SK Hynix's Nasdaq debut arrives on Solana the same day — via three tokenized-stock issuers

South Korean memory-chip maker SK Hynix listed an American Depositary Receipt (ADR) on Nasdaq under the ticker $SKHY, and on the same day three issuers launched tokenized versions of the stock on Solana, according to an announcement published by Solana (solana.com/news, July 10, 2026). That announcement is the only source available for this item, and it is a promotional post from the network the products run on — read it accordingly.

Per Solana, the ADR raises roughly $28 billion, which it calls the largest stock issuance by a foreign company in U.S. markets and the biggest foreign share offering since Alibaba's 2014 IPO. Proceeds are earmarked for SK Hynix's Yongin "Y1" mega-fab and HBM4 production lines. Each ADR represents ownership in underlying Korean shares held via a depositary bank.

The tokenized wrappers come from three named issuers, each structured differently, all claiming the same economic exposure as the ADR:

• Backpack Securities — $SKHY, described as redeemable 1:1 into the corresponding security entitlement, with dividends reflected via on-chain rebasing.
• xStocks — $SKHYx, described as fully collateralized 1:1 by shares held with a regulated custodian, transferable 24/7.
• Ondo — $SKHYon, a total-return token described as backed 1:1 by shares held at U.S.-registered broker-dealers, with 24/5 minting and redemption and dividends auto-reinvested.

Key facts

• SK Hynix ADR ($SKHY) live on Nasdaq; raise ~$28B — Solana announcement
• Called largest foreign share offering since Alibaba (2014) — Solana announcement (attribution to "Internet Capital Markets," unverified)
• Tokenized on Solana via Backpack Securities, xStocks, Ondo — Solana announcement
• Claimed ~59% global HBM share, ~70% of Nvidia's HBM4 allocation, 2026 pipeline sold out — Solana announcement
• Nvidia ~27% of SK Hynix revenue; SK Hynix passed Samsung as Korea's most valuable listed firm in June 2026 — Solana announcement

The real-world read

This is a product launch dressed as market news, and the only source is the network selling the product. Every figure above — the $28B raise, the 59% HBM share, the "sold out" 2026 pipeline, the "largest since Alibaba" superlative — traces to a single Solana marketing post, not to SK Hynix filings, Nasdaq, or independent reporting. None of it is independently corroborated here.

Note what the post does not establish: it doesn't name the depositary bank or custodians, doesn't disclose fees, spreads, or redemption frictions on any of the three tokens, and doesn't explain how three separately-issued wrappers on the same shares are kept at parity. "1:1 redeemable" and "fully collateralized" are the issuers' own descriptions. The closing line — "on Solana, the market never closes" — is sales copy. Treat market-share and revenue-concentration claims from an interested party as unverified until a filing or primary source confirms them.

This is not financial advice.