Crypto Buyback Madness: How Top Projects Are Returning Value to Holders
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Crypto token buybacks have surged past $1.4 billion in 2025, with Hyperliquid (HYPE) accounting for nearly half.
The derivatives platform repurchased 21.36 million tokens, around 2.1% of its supply, spending $644.6 million from its Assistance Fund. Monthly averages hit $65.5 million, peaking at $110.6 million in August.
LayerZero (ZRO) followed with a $150 million one-off buyback in September, reclaiming 5% of its token supply from early investors at an average of $3 per token. Pump.fun (PUMP) also joined the trend, spending $138.2 million to recover 3% of circulating tokens since July, though recent market dips have affected part of its repurchased balance.
Solana-based Raydium (RAY) took fourth place, with $100.4 million spent through its automated buyback and burn system, active since 2022 and now a model for other DEXs seeking to manage supply.
Other notable participants included SKY ($78.8M), JUP ($57.9M), ENA ($40.7M), RLB ($27.9M), BONK ($27.3M), and AAVE ($23.6M).
Analysts note that buybacks are increasingly used to counter thin market floats and inflated valuations, evolving from occasional marketing tactics into a standard method of returning value to holders.
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