Crypto Projects Spent Over $640 Million on Token Buybacks in 2026

Token buybacks are becoming increasingly popular among crypto projects, with over $640 million spent on the practice so far in 2026. This is a significant increase from the same period last year, and almost 10 times more than what was spent in 2024.

The majority of this spending comes from two projects: Hyperliquid and Pump.fun, which account for nearly 90% of the total spend.

Token buybacks can create demand for a token by reducing its supply, making each token more valuable. However, critics argue that this practice may not be the most effective use of a project's funds.

Orest Gavryliak, chief legal officer at 1inch, notes that projects often implement revenue-funded buybacks and burns to decrease the token supply in circulation or demonstrate the rationale for investing in protocol revenues.