According to the source, Hyperliquid Strategies Inc. filed an S-1 registration with the U.S. SEC to register up to 160 million shares targeting up to $1 billion in gross proceeds, and the filing states a portion of proceeds may be used for potential HYPE token purchases (source: Hyperliquid Strategies Inc. S-1 registration statement filed with the SEC). For traders, the explicit use-of-proceeds language introduces a possible corporate demand driver for HYPE liquidity if executed, while the offering remains contingent on SEC effectiveness and final terms to be set via amendments and a final prospectus (source: Hyperliquid Strategies Inc. S-1 and SEC Securities Act registration requirements).