[Edaily Marketin Won Jae-yeon Reporter] Is it possible to buy and sell SK Hynix shares at night or on weekends when the domestic stock market is closed? To some extent, this is possible using the “Hynix Stock Token” launched overseas. However, the method differs from buying shares through domestic brokerage apps, as do the rights held by investors.

Stock tokens are digital financial products designed to track the price of actual stocks. After SK Hynix’s American Depositary Receipts (ADRs) began trading on the Nasdaq, four types of tokens were launched: Backpack’s “SKHY,” XStock’s “SKHYx,” Ondo Finance’s “SKHYon,” and Binance’s “SKHYB.”

These are not products created directly by SK Hynix. Instead, overseas firms purchased SK Hynix ADRs, held them in custody or used them as collateral, and then issued separate tokens. While all four products track SK Hynix’s stock price, some can be redeemed for actual ADRs, while others only allow holders to receive returns based on price appreciation and dividends. Purchasing these tokens does not automatically make you a shareholder of SK Hynix.

“Exchange or DEX?”… Purchase Methods Vary by Product

The path for domestic investors to purchase these tokens is somewhat arduous. They cannot be purchased through domestic brokerage apps or virtual asset exchanges. Investors must sign up for an overseas exchange or create a personal virtual asset wallet and then transfer dollar-backed stablecoins such as USDT (Tether) or USDC (Circle).

Even so, the range of products that can be easily purchased on overseas exchanges is limited. Binance’s SKHYB is traded with Tether on the Binance spot market, but trading is currently blocked for accounts held by Korean residents. This means that even if they have a Binance account and Tether, Korean users cannot purchase it. On the other hand, Kraken, a U.S. cryptocurrency exchange where XStock’s SKHYx is traded, does not explicitly list South Korea as an excluded country, so trading is possible.

Accessing Backpack’s SKHY is somewhat more complicated. It is not listed on centralized exchanges like Binance or Kraken but is traded on Solana-based decentralized exchanges (DEXs). To purchase it, individual investors must create a Solana wallet, deposit USDC and SOL (for transaction fees), and then access the DEX. Afterward, to convert the purchased SKHY into actual Hynix ADRs through Backpack Securities, they must undergo a separate eligibility verification process.

Ondo’s SKHYon, like Backpack, can only be traded on a DEX. However, individual investors cannot redeem SKHYon through Ondo—that is, they cannot convert SKHYon into ADRs. To redeem Ondo’s SKHYon, customers must undergo customer identification and investor eligibility screening, a process currently open primarily to institutional investors.

Whether trading on a decentralized exchange or a centralized exchange like Kraken, purchasing SK Hynix tokens requires transferring virtual assets from a domestic exchange. In accordance with the Travel Rule, you may need to verify that your overseas exchange account is in your own name or register your personal wallet address in advance. If you enter the wrong blockchain network or wallet address, it can be difficult to recover your funds. For investors new to using personal crypto wallets, the process is far more complex than buying domestic stocks.

24-Hour Trading and Small-Amount Transactions Are Advantages

There are also advantages that make the inconvenience worthwhile. Depending on the product, you can trade even at night or on weekends when U.S. markets are closed, and you can buy fractional shares for amounts less than one share. For example, Binance’s SKHYB can be purchased starting at $5, and dividends are conveniently reflected in the token value after taxes are deducted.

Products traded on decentralized exchanges, such as Backpack’s SKHY or Ondo’s SKHYon, allow trading even on weekends by connecting a personal wallet. For investors who already hold stablecoins, it’s convenient to invest simply by sending coins—without having to convert won to dollars or make international transfers. This means they can react immediately if major news related to SK Hynix breaks after the U.S. stock market closes.

However, being able to trade 24 hours a day is different from being able to sell at fair value at any time. On weekends when the U.S. stock market is closed, the underlying ADR price also freezes. If token trading volume is low during this time, investors may end up buying at a price higher than the actual ADR or selling at a lower price, and the spread between the bid and ask prices may widen.

There is also the risk of problems arising with the issuer or the custodian holding the shares. Investors would have to file claims with overseas entities rather than domestic securities firms. Voting rights, dividend payment methods, and the ability to redeem the tokens for actual ADRs also vary by product.

SK Hynix stock tokens are not an essential product for domestic investors. SK Hynix shares can already be easily purchased in Korean won through domestic securities firms. However, they could serve as a new option for those who wish to trade at night or on weekends, or for those looking to make small investments using their existing stablecoins.