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Kraken lets retail investors access Jersey Mike’s IPO via tokenized shares
Eligible US users can request IPO allocations, while non-US customers can buy JMKEx, a tokenized version of the stock backed 1:1 by shares held in regulated custody.
Crypto exchange Kraken is opening access to the planned Jersey Mike’s initial public offering through a tokenized-shares offering alongside traditional allocation requests, according to Cointelegraph. Eligible US users can request allocations of Jersey Mike’s book-entry shares at the IPO price, while customers in more than 110 countries can request tokenized shares backed 1:1 by the underlying stock.
For global users, Kraken said the tokenized product is JMKEx, with the backing Jersey Mike’s shares held in regulated custody. Kraken also said allocations are determined by the IPO underwriter and are not guaranteed.
Cointelegraph reports that JMKEx is set to begin trading 24 hours a day, five days a week on Kraken and participating xStocks Alliance platforms after the IPO closes, while the underlying Jersey Mike’s shares will trade during regular US market hours.
Kraken said tokenized shares can be transferred across participating xStocks Alliance platforms, moved onchain, and integrated with compatible decentralized finance applications. Jersey Mike’s expects to price its offering between $21 and $25 per share and list its Class A shares on the New York Stock Exchange under the ticker JMKE.