Hyperliquid Dominates $1.4 Billion Crypto Token Buyback Wave in 2025
Hyperliquid, a decentralized perpetual exchange protocol, has emerged as the undisputed leader in token buybacks this year, committing roughly $645 million—nearly half of all repurchase activity across the crypto market. The project's spending eclipses combined efforts from other major players, signaling aggressive capital deployment to support its native token.
Token buybacks accelerated sharply in the second half of 2025, with July seeing an 85% month-over-month surge in spending across 28 documented projects. While September's figures appeared inflated by LayerZero's unspecified ZRO repurchase announcement, underlying momentum remains strong—October's $88.81 million in early buybacks suggests the market will easily surpass Q1's $99.32 million monthly average.
The trend reflects growing institutional sophistication in crypto capital management. "Excluding anomalous one-off transactions, we're seeing sustained appetite for buybacks as a value-accrual mechanism," notes CoinGecko analyst Yuqian Lim. Hyperliquid's Assistance Fund has become a case study in scale, deploying funds equivalent to the combined buybacks of multiple mid-cap projects.
