Crypto token buybacks reach $638 million in 2026

Crypto projects have spent approximately $638 million repurchasing their native tokens between January and August 31, 2026, according to data from Allium Labs. This figure represents a 17% increase compared to the $545 million recorded during the same period in 2025 and marks a massive escalation from the $366,000 spent across the entire industry in 2024.

The surge is heavily concentrated in two platforms: Hyperliquid and Pump.fun, which together account for nearly 90% of the total tracked repurchases. Hyperliquid, a decentralized perpetuals exchange, routes approximately 99% of its eligible trading fees toward automated HYPE token purchases and burns. Its total buybacks are estimated to be between $1.1 billion and $1.3 billion since its launch in late 2024.

Pump.fun, a Solana-based memecoin launchpad, allocates 50% of its net revenue toward open-market repurchases of its PUMP token. Other projects, such as Sky, have also participated, with Sky spending $26 million on repurchases in 2026. Lido has proposed a framework that would limit annual purchases to $10 million and only activate buybacks when revenue exceeds specific thresholds.