Bitget has begun trading a tokenized version of Jersey Mike's stock under the ticker $JMKE, the exchange announced on July 31. The token, issued through Bitget's rToken tokenized-stock framework as rJMKE, opened trading at a debut price of $21 — $2 below the sandwich chain's official initial public offering price.
The listing extends Bitget's push into onchain equity products, which let users gain exposure to traditional public companies through blockchain-based tokens rather than a conventional brokerage account.
Tokenized Stocks Trade at a Discount to Debut
The $2 gap between rJMKE's onchain debut price and Jersey Mike's actual IPO price illustrates a pattern seen in several recent rToken launches, where onchain trading opens at a modest discount before price discovery catches up with the underlying equity market.
Related: RWA Perpetuals Volume Hit $347B in May, Dwarfing Tokenization Growth
Part of a Broader rToken Push
Bitget has been expanding its rToken lineup beyond single-stock listings, positioning the tokens for use as trading collateral and margin alongside their role as a straightforward buy-and-hold instrument. The exchange has framed the format as a way to let users hold, trade, and borrow against exposure to public companies without leaving its platform.
The Jersey Mike's listing adds to a growing slate of tokenized equities available on Bitget, as exchanges continue to compete for demand in the onchain tokenized-stock market alongside decentralized RWA perpetuals platforms that have already outpaced tokenization in trading volume.
Jersey Mike's tokenized debut fits the same wave covered in our reporting on Apple and Amazon's tokenized stock products and tokenized equity trading's broader 800% surge — though tokenizing a recent IPO rather than an established mega-cap is a somewhat different bet, giving crypto-native traders exposure to a newly public company's price discovery phase rather than an already-settled valuation.
FAQ
Why would a newly IPO'd company's stock be tokenized so quickly?
Recently-IPO'd stocks often see significant early volatility as the market finds a stable valuation, which can attract traders looking for tokenized, 24/7 exposure to that price discovery process.
What is Bitget's rToken platform?
It's Bitget's tokenized-stock product line, giving users synthetic price exposure to individual public companies without holding the underlying shares directly.
