xStocks Opens Jersey Mike's as Its Third Tokenized IPO on Solana, Ahead of

xStocks AAPLx$343.940.0% announced Jersey Mike's Subs as its third tokenized IPO offering on July 28, opening interest submissions through Kraken Kraken's xChange platform days before the sandwich chain's NYSE listing on July 30.

The tokenized instrument carries the ticker JMKEx on xChange. Each token is an SPL token on Solana, issued by Backed Assets (JE) Limited and backed 1:1 by underlying Jersey Mike's shares held in regulated custody. The tokens provide price exposure only, with no direct equity ownership and no voting rights.

Jersey Mike's IPO: $21 to $25 Per Share, JMKE on NYSE July 30

Per Forbes, Jersey Mike's plans to sell 43.5 million shares at $21 to $25 apiece under the NYSE ticker JMKE, targeting a raise of up to $1.09 billion at a valuation near $8 billion. Roughly 68% of the offered shares belong to existing investors rather than the company itself, according to Forbes: Blackstone is selling approximately 26.3 million shares from its position while retaining 76.5% of voting control after the offering.

The chain operates more than 3,300 locations across the US and Canada, generating $4.3 billion in annual sales across 20 consecutive years of positive comparable-store sales growth. Investing.com describes the offering as the largest US consumer or retail IPO of 2026. Morgan Stanley, Jefferies, and J.P. Morgan are serving as global coordinators.

How xStocks Tokenized IPO Access Works on Solana

When an interest window opens, eligible customers submit a reserved amount within the indicated price range through the Kraken app or website. Kraken aggregates demand, coordinates with the underwriting syndicate, and finalizes allocations on listing day, after which allocated users receive JMKEx tokens in their wallets.

The tokens do not confer voting rights or direct corporate ownership. Per Kraken's support documentation, allocation is not guaranteed; heavy demand can result in partial or zero allocation, and unallocated reserved funds are refunded on listing day. Dividends, where applicable, are handled via token rebase mechanisms rather than cash distributions.

JMKEx tokens are composable SPL tokens tradeable on Kraken's xChange and transferable into DeFi protocols on Solana.

Third xStocks IPO, After SpaceX and Bending Spoons

Jersey Mike's is the third company to receive a tokenized IPO offering through xStocks. Kraken ran the first for SpaceX's Nasdaq debut, with The Block reporting that Bybit joined as a distribution partner for that offering. Bending Spoons, the Italian software company, followed as the second xStocks IPO. Solana Compass covered the Bending Spoons access window in June ahead of its $19 billion Nasdaq listing. Bybit has since used xStocks instruments as the underlying for structured yield products on its platform.

The Kraken blog reports $25 billion in total trading volume since the platform's June 2025 launch, with $225 million in tokenized assets onchain and 80,000 unique token holders across 100-plus listed equities and ETFs.

Geographic Restrictions and How to Apply

JMKEx is not available to US, UK, Canadian, or Australian persons. Eligible users in authorized regions can submit interest through the Kraken app under the Discover tab, or through the Upcoming IPOs section on the Kraken website. Funds are reserved but not charged during the interest window; participants can cancel until the submission deadline, and unallocated funds are returned on the day Jersey Mike's begins trading.

US investors seeking traditional JMKE shares can access the NYSE listing through Kraken's separate brokerage integration, which runs independently of the xStocks tokenized offering.