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.
