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South Korea’s leading memory chipmaker announced on Wednesday that it plans to raise nearly $30 billion through a U.S. share offering.
Bitcoin retreated toward the $60,000 level, marking its second test of that range this month, and continued to lag behind broader risk assets despite strength in other markets.
Gold and oil also moved lower, breaking below key psychological levels — with gold slipping under $4,000 per ounce and crude falling beneath $70 per barrel.
The pullback across cryptocurrencies, commodities, and energy markets came as technology stocks rebounded from Tuesday’s mild dip, with the ongoing AI-driven rally continuing to attract investor capital.
SK Hynix’s planned fundraising could rank among the largest overseas equity offerings since Saudi Aramco’s $26 billion IPO in 2019.
By midday trading, the Nasdaq had gained 0.8%, while bitcoin declined 3.2%, highlighting a growing divergence between equities and digital assets.
Investor sentiment toward bitcoin appears to be shifting. Hedge fund billionaire Philippe Laffont noted increasing uncertainty, suggesting that investors now have more alternatives than in previous cycles.
“I’m no longer sure how to view bitcoin,” he said, pointing to companies like SpaceX and emerging AI firms as offering clearer long-term growth narratives. He also added that the rise of stablecoins has reduced bitcoin’s distinct appeal as an alternative financial asset.
