#直通IPO第二期JerseyMikes Gate's “Straight to IPO” Season 2 Launches Jersey Mike's: A New Attempt at How Crypto Platforms Can Tap Traditional IPOs

On July 27, crypto trading platform Gate will launch its “Straight to IPO” Season 2 project—US sandwich chain Jersey Mike's (JMKE)’s indication subscription. Users can participate with USDT or GUSD. The reference price is $21–$25 per share, and you can “get on board” with as little as $100. After SpaceX in the first round, retail investors are once again given the opportunity to take part in a US stock IPO using stablecoins.

Jersey Mike's has more than 3,300 stores, is controlled by Blackstone Group, and plans to list on the NYSE on July 30, aiming to raise about $1 billion. But a closer look at the prospectus shows that about 68% of the shares being issued are transfers of existing shares; the funds raised are mainly to repay the $2.1 billion debt left behind when Blackstone acquired the company, rather than to fund business expansion. After the IPO, Blackstone will still retain roughly two-thirds of the voting rights, leaving public shareholders with limited influence.

For retail investors, the no lock-up period and 100% unlock rule reduce the participation barrier. If the platform does not receive an allocation, subscription funds paid with USDT can also receive a 3.8% annualized interest subsidy. However, an “indication subscription” does not guarantee an allocation—final distribution depends on the amount the platform actually secures. By cutting into traditional IPOs, crypto platforms broaden asset-allocation channels, but structural issues such as a high proportion of selling of existing shares and absolute control by major shareholders remain key tests of whether valuations can hold up.