SK Hynix ($SKHY), South Korea’s dominant memory-chip maker and global leader in High-Bandwidth Memory, is now live on Solana through Sunrise via Backpack Securities, xStocks, and Ondo.
TL;DR
- South Korea’s memory leader SK Hynix is now listed on Nasdaq and tradable on Solana
- $SKHY through Sunrise via Backpack Securities, eligible investors can access a 1:1 redeemable tokenized stock tradable and composable within Solana DeFi
- $SKHYx from xStocks is fully collateralized 1:1 by the underlying shares held with a regulated custodian, and transferable 24/7
- $SKHYon from Ondo is a total-return token backed 1:1 at US-registered broker-dealers, transferable 24/7 with 24/5 minting and redemption
- SK Hynix controls ~59% of the global HBM market, 70% of Nvidia’s HBM4 chip allocation, and the entire 2026 supply is sold out.
- High-Bandwidth Memory (HBM) is the densely stacked DRAM that enables modern GPUs and advanced AI compute
- Internet Capital Markets: $SKHY’s listing represents the largest foreign share offering since Alibaba’s IPO in 2014 and it’s available on Solana from day one
SK Hynix: The memory supercycle hits Nasdaq
SK Hynix has been publicly traded in Korea for decades, but its American Depositary Receipt (ADR) debut today is historic. The company is raising approximately $28 billion, marking the largest stock issuance from a foreign company in U.S. markets. Proceeds from this offering will fund the Yongin “Y1” mega-fab and next-gen HBM4 production lines at a time when memory bandwidth is the primary bottleneck in AI infrastructure.
What SK Hynix Builds
SK Hynix builds three kinds of memory:
- DRAM, which is the fast memory found in computers, phones, and servers tasked with holding temporary data for active applications;
- NAND flash, which is the hardware inside Solid State Drives (SSDs), phones, and memory cards that keeps data intact even when the power is off, and most critically;
- High-Bandwidth Memory (HBM), which is a specialized, ultra-premium variant of DRAM where memory chips are stacked vertically like skyscrapers and linked by microscopic wires.
Why HBM Matters for AI
Traditional DRAM lays chips flat across a board, requiring data to travel comparatively long horizontal distances between memory and the processor. HBM, however, stacks chips vertically like floors in a skyscraper and connects each layer through microscopic wires, allowing for memory to be placed in stacks mere millimeters from the GPU. The result: up to 10x higher bandwidth, exactly what large language models and AI training demand.
The Supercycle is Here
Demand for HBM has ignited a semiconductor supercycle. SK Hynix commands:
- Approximately 59% share of the global HBM market.
- Roughly 70% of Nvidia’s HBM4 allocation under contract.
- A fully sold-out 2026 HBM production pipeline
Nvidia now accounts for about 27% of SK Hynix revenue. In June 2026, SK Hynix overtook Samsung to become South Korea’s most valuable listed company.
The $SKHY listing
For the first time, investors outside Korea will be able to buy SK Hynix through an ordinary U.S. brokerage. Each ADR represents ownership in the underlying Korean shares (via a depositary bank), broadening the investor base and opening the door to passive index inclusion and large U.S. institutional flows. This listing could help close a historical valuation discount versus SK Hynix’s U.S. peers like Micron, as access expands. The Nasdaq listing expands who can own SK Hynix and bringing $SKHY to Solana changes where, when, and how that exposure can trade.
Three Issuers, One Network: Internet Capital Markets
On day one, SK Hynix exposure is live on Solana through three issuers, each with its own structure:
- Backpack Securities issues $SKHY, a tokenized security redeemable 1:1 into the corresponding security entitlement, enabling investors to move and trade it between Solana, Backpack Securities, and other traditional brokerages. Dividends reflected through onchain rebasing.
- xStocks lists $SKHYx, fully collateralized 1:1 by the underlying shares held with a regulated custodian, transferable 24/7, with corporate actions like dividends reflected onchain automatically.
- Ondo lists $SKHYon, a total-return token backed 1:1 by shares held at US-registered broker-dealers, transferable 24/7, with dividends automatically reinvested and 24/5 minting and redemption.
Across all three, investors receive the same economic exposure as the Nasdaq ADR, with the added benefits of 24/7 global trading, self-custody, and Solana DeFi composability.
Verify official token addresses before purchasing: https://www.tokens.xyz/skhy
From Seoul to Solana
SK Hynix's Nasdaq debut expands access to a foundational AI infrastructure company. By bringing $SKHY to Solana on day one, Sunrise with Backpack Securities, xStocks, and Ondo are extending that access to Solana's Internet Capital Markets.
$SKHY may begin trading on Nasdaq, but on Solana, the market never closes.