Hyperliquid, Pump.fun account for nearly 90% of record $638M crypto buybacks: FT
Reported by Cointelegraph · AI-assisted summary by ChikoCorp AI News Desk
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Summary
Decentralized exchange Hyperliquid and memecoin launchpad Pump.fun were responsible for nearly 90% of the record $638 million in cryptocurrency token buybacks performed by projects in 2026, according to data cited by the Financial Times from Allium Labs. Hyperliquid accounted for about $370 million, while Pump.fun contributed nearly $200 million. These buybacks aim to support token prices and increase returns for holders, similar to stock buybacks in traditional markets.
Why it matters
The source highlights that token buybacks, though still rare in crypto, are gaining traction as projects use revenue to repurchase tokens, which can boost valuations. Hyperliquid and Pump.fun's substantial buybacks have helped their tokens outperform the broader crypto market in 2026. The Ethena Foundation also shows growing interest in buybacks by proposing to use net revenue for token repurchases, with positive market reaction cited.
Key context
Crypto projects spent $638 million on buybacks year-to-date through 2026, rising from $545 million in the same period in 2025 and $366,000 in 2024. Hyperliquid spends about 99% of its revenue on buybacks, with $141 million directed to token repurchases in Q2 from $169 million revenue. Pump.fun allocates around 50% of its net protocol revenue for buybacks and has an annualized revenue of $420 million based on recent averages. The buyback strategy is compared to share buybacks used by publicly listed companies.
Key numbers and entities
$638 million total crypto buybacks in 2026; $370 million by Hyperliquid; $200 million by Pump.fun; $169 million Q2 revenue for Hyperliquid; $141 million spent on HYPE buybacks in Q2; $420 million annualized revenue for Pump.fun; HYPE token up 145%, PUMP token up 109%, Bitcoin down 10% year-to-date 2026. Entities mentioned include Hyperliquid, Pump.fun, Ethena Foundation, and Bitwise.
What remains unclear
Details about how other crypto projects are adopting buybacks beyond the few named, the long-term sustainability of this buyback trend, and any potential regulatory or market risks associated with token repurchases are not addressed in the source text. The full impact on broader industry practices or investor behavior remains unspecified.