Recently, the storage chip theme has been heating up in both the stock and cryptocurrency markets: on one side, there are expectations of U.S. transactions by Korean and Japanese storage giants, and on the other, tokens associated with the "storage narrative" are rapidly being listed on trading platforms. Multiple media outlets have cited the viewpoint of Jefferies research head Jeff Kim, stating that Samsung is very likely to follow in the footsteps of SK Hynix, which has already been trading in the U.S. through ADRs, to enter the U.S. market via American Depository Receipts. Japanese NAND supplier Kioxia has seen its stock price increase by over 12% in a single day during this wave of expectations, with a cumulative increase of nearly nine times this year, and has publicly planned to go public in the U.S. in the spring of 2027, further reinforcing the imaginative space of "storage = U.S. capital market story." In parallel, Bybit's Bybit Alpha and Byreal platforms recently launched trading of the SNDK token, introduced by parties related to SunriseDeFi. Although there is currently no public evidence indicating that this token has any legal binding on business or equity levels with Samsung or Kioxia, it has already been viewed by some capital as a new carrier for the "storage sector spillover." Next, we will attempt to assess the quality and sustainability of this round of storage narrative through three clues: marginal capital sentiment, trading structure, and cross-market thematic transmission.

Samsung is being bet on to enter the U.S.: ADR expectations ignite imagination

On the stock market side, the sentiment of capital is grasped from the imagination of "Samsung going to the U.S." Multiple media outlets recently cited Jeff Kim's judgment and stated that Samsung is "very likely" to follow SK Hynix to list and trade in the U.S. market through American Depository Receipts (ADR). The tone of this statement is not certain news, yet the market interprets it as a significant signal of increased probability. Given the already heated sentiment in the storage sector, it is easily amplified in the secondary market into a speculation surrounding "Korean giants closing the gap for U.S. stock targets."

In contrast, SK Hynix is already trading in the U.S. through ADRs, becoming a direct precedent for Korean semiconductor companies going to the U.S. ADRs are indeed a common tool for foreign companies to enter the U.S. capital market, significantly amplifying the participation of overseas, especially American investors. In terms of pricing, they are often seen as mechanisms to help global capital more conveniently allocate risks of individual companies. It is precisely because of SK Hynix's existing example that Jeff Kim's judgment that "Samsung is likely to follow" is quickly reframed in investors' minds as a storyline of "the path has been cleared, just waiting for Samsung's nod." However, as of now, public information is only at the level of analysts' viewpoints and media reports; Samsung has not released any formal plans or timelines regarding ADRs, which indicates that the so-called "logic of going to the U.S." is more of a transaction built on sentiment and expectations, rather than a certainty event already in the execution stage.

Kioxia's stock price skyrockets nearly ninefold this year in storage frenzy

This expectation trading around the "going to the U.S. story" is not only happening with Korean companies. Japanese NAND storage supplier Kioxia recently saw its stock price increase by over 12% on a single trading day, with a cumulative rise of nearly nine times this year, becoming the emotional benchmark for the storage sector in the Japanese stock market. For investors, such a steep stock price curve is challenging to explain solely through current profits; rather, it resembles an advanced pricing for the warming of the NAND price cycle and recovery of demand, marking a collective bet that discounts the prosperous expectations of the next few years into the current stock price.

Alongside soaring stock prices, Kioxia has already disclosed plans to go public in the U.S. in the spring of 2027. This timing closely overlaps with the stock price surge stage, naturally binding the two in narrative terms: the stock price increase is interpreted as "raising its profile for the U.S. listing," while the expectation of going to the U.S. further intensifies the capital’s enthusiasm for Kioxia, forming a typical self-reinforcing emotional cycle. Under this structure, Kioxia’s valuation safety margin is significantly compressed. If the NAND market does not meet expectations or the window for going to the U.S. changes, the current pricing may swiftly switch from a "storage frenzy" paradigm to the concentrated release of high-beta risk.

SNDK lists on Bybit: the chip theme is turned into a token

At the same stage when the sentiment in the storage sector is boosted by the stock market, the cryptocurrency market also quickly provided its own "derivative product." Bybit’s Bybit Alpha and Byreal platforms have launched SNDK token trading, meaning this token can be bought and sold globally 24/7, with prices directly exposed to the emotional and liquidity-driven market. Public information shows that SNDK was launched by parties related to SunriseDeFi and is essentially an on-chain thematic token issued by a decentralized project team, packaged as a target linked to the concept of "storage/chip industry" in the real world, but it does not correspond to the equity or revenue rights of any specific company.

For the issuer, utilizing the "storage" and "chip" narrative pathway is very clear: on one end, it connects to traditional market expectations regarding Samsung's potential issuance of ADRs and Kioxia's plans to go public in the U.S.; on the other end, by launching on a cryptocurrency platform, it replicates the same thematic content to a more volatile trading environment. It is important to emphasize that there is currently no public evidence showing that SNDK has any direct business or equity legal binding relationship with storage companies like Samsung and Kioxia. Its value logic is more akin to a purely emotional target rather than a securitized tool corresponding to real asset cash flows. Being able to discern this essential difference determines whether participants are trading a high-volatility narrative token or mistakenly viewing it as an on-chain substitute for chip company stock prices.

From Tokyo to the cryptocurrency sector: how the storage narrative spreads across markets

On the time axis, this round of storage theme has a noticeable "clustering effect": on one side, in the Tokyo market, Kioxia's stock price surged over 12% on a single day, nearly ninefold this year, coinciding with its plans to go public in the U.S. in the spring of 2027, reinforcing the combination narrative of "storage leader + going to the U.S."; on the other side, multiple media outlets citing Jeff Kim's perspective have discussed Samsung's likelihood of following SK Hynix to enter the U.S. market via ADRs, causing the potential expectations of Korean storage giants going to the U.S. to be included under the same main line as Kioxia's established plans in investors' minds. Almost simultaneously, the cryptocurrency market on Bybit’s Bybit Alpha and Byreal platforms launched SNDK, introduced by parties related to SunriseDeFi, and traders categorized it as a storage/chip concept target, with these three events concentrating in time providing a continuous thematic chain of capital from Tokyo's stock market, to potential Samsung ADRs, to on-chain tokens.

In this chain, the traditional stock market's storage and semiconductor sector can be roughly viewed as the "mother theme," with SK Hynix's existing ADRs, Kioxia's surge and plans to enter the U.S., as well as the market's imagination of Samsung's ADR, jointly elevating global attention to storage assets. In contrast, the cryptocurrency market extends this emotion into higher leverage and more volatile derivative narrative targets. Cross-market thematic trading is essentially the migration of sentiment between different assets: when storage stocks in the stock market are viewed as a hot track, some capital will look for tokens on-chain that can stick the same label to amplify their bets on this theme. However, there is currently no public evidence showing that SNDK has direct business or equity relations with Samsung or Kioxia; rather, it plays a more symbolic role as a "storage concept token" in this cross-asset trading chain, not corresponding to any specific cash flow or corporate value rights. What investors are truly engaging with is a bet on the intensity and sustainability of a cross-market narrative.

The endgame of high-volatility stories: who takes the last baton

As of June 25, 2026, the storage theme has simultaneously heated up in the Japanese stock, potential U.S. ADR, and cryptocurrency token markets: on one side, Kioxia's stock price has nearly increased ninefold this year and has pointed to plans for a U.S. listing in the spring of 2027, while on the other side, the market speculates on Samsung's potential entry into the U.S. via ADRs. On-chain, there are already high-volatility token trades like SNDK listed on Bybit’s platform, which retail investors can participate in instantly. Under the same industry narrative, the risk-reward structure of these three asset classes differs greatly: Kioxia and the future possible Samsung ADR relate to regulated securities, where valuation anchors must ultimately revert to earnings and fundamentals, whereas tokens like SNDK face different regulatory environments in various jurisdictions and lack legal ties to the cash flows of specific companies, making them closer to price votes on the "popularity of storage stories." From a time perspective, Kioxia's planned listing in the U.S. in the spring of 2027 is an almost clear medium-to-long-term capital market event; the real test lies in the company’s ability to deliver performance across several financial reporting cycles, while the trading cycle for tokens like SNDK may be measured in days or even hours, with prices fluctuating more in line with emotion and liquidity. Who chases short-term opportunities and who inadvertently picks up the last baton depends on whether investors clearly understand whether they are positioned in a fundamental cycle or merely in a high-volatility trading space driven by pure narratives.

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