SK Hynix's $26.5B Nasdaq debut gets tokenized on Telegram and Solana within a day

SK Hynix, the South Korean memory-chip maker, listed American Depositary Receipts on the Nasdaq on Friday under the ticker SKHYV, raising $26.5 billion in the share sale, according to The Block, which cited Reuters for the deal size and demand. Reuters reported that demand for the U.S. shares ran roughly seven times the number available. The ADRs were up more than 13% as of 2:37 p.m. ET on their first day, per Yahoo Finance data cited by The Block.

Within hours, crypto platforms rushed to wrap the stock in tokens. Wallet in Telegram — the crypto wallet embedded in the messaging app, backed by The Open Platform — said it now offers tokenized SK Hynix shares through xStocks. Solana said the same shares are also available on its network via Backpack and Ondo Finance. Separately on Friday, Backpack launched 24/7 tokenized trading of select U.S. equities for international investors, starting with SpaceX, Micron and SanDisk.

The listing itself is the hard news. The tokenization is a product launch riding on it — and much of the surrounding language came from the companies selling the product.

Key facts

• SK Hynix raised $26.5 billion via an ADR sale; shares listed on Nasdaq as SKHYV on Friday, July 10 (The Block, citing Reuters).
• U.S. share demand was about 7x supply (Reuters, via The Block).
• ADRs up 13%+ by 2:37 p.m. ET on day one (Yahoo Finance, via The Block).
• Tokenized SK Hynix shares offered via xStocks on Wallet in Telegram (150M+ registered users, per the company) and on Solana through Backpack and Ondo Finance.
• Backpack separately opened 24/7 tokenized trading of SpaceX, Micron and SanDisk for international investors (Backpack statement, via The Block).

The real-world read

Read the source carefully and the "news" here is a marketing beat. Every claim about the tokenized offering — the "growing demand from retail investors," the boast that Wallet in Telegram gave retail a "60% allocation" in an earlier SpaceX deal, the 150 million–user figure — comes from Wallet in Telegram's own Friday statement, not an independent check. Those are interested-party numbers; treat them as unverified.

Note the sleight of hand in the pitch: tokenized SKHYV does not give buyers the oversubscribed IPO allocation, the ADR itself, or shareholder rights — it's a wrapped derivative launched after the stock was already trading up 13%. The framing that this "democratizes" access to a hot listing does the promotional work while sidestepping what a token holder actually owns. The genuinely verifiable facts — the raise, the demand multiple, the pop — trace to Reuters and Yahoo Finance; the rest is a wallet touting its own product. We had one secondary source (The Block, which discloses Foresight Ventures as majority owner) and could not confirm the tokenization details against a primary filing or the issuers directly.

Opinion, and whose

Wallet in Telegram's Chief Strategy Officer Halil Mirakhmed said "tokenized equities are redefining how people access global capital markets" and cited retail demand — a claim from a party selling the product, not an independent assessment.

Sources

• The Block (RT Watson), secondary reporting — the listing, ticker, first-day move, and all tokenization details; itself cited Reuters (raise, 7x demand) and Yahoo Finance (price). The Block discloses Foresight Ventures as majority owner.
• Wallet in Telegram Friday statement — source of all promotional claims (retail demand, prior SpaceX allocation, user count); treat as marketing.

Not financial advice. This is reporting on a listing and related products, not a recommendation to buy or sell anything.