Hyperliquid and Pump.fun drive nearly 90% of record $638M crypto token buybacks in 2026
Crypto projects have spent a record $638 million on token buybacks so far in 2026, with decentralized exchange Hyperliquid and memecoin launchpad Pump.fun accounting for nearly 90% of the total, according to data from Allium Labs cited by the Financial Times.
A token buyback, similar to a stock buyback by public companies, is when a project repurchases its own tokens to support their value and return revenue to holders. Hyperliquid contributed roughly $370 million, while Pump.fun added nearly $200 million to the total.
Sharp rise in buyback spending
The $638 million spent in 2026 marks a significant increase from $545 million in the same period of 2025 and just $366,000 in 2024. This trend reflects a growing number of crypto projects using revenue to fund buybacks.
Token performance and revenue use
The tokens of both projects have outperformed the broader crypto market this year. Hyperliquid’s HYPE token rose 145%, and Pump.fun’s PUMP token gained 109%, while Bitcoin fell 10% and the total crypto market cap declined by 11.9%.
Hyperliquid directs about 99% of its revenue to buybacks, including $141 million from its $169 million second-quarter revenue. Pump.fun allocates roughly 50% of its net protocol revenue, currently generating $420 million in annualized revenue based on recent daily averages.
Other projects are following suit. On August 28, the Ethena Foundation opened a vote on a proposal to use 95% of its net revenue for repurchasing its ENA tokens. The ENA token price rose 10.7% after the announcement.
Why buybacks are growing
More crypto projects are adopting buybacks to return value to token holders. Bitwise chief investment officer Matt Hougan suggested earlier in August that crypto valuations could double in the next two years as protocols increasingly use revenue for buybacks and token burns.
