Crypto Token Buybacks Hit Record $638 Million Amid Regulatory Clarity

Crypto projects have been buying back their own tokens at an unprecedented rate. According to data from Allium Labs, token buybacks reached a record $638 million by late August 2026, surpassing the previous year's total of $545 million.

The majority of this spending came from two platforms: Hyperliquid and Pump.fun, which collectively accounted for nearly 90% of the total. Hyperliquid alone spent about $370 million on buybacks, while Pump.fun spent around $200 million.

However, a recent decision by the Securities and Exchange Commission (SEC) has cleared up regulatory hurdles surrounding token buybacks. The SEC's Division of Corporation Finance issued new guidance stating that an issuer's announcement of a non-security crypto asset buyback does not constitute 'essential managerial efforts' under the Howey test for investment contracts.