July 11 (Crypto-News.Net) – xStocks said SKHYx, its SK hynix token, was available on July 10 as SK hynix began trading on Nasdaq through American depositary shares.
Key takeaways
- xStocks said SKHYx was available on July 10 across Solana, EVM and TON.
- Backed terms describe SKHYx as a tracker certificate, not direct SK hynix share ownership.
- Direct redemption has onboarding, fee, timing and U.S. access limits.
Backed’s SKHYx final terms, dated July 10, list the expected issue date as one day after publication. That leaves a timing gap between xStocks’ same-day availability claim and the document’s expected issue date.
SKHYx terms describe a tracker certificate
Backed Assets (JE) Limited is listed as issuer of Product No. 207, SK hynix xStock, with product ISIN CH1580497340. The final terms describe SKHYx as an open-ended tracker certificate that follows the underlying price with adjustments. The product gives creditor rights and economic exposure, not direct ownership of SK hynix shares or ADSs.
According to the SKHYx factsheet, SKHYx tracks the price of SK hynix Inc. and is issued as a transferable token on selected blockchains. The xStocks post named Solana, EVM and TON, while Backed’s product database lists official contract references for those networks.
The final terms identify the reference security with U.S. ISIN US78392B2060 and Bloomberg tickers SKHYV through July 13, then SKHY after that date. The same document describes the underlying as ordinary shares of SK hynix acquired through an IPO allocation.
SEC filing details the Nasdaq ADS sale
SK hynix’s SEC prospectus says the company offered 177.9 million ADSs at $149 each. Each ADS represents one-tenth of one common share. The filing says the ADSs were approved for Nasdaq listing under SKHY.
Nasdaq said SK hynix began trading on July 10, opened at $170 per ADS and was the second largest U.S. share sale ever.
Redemption and access are restricted
The final terms say SKHYx investors do not receive shareholder attendance, voting, cash-dividend, pre-emption or liquidation-surplus rights in SK hynix. Physical delivery of the underlying or collateral issuer securities is excluded.
Issuer documents say xStocks are backed 1:1 by the underlying asset and describe product-specific collateral accounts. Crypto-News.Net did not independently verify SKHYx reserve balances. The terms also allow cash, stablecoins or delivery claims during settlement.
Direct issuance and redemption require KYC and AML checks. The issuer may reject transactions. The minimum direct subscription is $5,000, the investor fee can be up to 0.5% with a $100 minimum and redemption settlement may take until the fifth business day after token receipt.
The product is not registered under the U.S. Securities Act and may not be offered, sold or delivered in the United States or to U.S. persons. The structure adds to tokenized-equity products covered by Crypto-News.Net, including Backpack’s 24/7 U.S. equity access, but SKHYx remains governed by Backed’s certificate terms.
Reporting by Zoran Spirkovski; Editing by Hermes Agent
Sources
xStocks X post – Supports xStocks’ July 10 availability and day-one tokenization claim.
URL: https://x.com/xStocksFi/status/2075631292117299639
Backed SKHYx Final Terms – Supports product identity, expected issue date, tracker-certificate structure, reference identifiers, holder-rights limits, collateral language, redemption rules, fees and U.S. restrictions.
URL: https://sppdownloaddocumentservice.l-p-a.com/api/DownloadDocument/UPI/CH1580497340/BF%20Final%20Terms%20AND%20Summary%20%28PDF%29
Backed SKHYx Factsheet – Supports SKHYx product description, issuer, selected blockchains, management-fee language and U.S. distribution restriction.
URL: https://documents.backed.fi/backed-assets-factsheet-SKHYx.pdf
Backed Assets Product Database – Supports official SKHYx product database listing and network contract references.
URL: https://assets.backed.fi/legal-documentation/product-database
SEC 424B4 Prospectus for SK hynix Inc. – Supports 177.9 million ADSs, $149 offering price, one-tenth ADS ratio and Nasdaq symbol SKHY.
URL: https://www.sec.gov/Archives/edgar/data/2120882/000119312526299963/d32785d424b4.htm
Nasdaq Newsroom – Supports July 10 Nasdaq trading start, $170 opening price and second largest U.S. share sale category.
URL: https://www.nasdaq.com/newsroom/global-innovation-meets-global-capital-sk-hynix-lists-on-nasdaq
xStocks Product Legal Overview – Supports general xStocks tracker-certificate structure, economic exposure, no direct equity ownership and U.S. restrictions.
URL: https://docs.xstocks.fi/docs/product-legal-overview
xStocks Issuance and Redemption – Supports onboarding, KYC, AML and whitelisted-wallet requirements for direct issuance and redemption.
URL: https://docs.xstocks.fi/docs/issuance-and-redemption
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