Hyperliquid, Pump.fun account for nearly 90% of record $638M crypto buybacks: FT

Crypto projects spent a record $638 million on token buybacks so far in 2026, as more protocols are turning their revenue into buybacks to return more value to token holders.

Decentralized exchange Hyperliquid and memecoin launchpad Pump.fun reportedly accounted for nearly 90% of the record $638 million in token buybacks carried out by cryptocurrency projects so far in 2026.

Crypto projects spent a record $638 million to repurchase their own cryptocurrencies year-to-date, up from $545 million during the same period in 2025 and $366,000 in 2024, according to Allium Labs data cited by the Financial Times in a Monday report. Of the $638 million, Hyperliquid accounted for roughly $370 million and Pump.fun for nearly $200 million.

Token buybacks are similar to share buybacks by publicly listed companies, which buy back their own stock to support their share prices and increase returns for existing shareholders.

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