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

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.

While token buybacks are still rare in the crypto industry, more companies are taking advantage of the move. On Thursday, the Ethena Foundation opened a vote on a fee-switch proposal under which 95% of the net revenue paid to it from Ethena’s core business lines would be used to repurchase Ethena (ENA) tokens. The ENA token rose 10.7% on the day after the proposal.

The Hyperliquid (HYPE) and Pump.fun (PUMP) tokens have outperformed the broader cryptocurrency market decline so far in 2026.

HYPE rose 145% and PUMP rose 109% year-to-date, while Bitcoin’s (BTC) price fell 10% and the total crypto market capitalization declined by 11.9% during the same period, according to TradingView data.

Hyperliquid spends about 99% of its revenue on token buybacks. Hyperliquid reported $169 million in second-quarter revenue on Aug. 6 and directed $141 million toward HYPE buybacks.

Pump.Fun allocates about 50% of its net protocol revenue for token repurchases. The memecoin launchpad currently boasts $420 million in annualized revenue, based on the average daily revenue of the past 90 days.

Crypto valuations could double in the next two years as protocols increasingly use revenue to fund token buybacks and burns, hence returning more value to investors, said Bitwise chief investment officer Matt Hougan earlier in August.