Crypto companies spent a record amount on token buybacks. Since the start of the year, projects have directed $638 million toward these efforts. This figure significantly exceeds the volumes seen in previous years. The data comes from research firm Allium Labs, as reported by the Financial Times. Over the same period in 2025, crypto companies spent $545 million. For all of 2024, the total buyback volume amounted to just $366,000.
Two major platforms emerged as the largest participants in the current trend. Nearly ninety percent of all buybacks came from Hyperliquid and pump.fun. The derivatives exchange Hyperliquid directs 99 percent of fees toward buying back HYPE. Since launch, the platform has burned tokens worth $1.3 billion. The value of the HYPE asset has risen by approximately seventy percent. Bitwise Asset Management Chief Investment Officer Matt Hougan noted the significance of this move. Aggressive buybacks gave investors confidence in the project's future.
Other well-known crypto companies have also joined the buyback strategy. Sky Protocol bought back $26 million worth of its own assets. Co-founder Rune Christensen highlighted the importance of the project's long-term development. Crypto protocol Lido also plans to regularly buy back its own token, linking this to achieving annual revenue of $40 million. However, the Lido token has lost around seventy percent of its value. Exchange Jupiter spent nearly $14 million on buybacks, while the price of its asset fell by fifty-five percent. Chainlink's LINK token dropped by roughly half. The Helium platform altogether discontinued its buyback program in February.
Helium co-founder Amir Haleem stated there was no market reaction, and the company decided to stop spending funds on these operations. Allium Labs Head of Research Elton Shahdula cautioned investors: the mere fact of a buyback does not guarantee strong prospects for an asset. Crypto companies use buybacks as a visual stimulus for the market. Curve founder Michael Egorov previously criticized pump.fun and also sharply criticized the popular Phantom wallet. Token buybacks remain a popular tool for managing market supply.
***
This material is prepared exclusively for informational purposes and does not constitute financial advice or a recommendation.