Crypto Firms Spend Record $638 Million on Token Buybacks in 2026: Report

Highlights:

• Crypto projects have spent a record $638 million on token buybacks so far this year.
• Hyperliquid and pump.fun account for nearly 90% of the token repurchases tracked this year.
• Buybacks have helped some tokens, but Jupiter, Chainlink, and others still recorded large price declines.

Crypto companies have spent a record $638 million buying back their own tokens so far in 2026, as projects look for ways to support their assets during a difficult market. According to an August 31 report from the Financial Times, the total has already passed the $545 million spent over the same period last year. In comparison, crypto token buybacks totaled just $366,000 in all of 2024.

Token buybacks work much like share repurchases in traditional markets. A crypto project uses its revenue or other funds to buy its own tokens from the market. Some projects then remove those tokens from circulation. A lower supply can support the token price if demand remains strong.

Crypto Projects Buy Back $638 Million in Native Tokens This Year; Hyperliquid and Pumpfun Account for Nearly 90%

According to the Financial Times, digital asset projects have bought back approximately $638 million worth of their own tokens so far this year, up from $545 million… pic.twitter.com/jTWVduwheh

— Wu Blockchain (@WuBlockchain) August 31, 2026

Hyperliquid and pump.fun Lead Crypto Token Buybacks

Hyperliquid and pump.fun account for nearly 90% of the buybacks tracked this year, according to Allium Labs data cited by the Financial Times. Hyperliquid has been one of the biggest users of the strategy. The perpetual futures exchange spends 99% of its trading-fee revenue on buying HYPE tokens. Since Hyperliquid launched in December 2024, it has repurchased and cancelled about $1.3 billion worth of HYPE.

HYPE has gained around 70% over the past year despite weakness across much of the crypto market. Matt Hougan, chief investment officer at Bitwise Asset Management, said aggressive buybacks have been the main reason behind the token’s strong performance. Investors can see a clearer connection between growing activity on Hyperliquid and demand for HYPE.

Allium Labs head of research Elton Shehdula also said crypto projects have an incentive to run buybacks because they can show confidence in their tokens. Buying tokens from the market can also reduce available supply.

Token Buybacks Are Not Working for Every Project

Other crypto projects have followed the same strategy, but buybacks have not always led to higher prices. Sky Protocol has bought around $26 million worth of SKY tokens. Co-founder Rune Christensen said the program helps keep token holders aligned with the protocol’s long-term goals. SKY holders can also vote on protocol decisions, and the token has gained about 5% over the past year.

Lido announced plans in August to carry out regular buybacks once certain conditions are met, including reaching $40 million in annualized revenue. However, LDO has dropped 71% over the past year and is trading near record lows.

Jupiter has spent nearly $14 million on token repurchases this year, according to Allium Labs. Its token is still down about 55% over the past year. Chainlink has also carried out buybacks, while LINK has lost around half of its dollar value during the same period. Helium went even further and stopped its token buyback program in February. Co-founder Amir Haleem said, “The market doesn’t seem to care about projects buying their tokens back off the market.”

Crypto Projects Look for More Value From Their Tokens

The rise in crypto token buybacks has also followed a change in the US regulatory environment. Under former SEC Chair Gary Gensler, some executives were cautious about programs that could make tokens look more like securities. According to the FT, companies have become more comfortable with buybacks as US regulators have taken a friendlier approach toward crypto under the Trump administration.

Still, buybacks alone cannot guarantee higher token prices. Keyrock researcher Amir Hajian said investors are paying more attention to whether tokens provide real economic benefits rather than simply rising because of market hype. The results so far are mixed. Hyperliquid has paired strong platform revenue with large HYPE repurchases, while several other projects have continued to lose value despite spending millions on buybacks.