Crypto trader Ansem has questioned whether token buybacks can create lasting value on their own, pointing to the wide valuation gap between Hyperliquid’s HYPE and Pump.fun’s PUMP. 

In a July 17 X post, he argued that both businesses generate large revenues and regularly repurchase their tokens, yet the market values them very differently.

According to Ansem’s figures, Hyperliquid generates about $800 million in annualized revenue and carries a fully diluted valuation near $65 billion. Pump.fun, by comparison, generates roughly $440 million in annualized revenue while PUMP trades at an FDV of about $1.4 billion. He said the contrast challenges the view that recurring buybacks alone determine crypto valuations.

“I have a thesis that buybacks don’t actually work,” Ansem wrote. 

His broader argument was that market confidence, community alignment and a project’s record of delivering on commitments can create an additional “trust premium” that financial metrics cannot fully measure.

i have a thesis that buybacks don’t actually work

hyperliquid makes $800M annualized revenue
pump fun makes $440M annualized revenue$HYPE trades at $65B FDV while $PUMP trades at $1.4B FDV

both teams do regularly recurring buybacks with portions of their profits from the…

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— Ansem 🐂🀄️ (@blknoiz06) July 16, 2026

Hyperliquid and Pump.fun show different results from buybacks

Ansem pointed to Hyperliquid as a platform that built strong confidence among core users. He said the team focused on shipping products without overpromising and rewarded users according to measurable activity. In his view, that approach strengthened trust and helped HYPE command a higher valuation relative to revenue.

Hyperliquid also operates one of crypto’s largest token repurchase programs. As previously reported by crypto.news, its Assistance Fund directs most protocol fees toward continuous open-market HYPE purchases. By May 2026, the mechanism had spent more than $1.3 billion on buybacks.

Pump.fun has also committed substantial resources to supporting PUMP. However, its token has struggled despite aggressive repurchases and burns. As crypto.news reported ahead of the July vesting event, the platform had spent $233 million buying back 62.2 billion PUMP by early January and later carried out a large token burn.

Meanwhile, Pump.fun distributed 57.279 billion PUMP worth about $86.49 million to 121 team and investor wallets on July 15, beginning a three-year vesting cycle after a one-year lockup. The transfers made the tokens available to move but did not confirm that recipients sold them.

Ansem argued that the missing factor is community trust. He pointed to Pump.fun’s previously discussed user airdrop, which has not yet been delivered, as a source of weaker alignment with its core audience. Pump.fun co-founder Alon Cohen said in July 2025 that an airdrop remained planned but would not arrive in the immediate future.

Therefore, Ansem said Pump.fun could potentially close part of its valuation gap by improving communication and delivering the distribution expected by users. That remains his market thesis rather than a guarantee of future price performance. He estimated that stronger community alignment could raise PUMP’s valuation and activity.

He also cited Bitcoin as an example of what he views as an extreme trust premium. Bitcoin produces no business revenue, yet its fixed 21 million supply and established network rules support a far larger valuation. 

Bybit has moved deeper into Southeast Asia by launching a locally operated crypto trading platform in Indonesia, a step it says follows a majority acquisition of NOBI. The exchange announced Thursday that it has launched the new Indonesia entity after taking control of digital asset firm PT Enkripsi Teknologi Handal, which previously operated under the name NOBI.

The deal results in a rebrand: NOBI is now Bybit Indonesia. Bybit said it intends to roll out its services in stages, beginning with 500 cryptocurrency trading pairs, and to expand from there as the platform ramps up.

Key takeaways

• Bybit has launched a locally operated Indonesia platform after acquiring a majority stake in PT Enkripsi Teknologi Handal (formerly NOBI).
• NOBI has been rebranded as Bybit Indonesia, with the company set to expand its trading offering in phases.
• The exchange plans to start with 500 trading pairs and build from there rather than opening the full set at once.
• Leadership will come from former NOBI executives, with Lawrence Samantha as CEO and Dionisius Evan as chief operating officer.
• Indonesia’s regulator reports a rapidly growing crypto user base, alongside a licensing framework covering exchanges, custodians, and traders.

Bybit’s Indonesia push: acquisition to local operation

For Bybit, the launch is not just a marketing move—it reflects a shift toward operating within Indonesia’s local regulatory and market structure. The exchange said its acquisition allows it to pair Bybit’s global capabilities with an experienced local team that understands Indonesia’s market dynamics and regulatory requirements.

The company’s statement names Lawrence Samantha as CEO and Dionisius Evan as chief operating officer. Both previously served as senior executives at NOBI, indicating that Bybit is using the acquired firm’s institutional know-how and local relationships as it enters a regulated environment.

What Bybit plans to launch first

Bybit Indonesia will be introduced in phases. According to the announcement, the rollout will start with 500 cryptocurrency trading pairs. That staged approach suggests Bybit is likely pacing market access and product configuration rather than attempting a full-scale launch overnight, which can be important in jurisdictions where onboarding, compliance processes, and platform readiness must be managed carefully.

While Bybit did not provide a detailed timeline for subsequent phases in the information available, the initial pair count is a key operational signal: the exchange is aiming to offer broad spot market coverage from day one, giving Indonesian users a range of trading choices as liquidity and infrastructure are established.

Indonesia’s growing crypto market and the licensing environment

Indonesia has been steadily expanding its crypto user base under a framework overseen by the Indonesia Financial Services Authority (OJK). As of February 2026, OJK reported 21.07 million registered crypto asset users, and it cited total crypto transaction value of $26.85 billion (482 trillion Indonesian rupiah) in 2025.

Regulatory activity has also accelerated. As of April 2026, OJK reported that Indonesia had licensed 31 crypto-related entities. That includes two crypto exchanges, two clearing institutions, two custodians, and 25 digital asset traders. PT Enkripsi Teknologi Handal—Bybit’s acquired company—was listed among those licensed entities.

For investors and users, the significance is that Bybit’s local launch is arriving in a market where regulatory status and licensing are increasingly central to participation. In other words, the opportunity is expanding, but so are compliance expectations. Bybit’s decision to structure entry via an acquired, locally licensed firm may reduce friction compared with trying to build a local regulated presence from scratch.

Why the local leadership model matters

Bybit Indonesia’s management lineup is drawn from the former NOBI leadership, with Samantha taking the CEO role and Evan serving as COO. That continuity can matter operationally: local executives typically have deeper context around compliance workflows, relationships with regulated counterparties, and day-to-day execution in-country.

From a broader perspective, this model reflects a common pattern in regulated crypto markets. Global exchanges often need more than technology and brand recognition—they need a team that understands local rules, user behavior, and market structure well enough to execute quickly once a platform goes live.

Even so, readers should watch how the staged launch progresses beyond the initial 500 pairs. The next question will be whether Bybit increases liquidity and expands pair availability at a pace that matches Indonesia’s user growth, and how effectively it integrates the acquired platform into its wider global systems.

With Bybit Indonesia now live and using former NOBI executives to lead operations, the key developments to track are the timing of subsequent rollout phases, any expansion beyond the initial trading pairs, and how the platform performs within Indonesia’s regulated ecosystem as OJK continues to license and supervise crypto firms.

Bybit has launched a locally operated cryptocurrency platform in Indonesia following its majority acquisition of PT Enkripsi Teknologi Handal, formerly known as NOBI. 

The company said the deal establishes Bybit Indonesia as a local entity operating under the supervision of the Financial Services Authority, or OJK.

The exchange plans to introduce its services in stages, starting with more than 500 trading pairs. According to Bybit’s announcement, the platform will use its global liquidity alongside market surveillance and risk controls designed to meet Indonesian requirements.

The acquisition gives Bybit a locally regulated route into Indonesia rather than operating solely through its global platform. NOBI has been rebranded as Bybit Indonesia, while its existing local management remains involved in running the business and handling regulatory compliance.

Bybit Launches Localized Indonesian Platform Bybit Indonesia

Following its majority acquisition of Indonesian crypto platform PT Enkripsi Teknologi Handal (formerly NOBI), Bybit has officially launched Bybit Indonesia, which operates under the supervision of Indonesia’s… pic.twitter.com/vVPASWleci

— Wu Blockchain (@WuBlockchain) July 16, 2026

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Lawrence Samantha, formerly part of NOBI’s senior management, will serve as CEO. Dionisius Evan will continue as chief operating officer, while Steven Gotama will serve as chief marketing officer. 

Samantha said “this acquisition allows us to combine Bybit’s global capabilities with an experienced local team” familiar with Indonesia’s market and regulatory system.

Bybit targets a growing regulated crypto market

Indonesia had 21.07 million crypto consumer accounts as of February 2026, according to official OJK data. The figure rose to 21.37 million in March, while crypto transactions reached IDR22.24 trillion during that month.

Meanwhile, Indonesia’s crypto ecosystem has continued to expand under OJK oversight. The regulator had licensed 31 crypto-related entities by March, including two exchanges, two clearing institutions, two custodians and 25 digital financial asset traders. Indonesia also recorded IDR482.23 trillion in crypto transactions during 2025.

In additoin, Bybit is not the only international exchange expanding through a locally compliant structure. BTSE launched its own regulated Indonesian platform in July after rebranding local exchange NVX through a joint venture. The platform supports rupiah services under an OJK license.

The two launches come as authorities increase oversight of companies serving Indonesian crypto users. OJK has expanded licensing and consumer protection requirements since taking responsibility for the sector, creating a market where global exchanges increasingly need local entities and regulatory approval to expand their services.

Bybit continues regulated global expansion

The Indonesia launch also fits Bybit’s wider push into regulated markets. As previously reported by crypto.news, the exchange secured a full Virtual Asset Platform Operator license in the United Arab Emirates in October 2025 after receiving initial approval earlier that year.

Moreover, Bybit outlined plans in January to expand beyond its core cryptocurrency exchange business into a broader financial platform covering banking, custody and cross-border services. The acquisition of NOBI adds another locally operated market to that strategy.

Bybit Indonesia said future products will be introduced gradually and according to OJK requirements. The company also plans to offer local education through Bybit Learn as it transitions existing NOBI users onto the new platform and expands its services in the country.

Injective says it has filed for transfer agent registration with the U.S. Securities and Exchange Commission, seeking a regulated route to maintain ownership records for tokenized securities on blockchain infrastructure. 

The blockchain project announced the filing on X on July 16. The move could place Injective closer to the regulated systems that determine legal securities ownership. 

However, Injective did not name the legal entity that submitted the application, and a public filing matching the announcement was not located in SEC materials reviewed at publication time.

Injective targets a regulated securities record system

Transfer agents perform a core role in U.S. securities markets. They record ownership changes, maintain security holder records, and handle other administrative functions for issuers. The SEC says a transfer agent must register with the appropriate regulator before performing transfer agent functions for qualifying securities.

Injective has filed its transfer agent registration with the SEC, marking a major step towards becoming a leading blockchain with a regulated pathway to issue securities onchain.

This advances RWA market infrastructure in the New Internet Economy, right here in the US. pic.twitter.com/u97CMk1rBT

— Injective 🥷 (@injective) July 16, 2026

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Injective said its proposed system would move these records onto blockchain infrastructure. 

“Tokenized securities and RWAs need compliant ownership records on infrastructure that settles in less than a second,” the project said. 

Still, filing for registration does not mean that the SEC has approved the application.

Tokenization moves beyond issuing digital assets

The filing comes as blockchain firms and traditional financial companies move beyond simply issuing tokenized assets. Market infrastructure providers are now testing blockchain for trading data, settlement, collateral management, and securities administration.

As crypto.news previously reported, Nasdaq began distributing its TotalView order book data through Pyth Network in June. The arrangement gives blockchain applications access to institutional market data and forms part of Nasdaq’s broader work around tokenized markets.

Wall Street infrastructure continues moving onchain

Meanwhile, the Depository Trust & Clearing Corporation is developing blockchain-based infrastructure for post-trade markets. DTCC is working with Chainlink on a Collateral AppChain designed to support around-the-clock collateral pricing, valuation, margining, and settlement. The platform targets a Q4 2026 production launch.

Tokenized stock markets are also expanding. As previously reported, the New York Stock Exchange has partnered with Securitize on infrastructure for tokenized stocks and exchange-traded funds, while Nasdaq has pursued its own regulated tokenization initiatives.

Injective expands its focus on real-world assets

Injective has already positioned its network around decentralized finance and tokenized real-world assets. In 2025, the project partnered with Republic to expand access to tokenized private-market investments through its blockchain infrastructure.

The transfer agent application would take that strategy into another part of regulated market infrastructure if approved. Rather than only providing technology for issuing or trading tokenized assets, Injective would seek a role in maintaining the official records that show who owns securities.

1inch co-founder Anton Bukov says he has fully stepped away from the decentralized finance project’s operations after more than seven years and is now launching a new venture called Second Tier. 

Bukov said the company fired him in late November 2025 after he pushed for changes to management and operations.

However, 1inch gave a different account of his recent role. The company said Bukov had not been actively involved in organizations linked to the project since December 2025. Bukov said he remains a co-founder and 50% shareholder but no longer has operational authority.

Bukov says management push ended with his firing

In a statement published on X, Bukov said feedback from users and colleagues led him to become more involved in leadership and company operations. He said he spent months working on his leadership and communication approach while trying to change how the organization operated. “In late November 2025 I was fired,” he said.

Bukov also drew a clear line between his ownership position and his current responsibilities. “I no longer take part in the company’s operations,” he said. 

He added that he has no role in product architecture or security and no oversight of either area. His statement leaves him as a shareholder and co-founder without a stated day-to-day management role.

1inch says operations and infrastructure remain unaffected

1inch responded on X by saying Bukov had not been actively involved in any associated organizations since December 2025. The statement presents a different timeline for his operational departure but does not change Bukov’s claim that the company dismissed him the previous month. The company has not publicly detailed the internal discussions that preceded the split.

We can confirm that Anton Bukov is no longer contributing to the 1inch project and has not been actively involved in any associated organizations since December 2025.

This does not affect the operation of 1inch Network or any associated organizations. The protocols,…

— 1inch (@1inch) July 16, 2026

Meanwhile, co-founder Sergej Kunz sought to reassure users about the project’s operations. He said Bukov’s departure “is not disrupting, will not disrupt, 1inch Network’s infrastructure or systems.” Kunz remains in charge as the protocol continues developing its trading and liquidity products.

Second Tier becomes Bukov’s next project

Alongside his departure statement, Bukov announced Second Tier as his next venture. He said he is building the project with people who share the same values from the start. However, public information about its products, funding and launch schedule remains limited.

The move closes Bukov’s active operating role at a project he co-founded with Kunz in May 2019. During his time at 1inch, Bukov worked on protocol architecture and security, according to his account. The project later expanded from decentralized exchange aggregation into cross-chain trading tools and other DeFi infrastructure.

1inch continues expanding its DeFi products

As previously reported by crypto.news, 1inch partnered with Rewardy Wallet in January to provide gasless cross-chain swaps across five blockchain networks through its Swap API. The integration formed part of 1inch’s broader effort to simplify decentralized trading while keeping users in control of their assets.

More recently, the leadership split comes after renewed attention on security across 1inch-linked infrastructure. In May, TrustedVolumes lost about $5.87 million after an attacker targeted its custom RFQ swap proxy. The incident did not affect a standard 1inch user swap route. 

Kunz later called for safer lending structures following separate stresses in DeFi markets. Bukov’s latest statement now makes clear that he no longer oversees 1inch product architecture or security, while the company maintains that its systems and ongoing operations remain unaffected by his departure.

Crypto exchange Bybit announced Thursday it has launched a locally operated platform in Indonesia after acquiring a majority stake in digital asset firm PT Enkripsi Teknologi Handal, formerly known as NOBI. 

The deal saw NOBI rebranded as Bybit Indonesia. The crypto exchange said it plans to introduce its services in phases, starting with 500 cryptocurrency trading pairs. 

The exchange will be led by Lawrence Samantha, who will serve as CEO and Dionisius Evan, who serves as chief operating officer, both formerly senior executives at NOBI. 

“This acquisition allows us to combine Bybit’s global capabilities with an experienced local team that understands Indonesia’s market and regulatory environment,” Samantha said in a statement. 

As of February 2026, Indonesia had 21.07 million registered crypto asset users, according to the Indonesia Financial Services Authority, with total crypto transaction value reaching $26.85 billion (482 trillion Indonesian rupiah) in 2025.

As of April, Indonesia had licensed 31 crypto-related entities, including two crypto exchanges, two clearing institutions, two custodians, and 25 digital asset traders, one of which is PT Enkripsi Teknologi Handal.

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

Balaji Srinivasan has paused further investment in Malaysia and is seeking a formal agreement with the government after authorities investigated his Network School community in Johor’s Forest City. 

The former Coinbase chief technology officer said he wants written assurance that the project and its participants are welcome before committing more capital.

The dispute began after social media allegations claimed that Israeli citizens were staying at the community while using second-country passports. However, Malaysia’s Immigration Department later said all 266 foreigners inspected held valid travel documents. Officials said further checks would continue if new evidence raised questions about identity, permits, or immigration rules.

Balaji seeks written deal with Malaysia

Srinivasan said he wants more than broad statements supporting technology investment. In a video posted on X and addressed to Prime Minister Anwar Ibrahim, he asked for a document confirming that Network School can continue operating and investing in Malaysia with greater legal certainty.

Should the global tech community continue investing in Malaysia?

Given recent events, I raise this question respectfully for the consideration of Prime Minister Yang Amat Berhormat Dato’ Seri Anwar bin Ibrahim (@anwaribrahim), for the people of Malaysia, and for our friends in… pic.twitter.com/0kvDSfF1z9

— Balaji (@balajis) July 16, 2026

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“I’d like to have a document which says not just abstractly that tech is welcome … but rather that we’re personally welcome,” Srinivasan said. 

He suggested that the arrangement could take the form of a memorandum of understanding or changes linked to a special economic zone provision.

$122 million expansion plan put on hold

Meanwhile, Srinivasan said Network School would pause further investment in Malaysia until it receives “sufficient assurance” that similar disputes will not happen again. The decision includes a planned $122 million expansion of the community, according to reporting on his statement.

He also warned that the project could move its capital elsewhere. “If not, then we will readily go somewhere else because I don’t want to be where we’re not welcome,” Srinivasan said. Still, he did not name alternative locations or give a deadline for reaching an agreement with Malaysian authorities.

Immigration checks find valid documents

The investigation followed claims shared by activist group Malaysian Protest 4 Palestine in an Instagram post, which accused Network School of hosting Israeli entrepreneurs. Malaysian authorities then reviewed the status of foreign residents at the Forest City site.

However, the Immigration Department said its initial inspection found valid documents for 266 foreigners from 40 countries. Reuters also reported that Malaysia bars entry to Israeli passport holders without special permission but has no specific law banning Israelis who enter using another country’s passport. 

Therefore, the document checks did not establish the social media allegations, while officials said further investigations could continue if new information emerged.

Network School faces new test in Forest City

Srinivasan launched Network School in 2024 as a physical community for founders, technologists, and other builders. The project operates in Forest City, a large Johor development near Singapore, and forms part of his broader idea of internet-based communities building permanent physical hubs.

As crypto.news reported in June, Forest City also hosted Q-Day, a blockchain security event where Srinivasan was listed among the speakers. More recently, he was announced as a headline speaker for Bitcoin Asia 2026 in Hong Kong.