Hyperliquid, Pump.fun account for nearly 90% of record $638M crypto buybacks: FT
Crypto projects spent a record $638 million on token buybacks so far in 2026, as more protocols are turning their revenue into buybacks to return more value to token holders.
In the first quarter of 2026, a staggering $638 million was spent on token buybacks across cryptocurrencies, setting a record high. This surge in buybacks was largely driven by two platforms: Hyperliquid, a decentralized exchange, and Pump.fun, a memecoin launchpad. Together, these projects accounted for nearly 90% of the total buyback spending.
Allium Labs data revealed that Hyperliquid accounted for approximately $370 million, while Pump.fun contributed around $200 million to the buybacks. These token buybacks function similarly to share buybacks from publicly-listed companies, aiming to bolster share prices and enrich existing shareholders. The ENA token, for instance, saw a 10.7% increase following a fee-switch proposal by the Ethena Foundation, which suggested using 95% of its net revenue to repurchase Ethena tokens.
Interestingly, despite the overall decline in the crypto market, the HYPE and PUMP tokens of Hyperliquid and Pump.fun, respectively, outperformed the broader market, with HYPE surging 145% and PUMP rising 109% year-to-date. This marked a stark contrast to Bitcoin's 10% decrease and the overall crypto market capitalization's 11.9% decline during the same period.
Written by urgent.news from Cointelegraph's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
