SK Hynix just pulled off the largest US debut by a foreign company in history, raising $26.5 billion on Nasdaq. Before the confetti even settled, its shares were already living on three blockchains.
Ondo Global Markets listed tokenized SK Hynix shares, trading under the ticker SKHYon, on July 10, the same day the South Korean memory chipmaker began trading on Nasdaq at $149 per American Depositary Share. The tokens are transferable across Solana, Ethereum, and BNB Chain courtesy of LayerZero’s cross-chain infrastructure.
The biggest foreign IPO meets same-day tokenization
SK Hynix sold 177.9 million ADSs in its US listing, making it the single largest first-day offering by any non-American company on US exchanges.
Through its “Ondo Global Listing” service, which launched on February 3, 2026, the protocol has been positioning itself to tokenize NYSE and Nasdaq IPOs on their actual debut day. SK Hynix is the highest-profile test of that capability to date.
Since launching in September 2025, Ondo Global Markets has expanded its tokenized stock catalog to over 430 assets. The platform surpassed $500 million in total value locked by early 2026.
Why SK Hynix matters beyond the ticker
SK Hynix is the world’s leading producer of high-bandwidth memory, the specialized chips that power Nvidia’s AI GPUs and the data centers behind every major language model. Every time a hyperscaler like Microsoft, Google, or Amazon orders another rack of Nvidia H100s or B200s, SK Hynix gets paid. That positioning is what drove demand for 177.9 million shares at $149 a pop.
What this means for tokenized equities and investors
Ondo’s approach of tokenizing IPOs on day one ties tokenized equities to headline-grabbing events rather than obscure secondary offerings. By deploying SKHYon across Solana, Ethereum, and BNB Chain simultaneously using LayerZero, Ondo is betting that interoperability eliminates the fragmentation problem that has plagued previous tokenized asset experiments.
TVL of $500 million across the entire platform means the average asset has just over $1 million in locked value across 430-plus tokenized assets. Ondo went from launch to $500 million TVL in roughly six months.