Hyperliquid, Pump.fun account for nearly 90% of record $638M crypto buybacks: FT

ملخص

Crypto projects recorded a $638 million total in token buybacks in 2026, with Hyperliquid and Pump.fun responsible for nearly 90% of that activity, reflecting a trend of protocols using revenue to return value to token holders.

Market Context

The large‑scale buybacks could lift token prices and boost trading volume, which may increase fee revenue for public crypto‑exchange operators such as Coinbase (COIN) and Robinhood (HOOD); the effect is indirect and depends on how much of the bought‑back tokens are traded on these platforms.

المحركات الرئيسية

• article reports a record $638 million in token buybacks in 2026
• Hyperliquid and Pump.fun account for nearly 90% of the buybacks
• protocols are converting revenue into buybacks to return value to holders

المخاطر

• article does not specify which tokens were bought back, limiting clarity on price impact
• no direct link provided between buybacks and revenue of public exchanges, making the transmission mechanism inferential

الأفق الزمني

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