Kraken is giving retail investors access to Jersey Mike’s planned initial public offering through two separate structures, combining traditional share allocations for eligible U.S. customers with tokenized stock for users across more than 110 countries. International customers can request JMKEx, a tokenized version of Jersey Mike’s stock backed on a one-to-one basis by underlying shares held with a regulated custodian. Kraken previously used its tokenized IPO platform for SpaceX’s public debut in June, when demand exceeded the available supply of underlying shares. A platform can attract customer demand before it knows exactly how many underlying shares the underwriter will allocate. The SpaceX share price has also fallen since listing, declining from its $135 IPO price to about $115 on Tuesday.