Crypto token buybacks hit record $640M in 2026

Crypto projects spent a record $640M on buybacks in 2026, led by Hyperliquid and Pump.fun. Despite this, market impact was limited due to ongoing token unlocks and selling pressure.

Crypto projects have reached a new milestone in 2026, spending a record $638–$640 million on token buybacks. This marks a significant jump from $545 million in the same period last year and a dramatic rise from just $366,000 in 2024. Nearly 90% of this year’s buybacks were driven by Hyperliquid and Pump.fun. Hyperliquid allocated 99% of its trading fee revenue to repurchasing and burning its HYPE token, resulting in a notable price increase. Pump.fun also dedicated most of its fee income to buybacks. Other projects, such as Sky Protocol and Lido, participated on a smaller scale. Despite the surge in buybacks, the market response has been muted. Ongoing token unlocks and persistent selling pressure often outweigh the demand generated by these repurchases. While the trend highlights the growing adoption of stock market strategies in crypto, the effectiveness of buybacks in supporting token prices remains uncertain.