Token buybacks — protocols repurchasing their own tokens from the open market — were rare in crypto until recently. The 2026 numbers mark a shift.
Per Allium Labs data cited by the Financial Times, crypto projects have spent a record $638 million on buybacks year-to-date, up from $545 million in 2025 and just $366,000 in 2024. Nearly 90% flows from two protocols: Hyperliquid (
HYPE) and Pump.fun (PUMP) — both have outrun the market, +145% and +109% respectively, while BTC fell 10%.The logic mirrors public equity: a consistent open-market buyer creates demand regardless of sentiment. Ethena Foundation is already voting on routing 95% of net revenue into
ENA repurchases; the token jumped 10.7% on announcement day.The model is spreading.
Cointelegraph