TL;DR
- Jersey Mike’s, the American fast-casual sub sandwich company with more than 3,300 stores across the US and Canada, has filed to go public on the NYSE under the ticker JMKE.
- For the first time, eligible US Kraken customers can also submit interest in real, book-entry Jersey Mike’s shares (JMKE).
- Eligible Kraken customers outside the US in 110+ countries can submit a non-binding indication of interest through xStocks.
- Customers who receive an allocation get JMKEx (1:1 backed tokenized equity) in the EEA and other eligible markets; JMKE (real shares) for US customers.
- JMKE trades during traditional market hours, JMKEx trades 24/5 from day one on Kraken, participating xStocks Alliance platforms, and compatible DeFi venues.
Whether Jersey Mike’s is already your go-to sub or a name you’re hearing for the first time, this listing is worth understanding. It started as a single sub shop in Point Pleasant, New Jersey, in 1956. Seventy years later it has more than 3,300 stores across the US and Canada, built on fresh-sliced meats, house-baked bread, and its signature Mike’s Way subs, and it’s now expanding into the UK and Ireland. It has filed to go public on the NYSE under the ticker JMKE.
Until now, most retail investors had few ways to take part in an IPO like this. Investors in the US, the EEA, and other supported regions in the rest of the world could only get in once trading began on the open market, often well after institutional participants had secured their positions. That changes today.
Allocation for JMKE and JMKEx is not guaranteed, is not first-come, first-served, and is decided by the IPO underwriter, not Kraken or xStocks, and is based on demand. High demand may result in a full, partial, or no allocation.
How it works
For customers in the EEA and rest of world: JMKEx
Through xStocks, eligible Kraken customers in 110+ countries can submit a non-binding indication of interest in Jersey Mike’s before it lists. If allocated, JMKEx, a tokenized representation of Jersey Mike’s equity backed 1:1 and held in regulated custody, lands in your Kraken portfolio on listing day.
- Submit interest in the Kraken app and on web. Funds are reserved, not charged, and you can cancel anytime before the window closes.
- Allocation is not guaranteed, is not first-come, first-served, and is decided by the IPO broker based on demand. High demand may result in a full, partial, or no allocation.
- Any unallocated funds are refunded automatically.
- Once live, JMKEx trades on Kraken and participating xStocks Alliance platforms.
A 5% fee applies.
This is new. Most US retail brokers do not give ordinary customers access to IPO shares at the offering price at all; that allocation typically goes to institutional or high-net-worth brokerage clients. Kraken customers in the US can now submit interest in real, book-entry Jersey Mike’s shares (JMKE) at the same $21–25 offering price as everyone else.
- Submit interest in the Kraken app.
- Funds are reserved, not charged.
- Allocation is not guaranteed, is not first-come, first-served, and is decided by the IPO broker based on demand. High demand may result in a full, partial, or no allocation.
- Shares settle the standard way and appear in your account around the time trading opens.
No fee applies.
How allocation works
Allocation is decided by the IPO’s underwriter, not by Kraken or xStocks, and is based on overall demand. You may receive a full allocation, a partial allocation, or none. Any funds not allocated are returned to your account shortly after listing.
Access to JMKEx beyond market hours
One of the most useful features of JMKEx is that access to Jersey Mike’s is not limited to traditional market hours. Conventional brokerages close at the end of each trading day. JMKEx keeps trading 24/5 on Kraken and other participating xStocks Alliance platforms.
xStocks, Payward’s tokenized equities framework, is built to make exposure to public equities more accessible, portable, and compatible with the broader crypto ecosystem. Every xStock is backed 1:1 by the underlying share and held in custody by a regulated entity.
Unlike a traditional brokerage account, xStocks assets can travel with the investor across participating xStocks Alliance platforms, move onchain, and integrate with compatible DeFi applications. The result is a capital market that is global, open beyond traditional market hours, and accessible by design.
Jersey Mike’s is the latest name to make that possible. As more companies head to public markets, JMKEx and JMKE are how Kraken customers can be there from the first session, alongside institutions rather than behind them. For complete Jersey Mike’s IPO Access details, see our Support Center article.
Terms apply. See the Kraken Terms of Service at kraken.com/legal/disclosures to determine which legal entity you face, based on where you live.
Traditional initial public offerings (“IPOs”) access is offered to US customers by Kraken Securities LLC, a member FINRA and SIPC. Access is available where Kraken Securities LLC is permitted to offer its services. Investments in IPOs involve significant risks and are not suitable for all investors. Customers should carefully consider the following risks before investing. IPOs are allocated based on availability and as such you may not be allocated the full amount you indicated an interest for.
IPO access for US users is facilitated through Kraken’s traditional equities offering. IPO participation involves a high degree of risk. Allocation is subject to underwriter decisions; allocation is not guaranteed and excess funds will be returned. The value of equities may go down or up after listing. Past performance of stocks is not a reliable indicator of future results
Traditional initial public offerings (“IPOs”) access is offered to US customers by Kraken Securities LLC (“Kraken Securities”), member FINRA/SIPC, a wholly owned subsidiary of Payward, Inc. (“Kraken”). Technology is offered by Payward, Inc. Currently available in the US only; may not be available in all states. This is not an offer, solicitation, inducement or advice to buy or sell securities, or open a brokerage account in any jurisdiction where Kraken Securities is not registered (Kraken Securities is registered only in the United States). Investments in IPOs involve significantrisksand are not suitable for all investors; IPOs are allocated based on demand and you may not receive the full amount you indicated interest for. Please view the firm’s profile and registered reps atbrokercheck.finra.org, where you can also see the states in which the firm is approved to operate. View Kraken Securities’ disclosures atkraken.com/legal/equities. Available only to eligible customers in the United States.
IPO xStocks are tokenized equities providing price exposure only — not direct ownership. Allocation is not determined by xStocks or Kraken and may be full, partial, or none; it is not guaranteed, and any funds not allocated are returned. Capital at risk. The value of your investment may go down as well as up. Not available in the US or to US persons, or in the United Kingdom, Canada, or Australia. Geo restrictions apply.
IPO participation involves a high degree of risk. Allocation is subject to underwriter decisions and high-demand rationing; allocation is not guaranteed and excess funds will be returned. The value of IPO xStocks may go down as well as up after listing. xStocks are tokenized securities providing price exposure only, with no voting or dividend rights.
xStocks are issued by Backed Assets (JE) Limited (a Jersey private limited company) and offered to eligible Kraken customers via Payward Digital Solutions Ltd. (“PDSL”), a company licensed to conduct digital asset business by the Bermuda Monetary Authority. Investing in xStocks involves an element of risk. The value of an investment may go down as well as up, and past performance is not a reliable indicator of future results. Read Kraken’s xStocks Risk Disclosure at kraken.com/legal/xstocks as well as the Base Prospectus and related Final Terms for xStocks at https://assets.backed.fi/legal-documentation to learn more.
Investment services, ancillary services and investment activities (the “Services”) in relation to financial instruments are provided and carried out in the EEA by Payward Europe Digital Solutions (CY) Limited (“PEDSL-CY”), authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC), licence no. 342/17.
