Token Buybacks Surge in 2025 with Hyperliquid Leading

Token buybacks have reached a new high in 2025, with expenditures exceeding $1.40 billion, according to CoinGecko. Hyperliquid has emerged as the top player, spending over $644.64 million on buybacks, which accounts for 46% of the total buyback spending this year. The project has repurchased 21.36 million HYPE tokens, representing 2.1% of its total supply, with an average monthly expenditure of $65.50 million.

Major Players in Token Buybacks

LayerZero ranks second, having spent $150 million to buy back 5% of its ZRO token supply. Noteworthy is that this was a one-off event, with an average buyback price of $3.00. Pump.fun follows closely, with $138.17 million spent on buybacks since July, covering 3% of its total supply. The average buyback price for Pump.fun has been $0.0046, though the project faces a paper loss due to a market downturn.

Solana DEX and Other Projects

Raydium, a Solana-based decentralized exchange, has spent $100.35 million on a buyback-and-burn program. This initiative has been ongoing since 2022, unlike the recent buybacks from other projects. Other notable projects include Rollbit with $27.93 million, Bonk with $27.30 million, and Sun with $3.03 million in buyback spending.

Buyback Trends and Insights

In 2025, 28 projects have engaged in significant buyback activities, with varying percentages of total supply repurchased. Decentralized exchange GMX has bought back the highest share of its supply at 12.9%, spending $20.86 million. Metaplex and Sky Protocol have also made notable buybacks, with 6.5% and 5.4% of their total supplies repurchased, respectively.

Token buybacks have seen a notable uptick in the latter half of 2025, with spending increasing by 85% month-on-month in July. As of mid-October, buyback spending has already reached $88.81 million, indicating a continued upward trend.

The debate on the efficacy of token buybacks as a value-return mechanism continues within the crypto community. However, the significant spending in 2025 highlights the growing interest and adoption of this strategy among cryptocurrency projects.