wait.sol @wait_okbye

[Exclusive] SK Hynix to List US ADR in June–July SK Hynix has confirmed it is targeting a June–July timeframe for its US stock market listing and is accelerating the related procedures. When SK Hynix disclosed last month that it had confidentially filed a registration statement (Form F-1) with the US Securities and Exchange Commission (SEC) for an American Depositary Receipt (ADR) listing, the company's position was that it was pursuing a listing within the year but the schedule had not yet been finalized. However, the fact that the company has since set a specific internal timeline is interpreted as a signal of its intent to complete the listing swiftly — shortening the timeline as much as possible to expand its global fundraising base in earnest. Moreover, given that SK Group Chairman Chey Tae-won has emphasized that the ADR listing will make SK Hynix "a more global company," the scale of new share issuance is also expected to be significant. A larger issuance is needed to drive trading activity and, in turn, boost corporate value. According to industry sources on April 16, SK Hynix has communicated a target listing window of June–July to its underwriting syndicate. The company has assembled a syndicate led primarily by US-based securities firms and has entered full-scale preparation. ADRs are securities issued to allow foreign companies to trade their shares on US exchanges, serving as a vehicle to broaden access for global investors. SK Hynix appears intent on completing the listing quickly, regardless of share price fluctuations. When ADR listing rumors surfaced in December last year, the company acknowledged it was reviewing measures to enhance corporate value, including a US listing. Around that time, its share price was on a sustained rally, surpassing KRW 1 million per share by late February — but uncertainty grew as war broke out between the US and Iran. More recently, growing expectations of a ceasefire have fueled a fresh run to all-time highs. The stock broke through the KRW 1.1 million level, confirming robust investor demand. The closing price on April 16 was KRW 1,136,000. Since ADRs are based on domestic shares, the fundraising appeal has increased. An investment banking industry source said, "Even if the share price had fallen, the ADR listing schedule would not have changed — that's how strong the determination is to enter the US market quickly." Attention is now turning to the scale of the new share issuance. Although the AI semiconductor super-cycle left SK Hynix with nearly KRW 35 trillion in cash reserves as of year-end, the upcoming investment requirements are even larger. The capital expenditure needed to meet global next-generation semiconductor demand is astronomical. In February, SK Hynix decided to invest KRW 21.6 trillion through the end of 2030 for its first fab at the Yongin semiconductor cluster. Including the facility investment announced in July 2024, the total reaches approximately KRW 31 trillion. The broader strategy calls for investing KRW 600 trillion by 2050 to operate four fabs in Yongin. Additionally, earlier this year the company announced plans to establish a US-based AI solutions company to position itself as a key partner for AI data centers, with up to USD 10 billion (approximately KRW 15 trillion) earmarked for that venture. Initially, the ADR listing was expected to be based on the company's treasury shares. However, after SK Hynix effectively cancelled its entire treasury stock — KRW 12.24 trillion worth — in January, retaining only shares reserved for employee compensation, new share issuance remains the only option. Analysts say a large-scale new issuance is therefore necessary to achieve the valuation re-rating the company is seeking. Investment banking circles estimate the issuance size at around USD 10 billion. To achieve the company's target valuation uplift, broad-based institutional investor participation is required. If the issuance size were reduced out of concern over diluting the control of parent company SK Square, that too could become an obstacle to a successful offering. Furthermore, based on this year's earnings estimates, the forward price-to-earnings ratio (PER) cited by analysts for SK Hynix stands at just 3–4x — far below US peers Micron (8x) and SanDisk (19x). At NVIDIA's GTC 2026 in San Jose, California in March, Chairman Chey Tae-won said, "I believe [the ADR listing] will make us a more global company by gaining exposure to US and global shareholders." Ahead of the listing, SK Hynix is also planning a deal roadshow to meet US investors. The company is expected to further accelerate preparations after confirming favorable first-quarter results. SK Hynix stated regarding the ADR listing timeline: "We are targeting a listing within this year, but details including the offering size, structure, and schedule have not been finalized. The final listing decision will be made after comprehensively considering the SEC's review of the registration statement, market conditions, demand assessment, and other relevant factors."

The AI market monopolies' negotiating power is shifting. The biggest gatekeeper in the AI market is no longer $NVDA; it's the memory providers SK Hynix, Samsung, and $MU. They are taking full advantage of their position. $NVDA, $AMD, $GOOGL TPU, $AMZN Tranium, they all need HBM and more of it every year. All of them are ready to compete and "pay up" for capacity. $NVDA with Groq will try to go around the HBM "fence" for some of their products, but that has limits. While $TSM is also a critical AI gatekeeper, they are not taking full advantage of their position like the memory players are (we will see if that changes soon). I own both $TSM and SK Hynix, as I don't see the power of these gatekeepers shrinking but rather increasing.

LATEST: 🚀 US spot Solana ETFs reported their 10th consecutive day of daily net inflows yesterday, totaling $6.8 million and bringing the cumulative inflows since launch to $342.5 million.

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beauty on $SOL

Adam @Adam_Tehc

9 months ago

If on-chain transactions were fireworks.

1K 1K 9K 1.0M 2K

If on-chain transactions were fireworks.

Probably nothing

Ian @Ian_Unsworth

9 months ago

After 8 consecutive days of inflows @bitwise's BSOL validator is already the 32nd largest (out of 870) validator on Solana with 2.53m SOL staked, with another 132k SOL pending

9 5 90 18K 6

all eyes on SOL

“Mom, how did we get so poor?” “Your dad got liquidated in 2025”

The Q4 Bull Run

Every time...

“ trust me babe, this is the last shake out”

Welcome to MOONVEMBER!

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i’m not selling

Big week ahead. On Wednesday, we're hosting the very first Solana Investor Day (SOLID) in NYC. 🗽🍎 100 seats filled with institutional investors from major TradFi asset managers & investment banks, plus top ecosystem builders. $SOL is going mainstream. See you there.

🚨 UPDATE: $BTC ETFs saw $799M outflows, while $ETH pulled in $16.1M and $SOL led with $199M inflows.

“Solana has the solution to the scale and speed issue that’s been talked about for so long” - Bitwise’s @teddyfuse on why Solana ETFs saw unprecedented demand

Crypto is being massively overshadowed by stocks right now. Even all the spot ETFs are quiet. All, except one. Bitcoin ETFs saw $1.15 billion in outflows from Wednesday to Friday $ETH ETFs also saw 3 straight days of outflows But Solana had a different story. Bitwise's Solana ETF BSOL just became the biggest ETF launch of the year by trading volume. BSOL ended the week with $197 million in net inflows. Despite the BTC and ETF sell-off, fresh inflows into the SOL ETFs show the bull market is still intact.

The stock I’ve been holding for seven months 3 minutes after I sell it

SOL ETF net flows for the week are greater than both BTC and ETH individually & combined, despite having one less trading day