SK Hynixs $26.5 billion US listing brought to Telegram users via xStocks

Quick Take

• Wallet in Telegram, the native crypto wallet built into the messaging app, offers access to tokenized shares of the South Korean chip supplier through xStocks.
• SK Hynix raised $26.5 billion with a share sale.
• The companys shares are also available on Solana via Backpack and Ondo Finance.

Tokenized shares of SK Hynix have been brought to Telegram users following the South Korean chipmaker's successful $26.5 billion U.S. listing, according to a statement from Friday.

Wallet in Telegram, the native crypto wallet built into the messaging app, officially offers access to tokenized shares of SK Hynix through xStocks.

“Tokenized equities are redefining how people access global capital markets,” Wallet in Telegram Chief Strategy Officer Halil Mirakhmed said. We're seeing growing demand from retail investors who want the same opportunities traditionally available only to institutions.

SK Hynix raised $26.5 billion with a share sale of American Depositary Receipts, or ADRs. Demand for the company's U.S. shares was seven times greater than the number of shares available, according to Reuters.

The company's ADRs, ticker symbol SKHYV, went live on the Nasdaq on Friday and were up over 13% as of 2:37 p.m. ET, according to Yahoo Finance.

Telegram, the messaging app with over 1 billion users, isn't the only company getting in on the tokenized action. Solana said that SK Hynix shares on SOL can also be acquired through Backpack and Ondo Finance.

Separately on Friday, Backpack launched 24/7 stock trading of select U.S. equities for international investors. Backpack said it is initially allowing international investors to buy tokenized versions of SpaceX, Micron, and SanDisk.

Wallet in Telegram

“Retail investors have historically received limited access to high-demand private offerings and IPOs, with institutional investors typically prioritized when allocations are oversubscribed,” Wallet in Telegram said Friday. “Earlier this year, the platform delivered a 60% allocation to participating retail investors in the SpaceX offering, at a time when many retail channels allocated no shares.”

Backed by The Open Platform, Wallet in Telegram is natively embedded into Telegrams interface and has over 150 million registered users, according to a statement.

Earlier this year, Wallet in Telegram rolled out onchain yield options for holders of Bitcoin, Ethereum and USDT.