According to recent data, total buyback activity surpassed $1.4 billion this year – and nearly half of that came from a single name: Hyperliquid.
The derivatives platform Hyperliquid (HYPE) easily led the market, allocating $644.6 million to repurchase 21.36 million tokens – around 2.1% of its total supply. Funded through its Assistance Fund, Hyperliquid’s buybacks averaged $65.5 million per month, peaking in August at $110.6 million.
LayerZero (ZRO) took second place after a one-time $150 million buyback in September. The initiative allowed the team to purchase 5% of the token’s total supply from early investors at an average price of $3.
Pump.fun (PUMP) ranked third, spending $138.2 million to buy back roughly 3% of its circulating tokens since launching the program in July. With monthly spending averaging $40 million, part of the buyback balance has since gone underwater following October’s market correction.
Solana-based DEX Raydium (RAY) came in fourth with a total of $100.4 million in buyback and burn spending. Raydium’s automated repurchase mechanism, active since 2022, continues to serve as a model for other decentralized exchanges exploring supply reduction strategies.
Beyond the top performers, several projects also joined the 2025 buyback rush, including SKY ($78.8M), JUP ($57.9M), ENA ($40.7M), RLB ($27.9M), BONK ($27.3M), and AAVE ($23.6M).
Analysts say token repurchases have become a popular tool for addressing concerns over high fully diluted valuations and thin market floats. As the total buyback figure climbs past $1.4 billion, the strategy appears to be evolving from an occasional marketing move into a standard mechanism for returning value to holders.
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