In traditional markets, buybacks are standard. Apple and Microsoft have spent tens of billions on share repurchases to return value to holders. Crypto is now following the same path. Protocols are using real revenue to repurchase tokens from circulation. But not every buyback is equal. Some are noise. A few stand out. Buybacks in 2025: Revenue-Backed Token In traditional markets, buybacks are a standard mechanism – big companies have executed tens of billions in share repurchasing to return value to shareholders. Crypto is now seeing a similar trend: protocols using real revenue to repurchase… pic.twitter.com/Y6zbtlQhrn — Tokenomist (@Tokenomist_ai) August 20, 2025 Hyperliquid ($HYPE) Takes Main Attention When it comes to revenue-backed buybacks, $HYPE is the reference point. Mechanism: 97% of protocol fee revenue directed to buybacks Start Date: January 2025 Cumulative Impact: ~~29M $HYPE (~~$1.26B) repurchased Supply Effect: ~8.7% of circulating supply, ~2.9% of total supply The size is unmatched. Hyperliquid channels nearly all fee revenue into its token. That makes $HYPE the most aggressive buyback in the market. CoinMarketCap: $HYPE trades at $43.56, market cap $13.4B. Pumpfun ($PUMP) Example Pump.fun announced in July that all platform revenue would be used to repurchase $PUMP. Execution started the same week. Mechanism: Net profit allocated to buybacks Start Date: July 21, 2025 Cumulative Impact: ~~16.2B $PUMP (~~$46.1M) repurchased Supply Effect: ~15.15% of circulating supply, ~1.1% of total supply For a project born in meme culture, the move is unusual. $PUMP now has direct economic support from its own profits. CoinMarketCap: $PUMP trades at $0.00285 , market cap $302M. Ethena ($ENA) Example Ethena took a structured approach. Last month, the foundation announced a $260M buyback program. It runs over six weeks, setting aside about $5M per day to repurchase ENA. Mechanism: Foundation-led $260M buyback (6-week schedule) Start Date: July 21, 2025 Cumulative Impact: ~$150M executed in ~30 days Supply Effect: ~3.48% of circulating supply, ~1.53% of total supply This is one of the largest foundation-managed buybacks in crypto so far. CoinMarketCap: $ENA trades at $0.71, market cap $4.32B. Why Buybacks Matters Buybacks sound bullish, but execution is what matters. In equities, they reduce shares and boost EPS. In crypto, the impact depends on how buybacks are funded and whether they can last. $HYPE: sustainable, tied to protocol fees. $PUMP: turns meme-driven traffic into token support. $ENA: foundation-backed, showing scale and structure. But buybacks are not guaranteed. Protocols can stop anytime. If revenue slows, the mechanism loses weight. Bigger Picture To Monitor The rise of buybacks shows crypto maturing. Projects are now recycling profits back into their tokens, instead of relying only on emissions or hype. That creates a loop: user activity drives fees, fees drive buybacks, and buybacks support tokens. It’s the closest crypto has come to equity-style capital returns. Still, there are risks. Some projects may announce programs and underdeliver. Others could overcommit and hurt their treasuries. The key question remains: is the buyback funded by real revenue? Buybacks are one of the clearest tokenomics trends in 2025. They don’t automatically make a token bullish, but they change the narrative. $HYPE proves scale. $PUMP adds a backbone to memes. $ENA shows how foundations can run structured buybacks. What matters is sustainability. A buyback backed by fees is stronger than one backed by reserves. The real winners will be projects that align buybacks with long-term revenue. Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news !
