Crypto Buyback Spending Hits Record $638 Million Amid Regulatory Clarity

Crypto projects have reached a record $638 million in token buybacks through late August 2026, according to Allium Labs data. This surpasses last year's total of $545 million over the same period.

The majority of this spending comes from two prominent projects: Hyperliquid and Pump.fun, which together account for nearly 90% of the total. Hyperliquid has bought and burned around $1.3 billion worth of its native token HYPE since launch, while Pump.fun has allocated half of its revenue to open-market PUMP purchases and permanent burns.

The SEC has provided clarity on regulatory hurdles surrounding these buyback programs in a recent set of FAQs. According to the agency's guidance, an issuer's buyback announcement for a non-security crypto asset falls outside the promises of 'essential managerial efforts' at the center of the Howey test for investment contracts.