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SK Hynix lands on Solana as tokenized stock on Nasdaq debut day
- SK Hynix raised $26.5 billion in its Nasdaq ADR debut on July 10, with shares surging in early trading.
kucoin+1 - Three issuers — Backpack Securities, xStocks, and Ondo — simultaneously launched tokenized SK Hynix tokens on Solana, each backed 1:1 by underlying shares.
solana - SK Hynix controls roughly 59% of the global high-bandwidth memory market and holds 70% of Nvidia's HBM4 chip allocation.
solana
SK Hynix, South Korea's dominant memory-chip maker, became available as a tokenized asset on Solana through xStocks and two other issuers on July 10, the same day the company completed its landmark Nasdaq ADR listing that raised approximately $26.5 billion.kucoin+1
The listing represents the largest foreign share offering in U.S. markets since Alibaba's IPO in 2014, according to Solana's official announcement. xStocks, operating under the Kraken ecosystem, issued the token as $SKHYx — fully collateralized 1:1 by underlying shares held with a regulated custodian and transferable around the clock.solana+1
Multi-Issuer, Multi-Chain Approach
Three separate issuers brought SK Hynix exposure to Solana on launch day. Backpack Securities issued $SKHY as a redeemable tokenized security, xStocks listed $SKHYx with automatic onchain dividend reflection, and Ondo listed $SKHYon as a total-return token with dividends automatically reinvested. All three provide the same economic exposure as the Nasdaq ADR while enabling 24/7 global trading and self-custody.solana
xStocks has previously expanded beyond Solana to other blockchain networks. The platform launched on TON in December 2025, integrating with Telegram's wallet to give users access to tokenized U.S. equities within the messaging app. In March 2026, xStocks unveiled xChange, a multi-chain execution layer supporting cross-chain transactions on Ethereum and Solana.finance.yahoo+2
Why SK Hynix Matters
SK Hynix controls roughly 59% of the global high-bandwidth memory market and holds 70% of Nvidia's HBM4 chip allocation, with its entire 2026 supply already sold out. The ADR shares were priced at $149 and surged between 13% and 22% in early trading on July 10.kucoin+1
xStocks now offers more than 100 tokenized U.S. equities and aims to expand to over 500 by the end of 2026. The platform has surpassed $25 billion in total transaction volume since its June 2025 launch. The tokens remain unavailable to U.S. retail investors.kraken+2
Sources (15)
- 1 SK Hynix Raises $26.5B in NASDAQ Listing, Tokenized ... www.kucoin.com
- 2 SK Hynix surges in NASDAQ debut after raising $26.5B ... cryptobriefing.com
- 3 The Sun Rises in Seoul and Trades on Solana: $SKHY is ... solana.com
- 4 Tokenized Stocks and ETFs on Kraken www.kraken.com
- 5 Kraken-Backed xStocks Brings Tokenized US Equities to ... finance.yahoo.com
- 6 Kraken's xStocks Launches Unified Liquidity Layer for ... thedefiant.io
- 7 xStocks bringing tokenized equities to TON blockchain and ... blog.kraken.com
- 8 Celebrating 100 xStocks and the growing global market for ... blog.kraken.com
- 9 Solana (@solana) / Posts / X x.com
- 10 SK Hynix SKHY Tokenized on Solana Day One: xStocks, ... solanacompass.com
- 11 Kraken Xstocks Explained | Support - Eco eco.com
- 12 TON xStock - Backed Assets assets.backed.fi
- 13 The Future Of Tokenized Stocks: Liquidity, DeFi And xStocks changenow.io
- 14 Tokenized Stock Prices – 24/7 Live Equity Token Rates www.kraken.com
- 15 xStocks - Tokenized Equities xstocks.fi
