Crypto exchange expands tokenized equity offerings after SpaceX debut
Kraken is offering US retail investors direct allocations of Jersey Mike’s initial public offering shares and users in more than 110 countries access to tokenized shares backed 1:1 by the underlying stock, the exchange announced on July 28, 2026.
Eligible US customers can request allocations of Class A shares in the sandwich chain, which operates 3,300 locations. Jersey Mike’s expects to list on the New York Stock Exchange under ticker JMKE with a price range of $21 to $25 per share. Outside the US, users can trade JMKEx, a tokenized representation of the shares, on Kraken and the xStocks Alliance platform network. The tokenized shares will trade 24/5 on those platforms while underlying shares trade during regular US market hours.
Holders of tokenized shares can transfer them across xStocks Alliance platforms, move them onchain, and integrate them with compatible decentralized finance applications. Allocations are determined by the IPO underwriter and are not guaranteed.
The Jersey Mike’s offering marks Kraken’s second tokenized IPO after the exchange launched SpaceX tokenized shares in June 2026. That offering was oversubscribed 4 times and priced at $135 per share. SpaceX shares subsequently declined to approximately $115 as of Tuesday. Several competitors including Binance, Bybit, Bitget Wallet, and MEXC canceled their SpaceX campaigns after failing to secure sufficient underlying shares.
The tokenized equities sector has expanded sharply. As of mid-2025, the sector held under $500 million in distributed value. By July 28, 2026, that figure had grown to $1.87 billion, a 29.4% increase over the preceding 30 days, according to data from RWA.xyz.
