Hyperliquid and Pump.fun drive record crypto buybacks

Crypto projects have repurchased a record $638 million worth of their own tokens year‑to‑date in 2026, according to data from Allium Labs cited by the Financial Times. The bulk of this activity comes from two platforms – decentralized exchange Hyperliquid and memecoin launchpad Pump.fun – which together account for nearly 90 % of the total spend.

Scale of buybacks in 2026

The $638 million figure marks a rise from $545 million in the same period of 2025 and a dramatic jump from $366 000 in 2024. Hyperliquid contributed roughly $370 million, while Pump.fun added close to $200 million.

Impact on token performance

Both HYPE and PUMP tokens have outperformed the broader market. Year‑to‑date, HYPE rose about 145 % and PUMP about 109 %, whereas Bitcoin fell 10 % and total crypto market capitalization declined 11.9 %.

Buyback strategies

• Hyperliquid directs about 99 % of its revenue to token repurchases, spending $141 million of its $169 million Q2 revenue on HYPE buybacks.
• Pump.fun allocates roughly 50 % of its net protocol revenue to token buybacks, with annualized revenue estimated at $420 million based on the past 90 days.

Broader industry trend

Token buybacks, akin to share buybacks in traditional markets, remain uncommon but are gaining traction. The Ethena Foundation recently opened a vote to use 95 % of its net revenue for ENA token repurchases, a move that lifted the token 10.7 % on the announcement day.

Outlook

Industry analysts suggest that increased use of revenue for token buybacks and burns could double crypto valuations over the next two years, as protocols aim to return more value to investors.