$2Z $HYPE $PUMP Token Deflation Experiment: Hyperliquid and Pump.fun Prepare to Repurchase Their Own Currency as Equity!

The two major "revenue engines" in the cryptocurrency industry: perpetual contract exchange Hyperliquid and meme coin issuance platform Pump.fun—are adopting a large-scale stock repurchase strategy similar to Apple's, using almost all their income at an astonishing speed to buy back their own tokens, aiming to transform cryptocurrency tokens into financial products with "shareholder equity proxy" attributes.

Seven years ago, Apple accomplished a financial feat whose impact even surpassed the company's most outstanding products. In April 2017, Apple launched the $5 billion "Apple Park" campus in Cupertino, California; one year later, in May 2018, the company announced a $100 billion stock repurchase plan—an amount 20 times its investment in this 360-acre headquarters campus known as the "Spaceship." This sent a core signal from Apple to the world: besides the iPhone, it has another product of equal importance (or possibly greater) than the iPhone.

This was the largest stock repurchase plan globally at the time and part of Apple's decade-long repurchase craze—during which Apple spent over $725 billion to buy back its own stock. Six years later, in May 2024, this iPhone manufacturer broke the record again, announcing an $110 billion repurchase plan. This operation proved that Apple not only knows how to create scarcity in hardware devices but also understands the same principle in stock operations.

Today, the cryptocurrency industry is adopting similar strategies, with a faster pace and larger scale.

The two major "revenue engines" in the industry—perpetual futures exchange Hyperliquid and meme coin issuance platform Pump.fun—are using almost every penny of their fee income to repurchase their own tokens.

Hyperliquid set a record of $106 million in fee income in August 2025, of which over 90% was used to repurchase HYPE tokens in the open market. Meanwhile, Pump.fun's daily revenue briefly exceeded Hyperliquid—on a certain day in September 2025, the platform's single-day revenue reached $3.38 million. Where does this income ultimately go? The answer is 100% used to repurchase PUMP tokens.