Hyperliquid, Pump.fun Drive Record Crypto Buyback Activity

Token buybacks are becoming a defining strategy for some crypto projects, with nearly 90% of $638 million spent so far in 2026 concentrated on two platforms: Hyperliquid and Pump.fun. According to data compiled by Allium Labs, Hyperliquid accounted for roughly $370 million, while Pump.fun spent around $200 million.

These large-scale buybacks are rare across the wider industry, but their numbers suggest a move from novelty toward a measurable category of capital deployment. The approach resembles share repurchases in traditional markets, where companies use capital to reduce circulating supply and send a signal about long-term value.

The Ethena Foundation recently proposed a fee-switch model that would formalize buybacks using protocol revenue. If adopted, 95% of net revenue paid to the foundation from Ethena's core business lines would be used to repurchase ENA tokens.