Crypto projects spent a record $638 million on token buybacks so far in 2026, according to Allium Labs data cited by the Financial Times. The total describes projects and protocols, not necessarily incorporated companies, and combines programs with different rules for repurchases, burns and revenue allocation.

Hyperliquid’s model needs precise wording

Hyperliquid’s HYPE token had its genesis event on Nov. 29, 2024. The protocol’s documentation says its Assistance Fund receives eligible fee revenue after referral rewards and other deductions, then uses those funds for HYPE purchases. Bitwise described roughly 99% of fee revenue as reserved to buy HYPE, but that shorthand should not be presented as 99% of all gross trading fees under every condition.

Programs differ across projects

Buybacks can retire tokens, hold them in a treasury or route them through protocol-specific mechanisms. The $638 million aggregate therefore does not make the programs economically identical. Investors also do not receive the same legal rights as shareholders merely because a token uses fee-funded buybacks.

Sources: Financial Times report; Hyper Foundation genesis announcement; Hyperliquid fee documentation; Bitwise CIO memo.