Altcoin Buybacks Hit $1.4B in 2025, Hyperliquid Leads

Altcoin buybacks in 2025 have surpassed $1.4 billion, with the top 10 projects accounting for 92% of total token repurchase spending. Hyperliquid leads the surge, allocating $644.6 million through its Assistance Fund to repurchase 21.36 million HYPE tokens (2.1% of supply), averaging $65.5 million monthly and peaking at $110.6 million in August. LayerZero follows with a one-off $150 million buyback of 5% ZRO supply at $3 per token. Pump.fun has spent $138.17 million reclaiming about 3% of its tokens since July, while Raydium executed $100.35 million in buybacks via its burn protocol. GMX posted the highest buyback ratio, repurchasing 12.9% of its supply for $20.86 million. Other notable buybacks include Metaplex (6.5% of MPLX), Sky Protocol (5.4% of SKY) and smaller initiatives from Rollbit, Bonk, Sun and WOO. In October’s first half, projects spent $88.81 million, potentially marking a fourth consecutive month above H1’s $99.32 million average. These altcoin buybacks aim to reduce circulating supply and return value to holders, creating bullish price support, though debates over their long-term efficacy persist.