Crypto World

SK Hynix Shares Surge 5% Following Confidential SEC Filing for U.S. ADR Listing

Published

4 weeks ago

25 March 2026

NewsAdmin

Brian Armstrong's Bold Prediction: AI Agents Will Soon Dominate Global Financial

Key Highlights

The memory chip manufacturer submitted a confidential filing to the SEC for a U.S. ADR listing, with plans to finalize the process by 2026
SK Hynix aims to generate between $6.7 billion and $10 billion through this capital raising initiative
Capital will be directed toward artificial intelligence infrastructure, including the Yongin HBM production cluster and an advanced packaging plant in Indiana
During the annual shareholder gathering, CEO Kwak Noh-Jung announced plans to amass over 100 trillion won in net cash for strategic long-term investments
Shares of SK Hynix climbed more than 5% in Seoul trading on Wednesday; the stock has appreciated approximately 60% since the beginning of the year

Shares of SK Hynix experienced a significant rally of over 5% during Wednesday’s trading session in Seoul following confirmation that the memory chip manufacturer had submitted a confidential filing to the U.S. Securities and Exchange Commission regarding a prospective Wall Street debut. The stock’s year-to-date performance shows an impressive gain of approximately 60%, building on a remarkable 274% surge recorded in 2025.

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SK hynix Inc. (000660.KS)

The South Korean chipmaker intends to introduce American Depositary Receipts on U.S. exchanges and is working toward finalizing this offering before the end of 2026. According to company statements, precise details surrounding the offering’s magnitude and timeline remain under development.

According to reports from Korean financial media outlets, the company has set a fundraising target in the range of 10 trillion to 15 trillion won — equivalent to approximately $6.7 billion to $10 billion based on prevailing exchange rates.

SK Hynix initially revealed its intentions to pursue a U.S. stock market presence in December of last year. This strategic initiative aims to secure additional capital necessary for manufacturing capacity expansion as the appetite for AI-optimized memory chips remains exceptionally strong.

As the global frontrunner in high-bandwidth memory chip production, SK Hynix supplies critical components for AI processing units manufactured by major clients including Nvidia. The surge in HBM demand has intensified dramatically, contributing to a worldwide shortage of memory products and upward pressure on pricing.

Major Infrastructure Investments Underway

The capital secured through this offering is anticipated to support the company’s high-bandwidth memory semiconductor manufacturing complex in Yongin, South Korea, including a $15 billion production facility, along with its sophisticated packaging operations in Indiana. Management is also evaluating the establishment of an AI-focused investment division based in Silicon Valley.

During Wednesday’s annual meeting with shareholders, Chief Executive Kwak Noh-Jung outlined the company’s objective to accumulate more than 100 trillion won in net cash reserves to support long-range strategic initiatives.

The company’s recently completed M15X fabrication plant in Cheongju, South Korea, reached operational status earlier than originally projected. Development work continues on both the Yongin manufacturing cluster and the Indiana advanced packaging facility.

A communication distributed to shareholders highlighted “unprecedented growth” occurring within the memory market, characterizing memory as “a key-value product that determines the performance of AI systems.”

Massive Equipment Procurement Agreement

Merely one day prior to announcing the SEC filing, SK Hynix revealed plans to acquire 11.95 trillion won ($7.97 billion) in cutting-edge semiconductor manufacturing equipment from ASML — representing one of the largest publicly disclosed procurement contracts for such technology on record.

The coordination between the ASML equipment purchase and the SEC filing submission signals a company acting decisively to cement its dominant position in the HBM marketplace ahead of competitors Samsung and Micron.

Samsung has been working aggressively to regain market share in the HBM segment, while Micron continues expanding its footprint as a domestically-based option for AI memory requirements in the United States.

SK Hynix indicated it will provide additional disclosures once specific parameters of the U.S. listing have been determined, or no later than six months following the initial submission.

The company’s ADR offering will utilize currently outstanding shares rather than issuing new equity, a structure that maintains value for existing shareholders.

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Crypto World

LayerZero Says Kelp Setup Caused Exploit, as Aave Loss Questions Mount

Published

4 minutes ago

20 April 2026

NewsAdmin

LayerZero Says Kelp Setup Caused Exploit, as Aave Loss Questions Mount

Interoperability protocol LayerZero claims that an inadequate setup tied to Kelp’s decentralized verifier network (DVN) enabled malicious actors to steal $290 million from Kelp DAO, adding that preliminary signs point to North Korea-linked threat actors.

An attacker drained about 116,500 Restaked ETH (rsETH), worth as much as $293 million at the time, from Kelp DAO’s LayerZero-powered rsETH bridge on Saturday.

LayerZero said Monday that the exploit stemmed from a single point of failure in Kelp’s setup, which relied on a single LayerZero DVN as the only verified path, despite LayerZero previously advising them against this.

“LayerZero and other external parties previously communicated best practices around DVN diversification to KelpDAO. Despite these recommendations, KelpDAO chose to utilize a 1/1 DVN configuration.”

In practice, that meant Kelp relied on a single verification path for cross-chain messages rather than requiring multiple independent checks.

The exploit quickly shifted attention from the technical cause to the question of who should absorb the losses, while the fallout spread into Aave, where the attacker used rsETH as collateral to borrow real liquidity.

Aave’s total value locked (TVL) had fallen by about $8.9 billion to $17.5 billion at the time of writing after the exploiter used the stolen funds to borrow on Aave, leaving about $195 million in “bad debt,” triggering withdrawals on the lending protocol.

LayerZero said Kelp’s rsETH bridge relied solely on the LayerZero Labs DVN, and argued that the incident reflected an unsafe application configuration rather than a compromise of LayerZero itself. The company said it is now urging all applications using 1/1 DVN setups to migrate to multi-DVN configurations and will stop signing or attesting messages for apps that retain the single verifier design.

Losses spark blame fight after $290 million Kelp exploit

With no recovery or compensation plan yet announced, users and market observers spent Monday debating whether losses should sit with Kelp DAO, LayerZero, Aave or rsETH holders themselves.

Yishi Wang, founder and CEO of open-source hardware wallet OneKey, said that the best path forward was to negotiate with the hacker, offer a 10% to 15% bounty, and get the bulk of the funds back.

“If negotiations fail, LayerZero’s ecosystem fund should foot the bulk of the bill—it’s got the deepest pockets and the most long-term skin in the game,” wrote the founder in a Monday X post, adding that Kelp DAO is “broke” and could make it up with tokens and future revenue, or consider selling the project.

Analytics platform DeFiLlama’s pseudonymous founder, 0xngmi, outlined three solutions, including the option to “socialize” losses among all users, “rug rsETH holders on L2s,” or try to return holder balances to a pre-hack snapshot, which would be “very hard to do,” he wrote in a Monday X post.

Cointelegraph reached out to Aave for comment, but had not received a response by publication.

Exploit raises Aave liquidation risks

Investor concerns about the Kelp exploit have significantly reduced Ether (ETH) liquidity on Aave, the lending protocol’s core collateral asset.

This low liquidity presents a “critical safety risk where liquidations of ETH collateral cannot take place while markets are at 100% utilization,” said MoneySupply, the pseudonymous head of strategy at Aave competitor lending protocol Spark, in a Saturday X post.

“With current illiquidity conditions on Aave, a 15-20% ETHUSD price drop could cause significant bad debt accumulation (on top of any potential issues attributable to the direct rsETH exploit),” he said.