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Hyperliquid (HYPE), Pump.fun (PUMP) and GMX (GMX) are the three most active players in the sphere of token buybacks. Almost 50% of all buyback volume registered in 2025 came from the Hyperliquid DEX team, the newest CoinGecko report says.
$1.4 billion in buybacks registered in crypto in 2025: CoinGecko report
The aggregated volume of crypto buybacks — coordinated purchases of tokens on the open market by their issuer — exceeded $1.4 billion in equivalent from Jan. 1 to Oct. 15, 2025. A total of $644 million of this unbelievable amount was bought by the Hyperliquid (HYPE) team, CoinGecko’s latest report says.
Our team did a study of largest token buybacks. Seems like there’s a lot that is missing from this piece that we should include in our next update. Nevertheless, still sharing here as I thought that it’s interesting:
– Token buyback spending has reached over $1.4b across 28… pic.twitter.com/bpufFxCBNy
— Bobby Ong (@bobbyong) October 22, 2025
Hyperliquid (HYPE), one of the most popular perpetual DEXes of 2025, is the biggest player here, with almost 50% of total buyback volume.
The leader is followed by LayerZero (ZRO), a cross-blockchain communication protocol. After holding one of the most anticipated airdrops ever, LayerZero (ZRO) initiated over $150 million in buybacks.
Pump.fun (PUMP), Solana’s dominant meme coin no-code launcher, bought back 3% of the total PUMP supply, having spent $138 million in 2025.
GMX, another decentralized exchange for perps, despite being only the 11th largest buyback project by volume, repurchased 13% of the GMX circulating supply. A significant portion of these tokens was redistributed among the community, data says.
Raydium (RAY) and Jupiter (JUP), two dominant Solana DEXes, are also among active buyback initiator, with more than $160 million spent for this activity in total.
Projects use buyback events to reduce potential selling pressure
As covered by U.Today previously, the buybacks — both by teams and founders personally — are powerful price catalysts since they demonstrate confidence in the token’s value.
On Oct. 18, ENA, a native cryptocurrency of the Ethereum-based stablecoin protocol, outperformed all of the top 100 altcoins.
Ethena’s founder, Guy Young, purchased $25 million worth of ENA on the open market, which was noticed by analysts.
Also, buybacks naturally reduce the circulating supply, which makes the asset verifiably scarcer and, therefore, more valuable.
