In the cryptocurrency market, 2025 attracted attention with project teams' own token buyback programs. The projects that had the largest token buybacks of the year have been announced, with total spending exceeding $1.4 billion. Hyperliquid (HYPE) topped the list, single-handedly accounting for nearly half of all buyback spending. Here is the list of altcoins that have had the most token buybacks and how much tokens they bought back: HYPE – $644.6 million ZRO – $150.0 million PUMP – $138.2 million RAY – $100.4 million SKY – $78.8 million JUP – $57.9 million ENA – $40.7 million RLB – $27.9 million BONK – $27.3 million AAVE – $23.6 million Hyperliquid topped all other projects with a $644.6 million buyback spend. Through its Assistance Fund, the company has repurchased 21.36 million HYPE tokens to date, equivalent to 2.1% of the total supply. Hyperliquid, which spent an average of $65.5 million monthly through 2025, made its highest buyback in August with $110.6 million. Second-placed LayerZero (ZRO) announced a one-time $150 million buyback in September, repurchasing 5% of the total supply from early investors. The average ZRO purchase price was recorded at $3. Third-placed Pump.fun (PUMP) spent $138.2 million, repurchasing 3% of the total supply. Since the program launched in July, the average monthly spend has reached $40.4 million. However, following the market correction in October, some of the purchased tokens have already entered a loss position. Raydium (RAY), the decentralized exchange within the Solana ecosystem, ranked fourth with $100.3 million in buyback and burn spending. Raydium's programmatic buyback system has been active since 2022. Over $1.4 billion has been allocated to token buybacks through 2025. Projects are using this mechanism as a way to return value to token holders, in response to criticisms of a low circulating supply and high FDV (fully diluted valuation). *This is not investment advice.