Crypto Token Buybacks Reach Nearly $640 Million Through August

Crypto projects bought back nearly $640 million in tokens through August, with Hyperliquid and pump.fun accounting for about 90% as protocols tie supply changes more closely to operating revenue. Buybacks reached $545 million in the same period in 2025, compared with $366,000 across all of 2024. The activity is highly concentrated: Hyperliquid and pump.fun account for nearly nine-tenths of the 2026 total. Changes span 15 projects in public blockchains, decentralized finance, AI and decentralized physical infrastructure (DePIN), including lower inflation, revenue-funded purchases and burns, revised unlocks, and staking incentives tied to business activity.