Hyperliquid Dominates 2025 Token Buybacks with $644M Program

Hyperliquid’s $644.64 million buyback program has established a new benchmark in the cryptocurrency sector, dwarfing competitors through consistent, substantial monthly repurchases. The platform has repurchased 21.36 million HYPE tokens to date, representing approximately 2.1% of the total token supply at an average price of $30.18 per token. This massive allocation through the platform’s Assistance Fund demonstrates a commitment to token holder value that far exceeds industry norms, with Hyperliquid’s spending alone accounting for nearly half of all token buyback activity across the entire cryptocurrency market in 2025.

The scale of Hyperliquid’s dominance becomes even more apparent when comparing its efforts to other major players. LayerZero, ranking as the second-largest token buyback, spent $150 million in September to repurchase 5% of its ZRO supply at an average price of $3.00. However, this represented a one-off discretionary buyback rather than the sustained program implemented by Hyperliquid. Pump.fun occupied the third position with $138.17 million in repurchases since July, averaging $40.47 million per month and capturing 3% of its total supply, though its average buyback price of $0.0046 has placed repurchased tokens at a paper loss following the October 10 crypto market correction.

Hyperliquid’s buyback program has demonstrated both consistency and strategic flexibility, with monthly repurchases averaging $65.50 million while showing significant variation based on market conditions and program requirements. The program reached its lowest point in March with $39.14 million in repurchases before climbing to a peak of $110.62 million in August. This fluctuation pattern suggests a responsive approach to market dynamics rather than a rigid, predetermined schedule, allowing the platform to optimize its repurchase timing for maximum effectiveness.

The strategic nature of Hyperliquid’s program contrasts with other notable buyback initiatives in the space. Raydium, the Solana-based DEX, leads in token buyback-and-burn activity after spending $100.35 million since 2022, demonstrating a longer-term commitment to supply management. Other significant participants include Rollbit with $27.93 million in repurchases, Bonk via Bonk.fun at $27.30 million, Tron’s Sun platform with $3.03 million, and exchange WOO at $1.68 million. Across the industry, CoinGecko identified 28 projects implementing meaningful buybacks in 2025, though none approach the scale or consistency of Hyperliquid’s program.

The broader cryptocurrency market has witnessed a significant surge in token buyback activity during 2025, with total repurchases reaching $1.40 billion year-to-date. This represents a substantial acceleration in the adoption of buybacks as a mechanism for returning value to token holders and encouraging long-term engagement. On average, crypto projects have spent approximately $146 million per month repurchasing their tokens this year, though this figure was significantly influenced by LayerZero’s one-off $150 million repurchase in September.

Excluding the LayerZero anomaly, September’s total buyback spending stood at $168.45 million, still representing robust activity across the sector. The pace of buybacks has shown clear acceleration in the second half of 2025, with spending jumping 85% month-on-month in July. As of mid-October, projects had already spent almost $89 million, putting the month on course to log a fourth straight period above the first-half average of over $99 million. This sustained elevated activity indicates that token buybacks are becoming an established feature of cryptocurrency project management rather than a temporary trend.

The growing adoption of buyback programs reflects a maturation in the cryptocurrency industry as projects seek more sophisticated methods to manage token supply and demonstrate commitment to long-term value creation. Hyperliquid’s dominant position in this emerging landscape underscores the platform’s financial strength and strategic vision, setting a new standard for how cryptocurrency projects can effectively utilize revenue to benefit token holders while managing circulating supply in a transparent, measurable manner.