$638 Million Spent on Token Buybacks: What's Working and What Isn't

Crypto projects have spent an unprecedented $638 million on token buybacks this year. This figure surpasses last year's total of $545 million and is nearly three times the amount spent in all of 2024.

The two projects leading the charge are Hyperliquid (HYPE) and Pump.fun (PUMP), which have more than doubled in value since January. Hyperliquid has retired a staggering $1.3 billion worth of HYPE tokens since December, with a fresh buyback engine going live last week that sent the token to an all-time high.

The other four projects involved in repurchase programs have seen mixed results, ranging from a 20% gain for Sky Protocol (SKY) to a 39% loss for Lido (LDO). Chainlink (LINK) and Jupiter (JUP) also conducted token buybacks, with LINK falling 7.6% and JUP gaining 9.3%

The data suggests that aggressive buybacks can coincide with strong token performance, but do not guarantee it. HYPE and PUMP delivered outsized gains alongside substantial repurchases, while LDO and LINK struggled despite buyback activity.