPO price through Kraken. International customers can request JMKEx, a tokenized version of Jersey Mike's stock backed on a one-to-one basis by underlying shares held with a regulated custodian. Submitting a request does not guarantee an allocation — the IPO underwriter determines how many shares each participant receives, leaving Kraken dependent on the number of shares it can secure from the offering.

Once the IPO closes, the tokenized shares are expected to trade 24 hours a day, five days a week on Kraken and participating xStocks Alliance platforms. The underlying JMKE shares will remain subject to regular U.S. stock market trading hours. This structure means JMKEx could continue trading when the NYSE is closed, potentially creating temporary price gaps until market makers bring the two prices back together when regular trading opens.

Kraken previously used its tokenized IPO platform for SpaceX's public debut in June, when demand exceeded the available supply of underlying shares. The offering was reportedly over four times oversubscribed, leading several exchanges to cancel their tokenized campaigns and refund customers after failing to secure enough SpaceX shares. Jersey Mike's may face a different demand level, but Kraken remains subject to the same underwriting process, meaning investors will need to wait until final allocations are confirmed before treating their requested JMKEx amount as completed exposure.

The tokenized equity market has grown from less than $500 million in mid-2025 to about $1.87 billion, including a 29.4% increase over the past 30 days. Demand is partly driven by investors outside the United States who want exposure to U.S. companies without using a domestic brokerage account. Crypto platforms can offer longer trading hours, blockchain transfers and integration with digital asset portfolios, providing another source of trading volume beyond cryptocurrencies.