Crypto token buybacks hit record $640M, but the market barely notices

The cryptocurrency protocols have reportedly spent an all-time high of $640 million on crypto token buybacks. This indicates that this once-niche financial tool has made its way into the mainstream treasury strategies. However, the question emerges of whether this effort is actually helping to stabilize the pricing. Up to this point, it appears that the answer is no.

What started off as a sub-strategy utilized by select high-revenue protocols has reached base layer chains and top DeFi protocols and is progressively impacting the approach of investors in valuing tokens and protocol cash flows.

From $40 million a week to billions a year

The figures were much lower a year before. August 2025, weekly repurchases of protocols were around $40 million, where Hyperliquid’s share was about $24 million and memecoin launchpad Pump contributed $10 million. The concentration indicated that the first repurchasers were actually only a few platforms that were able to earn a good amount of fees.

According to CoinGecko data, protocols ended up buying back over $1.4 billion of their tokens throughout 2025.

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