Payward Services, the B2B infrastructure platform from Payward, the company behind global crypto platform Kraken, today opened Pre-IPO access to Jersey Mike’s Subs, the fast-casual sandwich chain preparing to list on the New York Stock Exchange. For the first time, eligible Kraken customers in the United States can participate in Pre-IPO Access, receiving real shares at the offering price, plus any associated fees, through a traditional securities offering powered by Payward. Eligible customers in over 110 countries across the world can also register a non-binding indication of interest to take part in the IPO process via xStocks ahead of the public listing. Jersey Mike’s Subs is the third offering in Payward Services’ Pre-IPO Access pipeline, following SpaceX and Bending Spoons earlier this year.

For most retail investors, taking part in an IPO has been out of reach, with access gated by wealth or geography. They can usually only buy once a stock is trading openly, often well above the price institutions paid for their allocations. Payward Services built Pre-IPO Access to change that, opening primary-market access to a global audience through Payward’s xStocks tokenized equities framework, and now, for US customers of Kraken, through Kraken Securities.

A first for US customers: real IPO shares at the offering price

Alongside the xStocks route, Payward Services has been working for months to unlock a second pathway for eligible Kraken customers in the United States. Through Kraken Securities, US customers can register interest in Jersey Mike’s Subs directly, as traditional book-entry shares at the offering price, with no token involved. Most US retail brokers do not give everyday customers access to IPO shares at the offering price at all, with allocations typically reserved for institutional or high-net-worth clients. For Kraken’s US customers, this is a new opportunity, and the first time a Payward Services Pre-IPO Access offering has been open to the United States.

Primary-market access for investors in 110+ countries, powered by xStocks

For non-US investors, the indication of interest window opens on Kraken and other supporting xStocks Alliance partners for their customers to access tokenized shares of Jersey Mike’s Subs. During the window before public listing, customers can indicate how much they wish to buy within Jersey Mike’s Subs’ indicated price range. Funds associated with non-binding indications of interest are reserved, not charged, until the final allocation is secured and ready for distribution. Payward Services then aggregates demand across xStocks Alliance partners and works with an underwriting syndicate to secure an allocation of the underlying shares, which back the tokenized Jersey Mike’s Subs asset (JMKEx) 1:1 and are distributed on the day of public listing. All allocation decisions rest with Jersey Mike’s Subs and its underwriters, and Pre-IPO access allocation is not guaranteed by Payward Services.

Every xStock is backed 1:1 by the underlying share and held in custody by a regulated entity. Unlike traditional brokerage accounts, xStocks assets can move with the investor across participating xStocks Alliance platforms, be transferred onchain, and integrate with compatible DeFi applications. Since launching with initially tokenized US equities, xStocks has broadened to offer more than 500 tokenized assets spanning equities, IPOs and other asset classes, offering the widest range of any tokenized asset framework, and now powers over $35 billion in transaction volume across multiple blockchain ecosystems, with nearly 200,000 holders across the world.

"One IPO at a time we’re dismantling an outdated public-listing process. For decades the best entry prices went to institutions and a small circle of privileged investors, while everyone else waited for the opening bell. We built Pre-IPO Access to break that model, unlocking opportunities for retail investors to invest in the brands and businesses they know before they become public companies," said Mark Greenberg, Payward’s Chief Commercial Officer and Global Head of Payward Services. “SpaceX and Bending Spoons proved the demand for Pre-IPO Access is real. We’re now building a global pipeline of IPO opportunities because we believe broader access shouldn’t be the exception, it should be the universal investing standard."

Jersey Mike’s Subs Inc. is an American fast-casual sandwich company. Acquired by private equity firm Blackstone in 2025, it runs an asset-light model that is roughly 99% franchised, with more than 3,300 stores across the US and Canada and expansion underway into the U.K. and Ireland. The company has filed to go public on the New York Stock Exchange under the ticker JMKE.

Payward Services will continue opening more Pre-IPO Access offerings to xStocks Alliance members in the coming months. Geographic restrictions apply.

About Payward Services:

Payward Services is the B2B infrastructure platform built on 15 years of operating Kraken, one of the world’s largest crypto platforms. Through a single integration, partners can access crypto and tokenized equity trading, fiat and stablecoin payments, yield, lending, prediction markets and derivatives. Fintechs, banks, brokerages, payment providers, exchanges, consumer tech platforms and asset managers can use Payward Services to offer digital assets to their clients without building the stack themselves.

Liquidity, custody, payments, compliance, risk and settlement are integrated by design, replacing fragmented multi-vendor stacks with a single regulated foundation. Partners build on the same infrastructure that powers Payward’s family of products, deployed as modular services they can scale alongside their own.

For more information, visit https://www.payward.com/payward-services.

About xStocks:

xStocks is the industry benchmark for tokenized real world assets, bringing publicly listed equities and other assets onchain through fully collateralized, 1:1-backed tokens. Powered by Payward’s digital asset infrastructure, xStocks places traditional assets on blockchain rails, expanding access to global capital markets with extended availability, global reach, and digital-native settlement. Starting with tokenized US equities, xStocks now spans markets across the US, Europe and Asia.

Designed for interoperability, xStocks move seamlessly between centralized exchanges, self-custodied wallets, and onchain applications, unlocking new utility across trading, collateralization, and decentralized finance. Since launching in June 2025, xStocks has grown to power billions of dollars in transaction volume across multiple blockchain ecosystems, anchoring a rapidly expanding global network shaping the future of tokenized markets.

For more information, visit https://xstocks.fi.

IPO access for US users is facilitated via Alpaca and Click Capital Markets (ClickIPO) through Kraken’s traditional equities offering. IPO participation involves a high degree of risk. Allocation is subject to underwriter decisions; allocation is not guaranteed and excess funds will be returned. The value of equities may go down or up after listing. Past performance of stocks is not a reliable indicator of future results.

Traditional initial public offerings ("IPOs") access is offered to US customers by Kraken Securities LLC ("Kraken Securities"), member FINRA/SIPC, a wholly owned subsidiary of Payward, Inc. ("Kraken"). Technology is offered by Payward, Inc. Currently available in the US only; may not be available in all states. This is not an offer, solicitation, inducement or advice to buy or sell securities, or open a brokerage account in any jurisdiction where Kraken Securities is not registered (Kraken Securities is registered only in the United States). Investments in IPOs involve significant risks and are not suitable for all investors; IPOs are allocated based on demand and you may not receive the full amount you indicated interest for. Please view the firm’s profile and registered reps at brokercheck.finra.org, where you can also see the states in which the firm is approved to operate. View Kraken Securities’ disclosures at kraken.com/legal/equities. Available only to eligible customers in the United States.

IPO xStocks are tokenized equities providing price exposure only — not direct ownership. Allocation is not determined by xStocks or Kraken and may be full, partial, or none; it is not guaranteed, and any funds not allocated are returned. The value of IPO xStocks may go down as well as up after listing. xStocks are tokenized securities issued by Backed Assets (JE) Limited ("BAJL") pursuant to an EU-registered prospectus, providing price exposure only, with no voting or dividend rights. IPO xStocks are made available in the EEA by Payward Europe Digital Solutions (CY) Limited ("PEDSL-CY"), authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC), licence no. 342/17. IPO xStocks are made available outside the EEA by Payward Digital Solutions Ltd. ("PDSL"), licensed to conduct digital asset business by the Bermuda Monetary Authority ("BMA"). Not available in the US or to US persons, or in the United Kingdom, Canada, or Australia. Geo restrictions apply.

Investment services, ancillary services and investment activities (the "Services") in relation to financial instruments are provided and carried out by Payward Europe Digital Solutions (CY) Limited (ex I.F. Greenfields Wealth Ltd) ("PEDSL-CY"). PEDSL-CY is authorised and approved by the Cyprus Securities and Exchange Commission (CySEC) for the provision of the Services with licence number 342/17. PEDSL-CY is registered in Cyprus with registered number HE 356603 and registered office at Athalassas, 62, MEZZANINE, Strovolos 2012, Nicosia, Cyprus. See Risk Disclosures here.

These materials are for general information purposes only and are not investment or financial product advice or a recommendation or solicitation to buy or sell financial instruments or to engage in any specific trading strategy. The unpredictable nature of the financial markets can lead to loss of funds. Tax may be payable on any return and/or on any increase in the value of your investment and you should seek independent advice on your taxation position. Geographic restrictions may apply. See Risk Disclosures here.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260728598817/en/

Lauren Post
press@payward.com

Tags

More Like This

Payward Brings Tokenized IPO Access For Retail Investors Across the Globe

Kraken Opens SpaceX IPO Access to Customers in 110+ Countries via xStocks

Payward Services to Unlock Pre-IPO Access to Bending Spoons Through xStocks

NYSE Content Update: Jersey Mike's Raises $1 Billion Ahead of NYSE Debut

Payward Partners with Nasdaq to Develop xStocks-Powered Gateway Connecting Permissioned and Permissionless Tokenized Equities Markets

GTN and Payward partner to expand global capital market access through xStocks

Bybit Launches IPO Express, Becoming One of First Centralized Crypto Exchanges to Offer Tokenized IPO Access, Starting With SpaceX

Payward Named to CNBC's World's Top Fintech Companies 2026