Record $638M in Token Buybacks Benefits Only Two Projects

Token buybacks by crypto projects have hit a record $638 million in 2025, with almost 90% of that sum attributable to just two entities.

Hyperliquid (HYPE) and Pump.fun (PUMP) have each seen their token prices more than double since the start of the year. Among the four other projects conducting buybacks, performance varies from a 20% increase to a 39% decline.

Record $638M Token Buyback Outlay Yields Few Winners

According to Allium Labs data, repurchases this year total $638 million. In the same period last year, the figure was $545 million, and for the entirety of 2024, it was just $366,000.

Hyperliquid, a decentralized exchange for perpetual futures, is the top buyer. It channels 99% of its protocol and trading fees into buying back HYPE tokens.

Since December 2024, Hyperliquid has removed $1.3 billion worth of HYPE from circulation. The token reached a new all-time high last week following the launch of an additional buyback mechanism.

Pump.fun allocates 50% of its earnings to purchasing PUMP on the open market and then burning those tokens permanently. So far, it has spent $442.94 million on such buybacks, eliminating 163.03 billion tokens, which represents 16.3% of the total supply.

Per Allium, Sky Protocol (SKY) has purchased roughly $26 million of its own SKY tokens. Lido (LDO) runs a program named NEST that buys LDO with a share of protocol revenue whenever specific conditions are triggered.

Chainlink (LINK) has likewise engaged in token repurchases. Jupiter (JUP) has allocated close to $14 million to buybacks during 2025.

Token Prices Yield Mixed Results Despite Buyback Efforts

Price performance shows a clear split. Since January 1, HYPE is up 217.9% and hit an all-time high of $86.71 on August 27. Over the same period, PUMP has increased by 124.5%.

The remaining tokens have fared much worse. SKY posted a 20.1% gain, JUP rose 9.3%, but LINK declined 7.6% and LDO lost 39%.

However, the timing complicates analysis. A broad crypto market rally in August boosted many tokens, making it difficult to separate the effect of buybacks from the general uptrend.

By July 31, HYPE was the sole token with a significant advance, up 106.3% from the beginning of the year.

At that point, PUMP had risen just 8.2%, and LINK was down 33%. During August alone, PUMP jumped 107.5% and LINK added 37.9%.

The data indicates that while aggressive buybacks can accompany strong token performance, they are no guarantee. HYPE and PUMP achieved large gains with significant buybacks, whereas LDO and LINK remained under pressure despite repurchase efforts.