Hyperliquid and Pump.fun Dominate Crypto Token Buybacks, Spend Record $638 Million

Crypto projects have spent a record $638 million on token buybacks this year, with Hyperliquid and Pump.fun accounting for nearly 90% of that total. According to data from Allium Labs cited by the Financial Times, Hyperliquid has spent around $370 million on its own HYPE token buybacks, while Pump.fun has allocated around $200 million towards PUMP token repurchases.

The use of token buybacks is similar to share buybacks in traditional companies, where a company buys back its own stock to support the price and increase returns for existing shareholders. While still relatively rare in crypto, more projects are adopting this strategy. The Ethena Foundation recently opened a vote on a proposal that would allocate 95% of its net revenue towards repurchasing ENA tokens.

The HYPE and PUMP tokens have outperformed the broader cryptocurrency market decline so far in 2026, with HYPE rising 145% and PUMP increasing by 109%. In contrast, Bitcoin's price has fallen by 10%, while the total crypto market capitalization has declined by 11.9%