Crypto Exchanges
By Jean-Luc Maracon
1 / 15
How JMKEx Actually Works. Post-IPO, JMKEx trades 24/5 on Kraken and other participating xStocks Alliance platforms.
2 / 15
SpaceX Set the Template — and the Warning Signs. Jersey Mike's isn't the first tokenized IPO Kraken has run.
3 / 15
Why This Matters Beyond One Sandwich Chain. The Jersey Mike's deal is kind of a stress test for how far tokenized IPO infrastructure has come…
4 / 15
Kraken wants to let retail investors worldwide buy into a sandwich chain's Wall Street debut. The crypto exchange is offering both U.S.
5 / 15
U.S. customers can submit interest at the IPO price in book-entry form. Simple enough. International users in over 110 countries get access to JMKEx, with the backing shares held…
6 / 15
Jersey Mike's is planning to list its Class A shares on the New York Stock Exchange under the ticker JMKE. Pricing is set between $21 and $25 per share.
7 / 15
Post-IPO, JMKEx trades 24/5 on Kraken and other participating xStocks Alliance platforms. The underlying Jersey Mike's shares, meanwhile, only trade during regular U.S.
8 / 15
Kraken also lets tokenized shares move across xStocks Alliance platforms onchain and plug into decentralized finance applications. That's a bigger deal than it might sound.
9 / 15
That's the pitch, anyway. Whether execution matches it is a separate question.
10 / 15
Jersey Mike's isn't the first tokenized IPO Kraken has run. SpaceX went through the same process back in June, and it didn't go perfectly.
11 / 15
See also: Michael Saylor Warns Strategy Holders as BIP-110 Threatens Bitcoin Consensus Rules
12 / 15
Kraken didn't exactly escape the SpaceX chaos unscathed either. The mechanics of sourcing shares through traditional IPO channels while simultaneously running a crypto-native…
13 / 15
But demand is clearly there. And the broader tokenized equities market has been moving fast. Per RWA.
14 / 15
The Jersey Mike's deal is kind of a stress test for how far tokenized IPO infrastructure has come since SpaceX. Can Kraken handle the allocation process more cleanly this time?
15 / 15
What's not unclear is the direction of travel. Traditional equity markets and crypto platforms are colliding faster than most Wall Street firms expected.
The Currency Analytics
Want the full story?