Kraken Opens Jersey Mike's IPO to Global Investors with Tokenized Stock

Kraken has given retail investors access to Jersey Mike's planned initial public offering (IPO) through two separate structures. Eligible US customers can request book-entry shares at the IPO price, while international customers can request JMKEx, a tokenized version of Jersey Mike's stock backed by underlying shares held with a regulated custodian.

The JMKEx structure allows for tokenized shares to trade 24 hours a day, five days a week on Kraken and participating xStocks Alliance platforms. This portability could make the token more flexible than a conventional share held inside a closed brokerage system.

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 more than four times oversubscribed, leaving crypto platforms competing for limited allocations.