Hyperliquid and Pump.fun Drive Record $638 Million in Crypto Token Buybacks

Crypto projects have spent a record $638 million on token buybacks so far in 2026, with decentralized exchange Hyperliquid and memecoin launchpad Pump.fun responsible for nearly 90% of that total. Hyperliquid alone contributed roughly $370 million, while Pump.fun accounted for close to $200 million.

Buyback Spending Surges Compared to Previous Years

This year’s buyback total marks a sharp increase from $545 million during the same period last year and just $366,000 in 2024. The trend mirrors traditional corporate stock buybacks, where companies repurchase their own shares to support valuations and reward existing holders. More crypto projects are now adopting similar strategies by converting protocol revenue into token repurchases.

Revenue-Driven Buyback Models Fuel Growth

Hyperliquid directs about 99% of its revenue toward token buybacks, having allocated $141 million from its recent quarterly revenue of $169 million. Pump.fun follows a similar approach, dedicating roughly half of its net protocol revenue to repurchases, supported by an estimated $420 million in annualized revenue.

Growing Industry Trend Toward Value Return Models

Other projects are beginning to adopt comparable strategies, including a recent proposal to direct the majority of one protocol’s revenue toward token buybacks. Industry analysts suggest that as more platforms adopt these models, overall crypto valuations could see significant growth in the coming years.