Hyperliquid and Pump.fun Drive Record Crypto Token Buybacks

Crypto projects have been busy buying back their own tokens in 2026, with a total of $638 million spent so far. This figure surpasses the $545 million recorded during the same period in 2025 and is significantly higher than the $366,000 reported in 2024.

Two platforms, Hyperliquid and Pump.fun, are responsible for nearly 90% of this year's token purchases. Hyperliquid accounted for roughly $370 million, while Pump.fun contributed nearly $200 million.

The mechanism behind token buybacks is similar to corporate share buybacks, but it doesn't necessarily provide the same rights to token holders as shareholders do. However, both HYPE and PUMP have outperformed the broader cryptocurrency market this year, with HYPE gaining 145% and PUMP 109%, according to TradingView data.

Other crypto projects are also considering mechanisms that direct revenue toward their native tokens. The Ethena Foundation opened a governance vote on a fee-switch proposal that would use 95% of net revenue paid to the foundation from Ethena's core business lines to repurchase ENA tokens. This move has sparked interest, with ENA rising 10.7% on the day after the proposal.