SK Hynix shares fall over 9% on second day of US trading as tokenized stock launches on Solana

SK Hynix shares fell over 9% on their second day of US trading after a record $26.5 billion NASDAQ listing, as the company simultaneously launched tokenized shares on Solana. The drop reflects market volatility for the AI chip maker, whose high-bandwidth memory is critical for AI systems.

SK Hynix shares fall over 9% on second day of US trading as tokenized stock launches on Solana The largest-ever US listing by a foreign company raised $26.5 billion, but day-two jitters and a simultaneous blockchain token launch are reshaping how investors think about AI chip exposure. SK Hynix just pulled off the biggest US listing ever by a foreign company. Then its stock dropped more than 9% the very next day. The South Korean memory chip giant’s American Depositary Receipts debuted on NASDAQ on July 10 after raising approximately $26.5 billion, pricing 177.9 million ADRs at $149 each. On day one, shares opened between $170 and $173, a gain of roughly 13-15% from the issue price. On day two, the market pulled back hard, with shares declining more than 9%. A record-breaking debut meets gravity SK Hynix’s $26.5 billion raise eclipsed Alibaba’s 2014 IPO, which had held the crown for over a decade as the largest US listing by a foreign company. The offering was oversubscribed more than seven times. SK Group Chairman Chey Tae-won attended the opening ceremony on NASDAQ. SK Hynix is one of the world’s leading producers of high-bandwidth memory chips, the silicon that makes modern AI systems actually work. Tokenized shares hit Solana On the same day as the day-two selloff, SK Hynix launched tokenized versions of its shares, branded as xStocks under the ticker SKHYx, on Solana and other blockchain platforms. This allows trading of a blockchain-based representation of SK Hynix equity on decentralized infrastructure, 24/7, without needing a traditional brokerage account. Why this matters for AI and crypto investors SK Hynix’s high-bandwidth memory chips are essential components in the GPU clusters that power large language models and autonomous driving systems. The seven-times oversubscription of this offering signals continued institutional appetite for AI hardware exposure. For crypto-native investors, the tokenized share launch creates a pathway into AI infrastructure exposure without leaving the blockchain ecosystem. The product is available on Solana, which has been positioning itself as a chain for tokenized assets and high-throughput financial applications. What investors should watch now is whether trading volume on the tokenized SKHYx shares builds meaningful liquidity, or whether the product remains a curiosity. If on-chain volume starts to represent even a small fraction of NASDAQ trading activity, it would validate the thesis that tokenized equities are moving from concept to infrastructure. Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy https://cryptobriefing.com/editorial-policy/ .