Crypto Buyback Surge Hits Record High at $640 Million
Crypto protocols have significantly increased their token buybacks, reaching a record US$ 640 million in recent times. This surge is part of a growing trend in treasury strategies within the sector.
A year ago, the pace was much lower, with weekly buybacks totaling around US$ 40 million in August 2025. At that time, Hyperliquid accounted for approximately US$ 24 million and Pump for US$ 10 million, indicating concentration in a few projects.
The data also shows that protocols bought more than US$ 1.4 billion in tokens throughout 2025. Tokenomist points to a total volume of buybacks and burns of around US$ 18.8 billion in 27 active tokens between January 2025 and July 2026.
Interestingly, buying back tokens does not necessarily reduce the circulating supply, as seen with Hyperliquid and Pump.fun burning repurchased tokens, while Jupiter puts them in a trust and Aster returns them to stakers without affecting the supply.