Crypto projects have spent a record approximately $640 million on token buybacks this year, according to the Financial Times. The buybacks are aimed at supporting token prices, the report noted.

Token buybacks involve projects using treasury funds or protocol revenue to repurchase their own tokens from the open market. The strategy is typically intended to reduce circulating supply, improve market confidence, and provide support for token prices during periods of volatility. The approach mirrors share repurchase programs long used by public companies, which deploy corporate cash to buy back stock and return value to shareholders, and the latest figures highlight the growing use of buybacks as a capital allocation strategy within the crypto industry. In crypto, however, buybacks occupy a regulatory gray area in many jurisdictions, as most tokens are not classified as securities and buyback programs generally lack the disclosure requirements that apply to listed-equity repurchases.

Hyperliquid and pump.fun Lead the Trend

According to the report, Hyperliquid and pump.fun were responsible for nearly 90% of all token buybacks completed this year. Their aggressive repurchase programs made them the dominant contributors to the record total, reflecting the increasing adoption of mechanisms traditionally associated with public company share buybacks. Both protocols are known for generating substantial fee revenue from on-chain activity, which has provided the funding base for their repurchase programs.

Supporters argue that buybacks can strengthen token economics, while critics note that long-term value still depends on sustained user adoption and protocol growth. The trend has become an increasingly important topic within the digital asset market.

Cointelegraph reported on the figures on X (Twitter):

JUST IN: Crypto groups have spent a record ~$640M on token buybacks this year to prop up prices, with Hyperliquid and pump(.)fun driving nearly 90% of it, per FT. pic.twitter.com/xuhRzDTmRL — Cointelegraph (@Cointelegraph) August 31, 2026 (https://x.com/Cointelegraph/status/2094281781553910112?ref_src=twsrc%5Etfw)

Buybacks Gain Momentum Across Crypto

The surge in crypto token buybacks underscores how projects are experimenting with new ways to manage token supply and reward their communities. As more protocols generate revenue, buyback programs may become a more common feature of tokenomics, though their durability will depend on continued protocol revenue and transparent execution.

Investors will continue monitoring whether these initiatives have a lasting impact on token valuations and broader market performance.