SK Hynix, CXMT IPOs Drain Crypto Liquidity
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- SK Hynix is raising $24.5B–$28B via a July 10 US listing of 177.9 million ADRs, reportedly more than 7x oversubscribed, with Baillie Gifford, Coatue Management and Situational Awareness Partners indicating interest in up to $7B worth of shares.
- CXMT begins book building July 15 for a $4.3B Shanghai IPO, a day after subscriptions open, after posting Q1 revenue of 50.8 billion yuan (up 700% YoY) and an estimated 7.7% global DRAM market share.
- The mega-deals follow SpaceX and Cerebras listings, reinforcing the pattern that global long-only and sovereign wealth funds are allocating fresh capital to AI infrastructure rather than crypto assets.
- OpenAI and Anthropic have been floated as eventual $1 trillion-valuation listings, but growing investor unease over AI valuations and a semiconductor cooldown may push their IPOs to 2027.
- Stablecoin market cap fell to $312B in June — its largest monthly drop since TerraUSD — while tokenized equity volumes on blockchain rails surged 145% to a record $3.86B.
Why it matters: Crypto is losing the marginal dollar: SK Hynix's deal alone drew interest from sovereign wealth funds and top-tier tech specialists like Baillie Gifford and Coatue, the same cohort that historically rotated into digital assets. But the source also shows tokenized equities hitting a record $3.86B — suggesting the real-money blockchain use case is quietly thriving even as speculative stablecoins crater to $312B.
