Token buybacks by cryptocurrency projects have surged to a record $638 million in 2026, up from $545 million in the same period last year and just $366,000 in 2024, according to data from Allium Labs cited by the Financial Times.
Hyperliquid and Pump.fun led the trend, accounting for roughly $370 million and $200 million of the total repurchases, respectively. The move mirrors traditional corporate share buybacks, where companies repurchase their own stock to support valuations and enhance shareholder returns.
Hyperliquid’s buyback strategy is particularly aggressive, with the exchange directing about 99% of its revenue toward repurchasing its HYPE token. The platform reported $169 million in second-quarter revenue on Aug. 6, allocating $141 million to buybacks. Pump.fun, a memecoin launchpad, allocates approximately 50% of its net protocol revenue to token repurchases, with annualized revenue estimated at $420 million based on 90-day averages.
The surge in buybacks has coincided with strong performance for HYPE and PUMP tokens. Year-to-date through Aug. 25, HYPE has risen 145% and PUMP has gained 109%, while Bitcoin has declined 10% and the total cryptocurrency market capitalization has fallen 11.9%, according to TradingView data.
The Ethena Foundation has also adopted buyback strategies, opening a vote on a proposal to allocate 95% of net revenue from its core business lines to repurchase Ethena (ENA) tokens. The ENA token rose 10.7% following the announcement. Industry observers suggest increasing revenue-driven buybacks and burns could double crypto valuations over the next two years, according to Bitwise chief investment officer Matt Hougan.
