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

The Cointelegraph ​

Cryptocoins News / The Cointelegraph ​ 29 Views

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

Eligible US users can request IPO allocations, while customers in more than 110 countries gain access to tokenized Jersey Mike’s shares backed 1:1 by the underlying stock.

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.

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