Cryptocurrency exchange Kraken is providing retail investors with access to the planned initial public offering of sandwich chain Jersey Mike’s. Eligible United States customers may request allocations of book-entry shares at the offering price, while users in more than 110 countries can request tokenized shares known as JMKEx that are backed one-to-one by the underlying stock held in regulated custody.

Allocations will be determined by the IPO underwriter and are not guaranteed. Once the offering closes, JMKEx will trade 24 hours a day, five days a week on Kraken and participating platforms within the xStocks Alliance. The underlying shares will trade during regular United States market hours. Tokenized shares may be transferred across alliance platforms, moved on-chain and integrated with compatible decentralized finance applications.

Jersey Mike’s operates more than 3,300 locations in the United States. The company expects to price the offering between $21 and $25 per share and to list its Class A shares on the New York Stock Exchange under the ticker JMKE.

The arrangement follows Kraken’s earlier facilitation of the SpaceX public debut in June. Several other cryptocurrency platforms also offered products linked to that listing. Demand exceeded available shares by more than four times, prompting some platforms to cancel campaigns and refund participants after securing insufficient underlying stock. Those shares have since declined from an initial price of $135 to approximately $115.

The broader market for tokenized equities has expanded from well below $500 million in mid-2025 to about $1.87 billion, including a 29.4 percent increase over the past 30 days.