Crypto projects are leaning harder into a strategy more familiar from traditional finance: buying back their own tokens. So far in 2026, projects have reportedly spent a record $638 million on token buybacks, according to data compiled by Allium Labs and cited by the Financial Times in a report released Monday.

That total highlights a clear concentration. Hyperliquid and Pump.fun together account for the majority of the year-to-date figure, with Hyperliquid responsible for roughly $370 million and Pump.fun nearly $200 million, as reported by the Financial Times based on Allium Labs’ dataset.

Key takeaways

• Year-to-date token buybacks reached $638 million in 2026, per Allium Labs data cited by the Financial Times—up from $545 million over the same period in 2025.
• Hyperliquid and Pump.fun dominate the activity, together accounting for roughly $570 million of the $638 million total.
• Buybacks are still uncommon in crypto, but more issuers are now using revenue to fund repurchases and support token value.
• Following an Ethena Foundation vote proposal for fee revenue to be used for ENA buybacks, ENA rose 10.7% on the day after the announcement, according to the report.
• HYPE and PUMP have outperformed the broader crypto market decline so far in 2026, based on TradingView-reported performance data.

Record buybacks, concentrated among a few protocols

The Financial Times report framed token buybacks as the crypto analogue to share buybacks: instead of supporting equity prices directly, projects repurchase their own tokens in an effort to bolster token valuation and returns for existing holders.

While this approach remains relatively rare across the broader industry, the numbers show it is no longer an edge-case tactic. Allium Labs’ figures—reported by the Financial Times—indicate buyback spending has accelerated sharply over the past year, rising to $638 million year-to-date in 2026 from $545 million in the same period of 2025. The earlier baseline from Allium Labs cited by the Financial Times shows much lower activity in 2024, at just $366,000.

Crucially, the activity is not evenly distributed. Hyperliquid’s buyback spend of roughly $370 million and Pump.fun’s nearly $200 million together represent the bulk of the year’s token repurchase momentum, suggesting that revenue-rich protocols with clear treasury mechanics are currently driving most of the trend.

How Hyperliquid and Pump.fun are funding repurchases

The performance of HYPE and PUMP appears tightly linked to that repurchase intensity. According to TradingView data cited by the report, HYPE is up 145% year-to-date and PUMP is up 109% year-to-date during a period when Bitcoin fell 10% and total crypto market capitalization declined by 11.9%.

Hyperliquid’s structure is especially aggressive: the report states Hyperliquid spends about 99% of its revenue on token buybacks. It adds that Hyperliquid reported $169 million in second-quarter revenue on Aug. 6, directing $141 million toward HYPE buybacks, citing prior coverage from Cointelegraph (link provided in the source material).

Pump.fun’s approach is similar in spirit but less extreme in percentage terms. The report says Pump.fun allocates about 50% of its net protocol revenue for token repurchases. It also notes the launchpad has $420 million in annualized revenue, based on average daily revenue over the past 90 days, referencing data presented in the source article.

For investors, the key takeaway is that these are not one-off buyback announcements; both projects appear to embed repurchases into how they use revenue. That can matter because sustained buyback programs may influence token holder expectations differently than occasional treasury actions.

Ethena enters the buyback conversation

The broader market dynamic is also shifting. On Thursday, the Ethena Foundation opened a vote on a fee-switch proposal, under which 95% of the net revenue paid to it from Ethena’s core business lines would be used to repurchase ENA tokens, according to the report.

The same coverage noted that the ENA token rose 10.7% on the day after the proposal was opened, suggesting traders are actively pricing in the possibility that revenue earmarked for repurchases could tighten supply or otherwise support valuation.

This matters beyond one token. As governance proposals proliferate, buybacks could become a more common tool for protocols seeking to align treasury use with tokenholder interests—particularly when those protocols have measurable and recurring revenue streams that can be redirected.

Why this trend could spread further

Momentum around token buybacks is beginning to attract mainstream portfolio analysis within crypto. Earlier in August, Bitwise chief investment officer Matt Hougan said, as referenced in the source article, that “crypto valuations could double” in the next two years as protocols increasingly use revenue to fund token buybacks and burns, returning more value to investors.

That prediction is not a guarantee, but the underlying logic is straightforward: if revenue consistently converts into repurchases (and potentially burns), the token’s economic value proposition can become more direct, rather than relying solely on speculation about adoption or network effects.

Still, readers should treat this as an evolving sector experiment rather than a uniform playbook. The same data point can have different implications depending on how a protocol determines buyback size, whether repurchases are executed regularly, and how token supply mechanics work in practice. Even within the report’s examples, the buyback intensity varies—Hyperliquid’s stated near-total revenue dedication versus Pump.fun’s roughly half.

Going forward, the most useful signal to watch is whether the next wave of proposals and repurchase programs matches the consistency seen in Hyperliquid and Pump.fun—or whether buybacks remain occasional. As governance votes move from concept to execution, traders and long-term holders will likely focus on how reliably protocols convert revenue into buy pressure and how quickly markets respond when those programs begin.

Australian authorities charged two Western Australian men on Aug. 26 following a joint investigation into the alleged TeamPCP cybercrime syndicate.

The Australian Federal Police filed a combined 14 charges against 21-year-old Ruben Ian Thomson and 23-year-old Louis Michael Gaebler. Both appeared before Perth Magistrates Court on Aug. 27, according to ABC.

The operation involved the AFP, the FBI and the Western Australia Police Force. Authorities executed warrants at properties in Cottesloe, Hamilton Hill and Mandurah.

Police allege the group compromised more than 1,000 organizations, obtained over 500,000 credentials and removed at least 300 gigabytes of data. The defendants have not been convicted, and the charges remain allegations.

TeamPCP allegedly targeted trusted software components

The joint investigation began in April after several cybersecurity companies supplied intelligence about malicious software distributed through an open-source repository, the AFP said in its official release.

Investigators allege TeamPCP inserted malicious code into legitimate software components used by other developers. Once incorporated into downstream systems, the modified code allegedly gave the group unauthorized access to organizations across government, academia and the private sector.

Software supply-chain attacks can spread beyond the organization hosting the original compromised code. A trusted component may be reused by hundreds of developers, allowing one modification to reach many unrelated systems.

Australian authorities estimated that responding organizations face remediation costs totaling hundreds of millions of dollars. That figure reflects an official estimate rather than a confirmed financial loss suffered by identified victims.

The AFP said infected software enabled the alleged theft of credentials, authentication materials and other sensitive information. However, authorities have not published a complete list of affected organizations or software packages.

Cryptocurrency payments remain under investigation

Police allege the two men were principal participants in the operation and received cryptocurrency for their roles. Authorities said the value of those payments remains under investigation.

The official release did not identify the cryptocurrencies involved. It also did not disclose wallet addresses, transaction hashes, mixers, exchanges or a confirmed laundering total.

Reports claiming that investigators seized large cryptocurrency balances or expensive property go beyond the details contained in the AFP announcement. Authorities said electronic devices and other items were seized, but they did not assign a digital-asset value to those items.

Thomson faces one Australian charge of dealing with money or property worth at least 100,000 Australian dollars that authorities allege represented criminal proceeds. The offence carries a maximum prison sentence of 20 years. That threshold describes the charge and does not establish the final amount involved.

Blockchain transactions can assist investigators when funds move through identifiable services or interact with regulated exchanges. As previously reported, Australian authorities forfeited nearly 25 Bitcoin and other assets tied to a 2013 exchange theft.

U.S. indictment creates a separate federal case

The U.S. Department of Justice separately unsealed a federal indictment against Thomson. Prosecutors charged him with conspiracy to violate the Computer Fraud and Abuse Act and obtaining information from a protected computer.

The American indictment concerns alleged TeamPCP attacks during spring 2026. Prosecutors claim malicious code scanned downstream systems, extracted sensitive information and maintained persistent access.

The Justice Department also alleges TeamPCP used stolen information to make ransom or extortion demands. Members allegedly offered not to publish victims’ data in exchange for payment. These claims have not been proven in court.

Each U.S. offence carries a maximum five-year prison term and a fine of up to $250,000, or twice the alleged gross gain or victim loss. Any sentence would be determined by a federal judge after a conviction.

The U.S. announcement names Thomson but does not announce a corresponding American indictment against Gaebler. Thomson remained in Australian custody when prosecutors disclosed the case.

U.S. agencies have previously targeted infrastructure allegedly used to convert cybercrime proceeds. In related coverage, the FBI seized nine cryptocurrency exchanges accused of laundering ransomware and investment-fraud proceeds.

Forensic examinations could produce further charges

The AFP said investigators are examining a large volume of seized data and electronic devices. That work may help authorities identify additional participants, victims and financial transfers.

Police have not ruled out further arrests or charges. They have also not announced whether the United States will seek Thomson’s extradition or wait for the Australian proceedings to advance.

The investigation’s next phase will involve digital forensics and the examination of cryptocurrency payment records. Prosecutors must separately prove each defendant’s identity, role, intent and connection to the alleged activity.

Potential victims should review software dependencies, rotate exposed credentials and examine authentication logs. Australian organizations can report incidents through Report Cyber, while individuals concerned about identity theft can contact IDCARE.

The case produced no verified cryptocurrency market reaction. It concerns the alleged use of digital assets for payments rather than a vulnerability in a blockchain or cryptocurrency protocol.