Hyperliquid, Pump.fun Drive Record Crypto Buybacks

Token buybacks in the crypto industry have reached record levels, with decentralized exchange Hyperliquid and memecoin launchpad Pump.fun accounting for nearly 90% of the $638 million spent by cryptocurrency projects year-to-date. This figure is up from $545 million during the same period in 2025 and a mere $366,000 in 2024.

Hyperliquid has led the charge with $370 million allocated to buybacks, while Pump.fun contributed nearly $200 million. The tokens of these two companies have also performed exceptionally well, with Hyperliquid (HYPE) rising by 145% year-to-date and Pump.fun (PUMP) increasing by 109%, compared to a decline of 10% for Bitcoin's price and 11.9% for the total crypto market capitalization.

Hyperliquid is notable for allocating about 99% of its revenue towards buybacks, having reported $169 million in second-quarter revenue and directing $141 million toward HYPE repurchases. Pump.fun, on the other hand, allocates around 50% of its net protocol revenue for token repurchases.

The increasing trend of token buybacks could have significant implications for crypto valuations, with some predicting that they could double in value over the next two years as protocols increasingly use revenue to fund these activities and return more value to investors.