Crypto projects spent a record $638 million on token buybacks so far in 2026, and Hyperliquid and Pump.fun accounted for nearly 90% of that total. HYPE and PUMP tokens outperformed a declining broader market, while Ethena moved this week to join the buyback trend.
Hyperliquid and Pump.fun accounted for nearly 90% of a record $638 million spent by crypto projects on token buybacks so far in 2026. Hyperliquid contributed roughly $370 million of the total. Pump.fun added nearly $200 million.
The figures come from Allium Labs data cited by the Financial Times in a Monday report. Year-to-date spending on buybacks rose from $545 million over the same period in 2025 and $366,000 in 2024. Token buybacks work similarly to share buybacks at listed companies, which repurchase stock to support share prices and boost returns for existing holders.
HYPE and PUMP outrun a falling market
Buybacks have coincided with outperformance. HYPE rose 145% year-to-date, while PUMP gained 109% over the same period. Bitcoin's price fell 10% during that stretch. Total crypto market capitalization declined 11.9% over the same stretch.
Hyperliquid directs about 99% of its revenue toward buybacks. The exchange reported $169 million in second-quarter revenue on Aug. 6 and put $141 million of it toward HYPE repurchases. Pump.fun allocates about 50% of its net protocol revenue to buybacks and currently runs at $420 million in annualized revenue, based on its average daily revenue over the past 90 days.
Ethena joins the trend
More protocols are following the same playbook. On Thursday, the Ethena Foundation opened a vote on a proposal to direct 95% of net revenue from its core business lines toward repurchasing ENA tokens. ENA rose 10.7% the day after the proposal went up.
Bitwise chief investment officer Matt Hougan said earlier in August that crypto valuations could double over the next two years as protocols increasingly use revenue to fund buybacks and burns.
Source: Cointelegraph
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