Kraken Opens Jersey Mike's IPO to Retail Investors via Tokenized Shares

Crypto exchange Kraken is opening up Jersey Mike's initial public offering (IPO) to retail investors through tokenized shares and direct allocations. Eligible US customers can request book-entry shares at the IPO price, while global customers can get tokenized versions of the stock backed 1:1 by underlying shares.

Kraken claims that these tokenized shares can be transferred across participating xStocks Alliance platforms, moved onchain and integrated with compatible decentralized finance applications. This allows for access to public equities beyond traditional brokerage accounts.

Jersey Mike's is a US sandwich chain with over 3,300 locations and plans to list its Class A shares on the New York Stock Exchange under the ticker JMKE. The company expects to price the offering between $21 and $25 per share.