Kraken opens Jersey Mike’s IPO to retail investors through tokenized shares and direct allocations

Crypto exchange Kraken is offering retail investors access to the planned Jersey Mike’s initial public offering, allowing eligible US customers to request allocations of the sandwich chain’s shares and users in more than 110 countries to request tokenized shares backed 1:1 by the underlying stock.Eligible US customers can submit interest in book-entry Jersey Mike’s shares at the IPO price, while global customers can request JMKEx, a tokenized version of the stock with the backing shares held in regulated custody. Allocations are determined by the IPO underwriter and are not guaranteed.JMKEx will begin trading 24 hours a day, five days a week on Kraken and participating xStocks Alliance platforms once 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, extending access to public equities beyond traditional brokerage accounts.Jersey Mike’s is a US sandwich chain with more than 3,300 locations. According to the company’s IPO announcement, it expects to price the ...