SK Hynix just filed for one of the largest ADR listings in history, and Micron Technology investors have every reason to pay attention. The South Korean memory chipmaker is targeting a $29 to $30 billion raise through American Depositary Receipts on Nasdaq, with trading expected to begin on July 10 under the ticker SKHY.
Here’s the thing. Micron has long enjoyed a unique privilege: it was the only major DRAM and high-bandwidth memory supplier available to US investors. That moat is about to disappear.
The listing that changes everything
SK Hynix filed for its Nasdaq ADR listing on June 24, and the numbers tell a compelling story about why US investors might be interested. The company controls roughly 57-58% of the global HBM market by revenue, based on Q4 2025 data. Its stock has surged over 230% on the back of AI-driven demand. And its market capitalization has, at various points, crossed the $1 trillion threshold.
Previously, buying SK Hynix shares meant navigating the Korea Exchange, where the company trades under the code 000660. That friction kept most US retail and institutional investors on the sidelines, funneling their AI chip enthusiasm into the more accessible Micron instead. The ADR listing removes that barrier entirely.
