Cryptocurrency projects have spent a record $638 million to repurchase their own tokens year-to-date in 2026, according to data from Allium Labs cited by the Financial Times. This represents a substantial increase from $545 million during the same period in 2025 and $366,000 in 2024.
Decentralized exchange Hyperliquid and memecoin launchpad Pump.fun accounted for nearly 90% of this total. Hyperliquid contributed approximately $370 million while Pump.fun added nearly $200 million in buybacks.
How Crypto Buybacks Work
Token buybacks operate similarly to share repurchase programs by publicly traded companies, which buy back their own stock to support valuations and increase returns for existing shareholders. While still uncommon in the crypto industry, the practice is gaining adoption among major projects.
Growing Momentum
The Ethena Foundation recently opened a vote on a proposal to allocate 95% of net revenue from its core business lines toward repurchasing Ethena (ENA) tokens. The ENA token rose 10.7% on the day following the proposal announcement.
Token Performance
The Hyperliquid (HYPE) and Pump.fun (PUMP) tokens have significantly outperformed the broader crypto market year-to-date. HYPE rose 145% while PUMP rose 109%, compared to a 10% decline in Bitcoin and an 11.9% decline in total crypto market capitalization during the same period.
Hyperliquid directs approximately 99% of its revenue toward token buybacks. The platform reported $169 million in second-quarter revenue and allocated $141 million toward HYPE repurchases.
Pump.fun allocates roughly 50% of its net protocol revenue for token repurchases. The platform currently generates approximately $420 million in annualized revenue based on its average daily revenue over the past 90 days.
