Hyperliquid, Pump.fun account for nearly 90% of record $638M crypto buybacks: FT
Summary
Crypto projects have repurchased a record $638 million of their own tokens year-to-date in 2026, up from $545 million in the same period of 2025 and far above 2024 levels. Hyperliquid and Pump.fun drove nearly 90% of that total, with about $370 million and nearly $200 million in buybacks, respectively. Token buybacks are increasingly being used to support prices and reward holders, similar to stock buybacks. Hyperliquid has spent about 99% of its revenue on HYPE repurchases, while Pump.fun allocates about 50% of net protocol revenue to buybacks. Both tokens have sharply outperformed the broader crypto market this year. The trend is spreading, with Ethena recently proposing to use most net revenue for ENA buybacks.
