SK Hynix launches its tokenized stock on Solana as its Nasdaq ADR debuts, bringing 24/7 onchain trading with 1:1 backed, redeemable shares.
Author: Akshay
10th July 2026 – Sunrise has launched $SKHY, a tokenized SK Hynix stock, on Solana as the chipmaker’s shares debut on Nasdaq. Each token is 1:1 backed and redeemable for real equity. It also trades 24 hours a day.
High Signal Summary For A Quick Glance
NEIRO 👊⛽️
@NeiroWoof
@sunrise @solana @Backpack say onchain again, but this time, closer
In a few hours, SK Hynix goes live on Nasdaq. $SKHY will also land on @Solana through Sunrise. The butterfly effect has been building all week. Soon, SKHY trades onchain, around the clock. https://t.co/dsFGV68Dd8 https://t.co/UGrtZ4bAjw
10:25 AM·Jul 10, 2026
High attention and emotional sentiment detected.
The launch landed around the Nasdaq opening bell on July 10. Sunrise confirmed it in a post on X. The token is issued by Backpack Securities, a regulated U.S. broker-dealer. So on-chain buyers get same-day access to a stock most people can only trade during market hours.
$SKHY represents SK Hynix American Depositary Shares, or ADRs. Each token is backed one-to-one by a real share held in regulated U.S. custody. That makes it real equity, not a synthetic price tracker.
Holders can redeem their tokens directly. According to Backpack Learn, every tokenized security it issues is redeemable 1:1 for the underlying share. Redeemed shares can then move to a traditional brokerage through standard ACATS and DTCC rails.
That redemption right is the core of the design. It ties the SK Hynix tokenized stock to a real claim on a real share. So the token is not a bet on a price feed, but a wrapper around actual ownership.
The Solana mint address is public and already confirmed. It appears on Phantom and on Solscan. As a result, anyone can verify the token on-chain before trading.
SK Hynix priced its ADRs at $149 on July 9, raising roughly $26.5 billion. According to Reuters, the offering was oversubscribed more than seven times. Under the ADR structure, 10 ADRs equal one common share.
Trading began July 10 at the opening bell under the ticker SKHY. The company already trades in Seoul as 000660.KS on the KOSPI. So this is a secondary ADR listing, not a first-time IPO.
The timing matters. SK Hynix filed its SEC F-1 on June 24, then priced within weeks. Sunrise mirrored that speed by putting the tokenized stock live the same day the ADRs opened.
Timeline: Sunrise’s semiconductor tokenization rollout culminating in SK Hynix’s Nasdaq debut and the launch of the tokenized $SKHY asset on Solana.
Sunrise and Backpack Securities launch the tokenized version of Micron ($MU) on Solana, kicking off a new wave of tokenized semiconductor equities.
SK Hynix announces plans to list American Depositary Receipts (ADRs) on Nasdaq and files its SEC Form F-1, targeting a July 10 trading debut.
Sunrise introduces the tokenized Roundhill DRAM Memory ETF ($DRAM) on Solana, providing indirect exposure to SK Hynix before its standalone tokenized listing.
SK Hynix completes the ADR bookbuilding process, with final pricing set on July 9 at $149 per ADR ahead of the Nasdaq debut.
Sunrise announces that SK Hynix will debut on Nasdaq the following day and confirms that the fully redeemable 1:1 tokenized $SKHY asset will launch on Solana simultaneously through Backpack Securities.
The Solana mint address for $SKHY is shared publicly, confirming token deployment ahead of trading while community members note that trading has not yet opened.
Sunrise publishes its primary launch announcement, confirming the synchronized rollout of tokenized $SKHY alongside the company’s Nasdaq listing later in the day.
SK Hynix ADRs officially begin trading on Nasdaq under ticker SKHY, marking the company’s U.S. public market debut.
The 1:1 redeemable tokenized version of SK Hynix is expected to begin trading on Solana shortly after the Nasdaq opening bell, with additional details on redemption, KYC requirements, and broader market access expected in the following days and weeks.
SK Hynix is the world’s number two memory chipmaker. It also leads in High-Bandwidth Memory, or HBM, the chips that feed AI accelerators like Nvidia’s GPUs. So its shares sit at the center of the AI compute trade.
That relevance is part of the appeal on-chain. Traders who want exposure to the AI hardware boom can now hold a claim on SK Hynix inside a Solana wallet. As a result, a core supplier to the AI supply chain becomes a DeFi-native asset.
CNBC framed the Nasdaq listing as a test of whether a U.S. debut can narrow SK Hynix’s so-called Korea discount. The tokenized version adds another layer to that story by widening who can access the stock.
Nasdaq runs for about six and a half hours a day. Solana never closes. Because of that, $SKHY can trade nights, weekends, and holidays while the underlying shares sit idle.
Price parity comes from redemption arbitrage rather than oracles. If the token drifts to a premium or discount, traders can redeem or trade against the real shares. In other words, market forces and redemption rights keep the peg honest.
Settlement is also faster. On-chain transfers clear in seconds, while traditional equity trades settle on a T+1 basis. The token is self-custodied in a Solana wallet and works across DeFi apps for lending and liquidity.
Comparison between Nasdaq-listed SKHY ADRs and the onchain $SKHY token issued through Sunrise
Sunrise is tokenization infrastructure built by Wormhole Labs. It creates canonical Solana mints and seeds day-one liquidity across venues like Jupiter and Raydium.
The SK Hynix tokenized stock is not its first listing. Sunrise and Backpack have already brought tokenized SpaceX, Micron, SanDisk, and a DRAM ETF on-chain. This launch extends a run of semiconductor names that Sunrise has framed as a “butterfly effect” week.
The model tries to stand apart from earlier stock tokens. Projects like xStocks and older synthetic trackers offered exposure without direct redemption. Backpack instead issues securities that holders can convert back into real shares.
Several details remain open. Exact KYC rules and eligibility for U.S. persons on the tokenized version are not fully spelled out. Redemption fees and timelines are also unconfirmed.
It is also unclear whether dividends and corporate actions pass through on-chain automatically. Live trading volume and TVL are thin this early, so early figures may not reflect real demand. This article is informational only and not financial advice.
Broader risks apply too. Tokenized equities still face custody and regulatory questions that the sector has not fully settled. So investors should treat a same-day launch with the same caution as any new listing.
The next test is demand. On-chain volume, liquidity depth, and redemption activity will show whether traders treat $SKHY as more than a novelty.
Sunrise and Backpack have signaled more listings ahead. If the SK Hynix tokenized stock holds its peg and draws steady volume, it strengthens the case for real, redeemable equities on Solana. The first full trading day will offer the earliest read.
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