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Buyback

Revolut launches secondary stock sale at $75B valuation
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Multiple Network launches MTP swap, $1M buyback plan

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Multiple Network will replace its compromised MTP token and commit to a year-long buyback program after a third-party market maker unlocked and dumped tokens without authorization.

Summary

  • MTP compromised by unauthorized market maker unlocks.
  • New token contract launched with 1:1 swap.
  • $1M buyback plan and legal recovery underway.

The incident, which polluted the token supply and drove sharp price declines, prompted the team to initiate an emergency swap and legal recovery measures.

According to the project’s Sept. 29 announcement, trading was suspended at 2:00 AM UTC for a snapshot of balances. With the deployment of a new BEP-20 contract on BNB (BNB) Chain, MTP tokens are automatically allocated to verified on-chain and exchange holders in a 1:1 ratio.

The new MTP’s trading, withdrawals, and deposits have all resumed, as per exchanges like Binance.

Buyback plan and legal action

To restore confidence, the team committed to repurchasing at least $1 million worth of MTP within 12 months. Between $50,000 and $100,000 will be bought back monthly during the first six months, with the scale for months seven to twelve determined by market conditions. 

📢𝐌𝐮𝐥𝐭𝐢𝐩𝐥𝐞 𝐍𝐞𝐭𝐰𝐨𝐫𝐤 — 𝐎𝐟𝐟𝐢𝐜𝐢𝐚𝐥 𝐓𝐨𝐤𝐞𝐧 𝐒𝐰𝐚𝐩 & 𝐁𝐮𝐲𝐛𝐚𝐜𝐤 𝐏𝐥𝐚𝐧 𝐟𝐨𝐫 $𝐌𝐓𝐏

The original $MTP token was compromised after a third-party market maker unlocked and dumped tokens, polluting the supply.

To protect the community and ensure… pic.twitter.com/3soF3CfISk

— Multiple Network (@MTP_Network) September 29, 2025

In addition, all funds recovered through legal action against the market maker will be used for further buybacks. The team noted that judicial proceedings have reached a critical stage and updates will follow once disclosure is permitted.

Timeline of the crisis

The breach surfaced on Sept. 23 when community managers confirmed that a market maker violated lock-up terms, leading to unauthorized token dumps. Price dropped as low as $0.002101, with market cap sliding significantly. By Sept. 27, the team advised traders to use exchanges instead of on-chain markets due to contaminated supply. 

Multiple Network, a DePIN project focused on Web3 privacy acceleration for AI, had launched MTP in August with an initial listing on Binance Alpha. The token briefly reached $0.0456 but later fell more than 40% amid sell pressure and the breach. The swap and buyback plan aim to stabilize the ecosystem and protect legitimate holders going forward.





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Ronin Treasury Announced RON Buyback Program
NFT Gaming

Ronin Treasury Announced RON Buyback Program

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The Ronin Treasury is looking to buy back over $4 million worth of RON tokens from the open market in a bid to reduce the circulating supply of the token, which could push up prices.

The gaming-focused blockchain Ronin Network announced on Sunday that it will begin swapping all of its Ether (ETH) and USDC (USDC) holdings for RON over the course of a month, starting on Sept. 29.

The buybacks will increase the amount of Ronin (RON) in the treasury and decrease the amount of Ronin tokens in circulation. There are currently 693 million out of a total 1 billion tokens circulating, giving Ronin a market capitalization of $355.7 million. 

The buyback scheme will “further align our ecosystem, tokenholders, and builders as Ronin evolves into a full-fledged layer-2,” the team said, adding that it will also enable more growth “as the rest of the world comes back to Web3 gaming.”

The Ronin Treasury is currently worth around $5.5 million, with its largest holding 896 Ronin Wrapped Ether (WETH) valued at around $3.9 million. 

Less ETH, more RON

In addition to the Ether, the treasury also contains 652,000 USDC (which will also be sold), 1.2 million RON and wrapped RON and several memecoins. 

The funds were accumulated through fees from the Katana DEX, Ronin Market and Ronin Name Service over several years, it stated. 

The buyback represents approximately 1.3% of RON’s current circulating supply, and the treasury has no plans to sell any. 

Ronin Treasury buyback plans. Source: Ronin Network

Ronin returns to Ethereum  

Ronin announced its comeback in August, stating that it is returning as a layer-2 network on Ethereum. 

Related: Axie Infinity creator Ronin network coming back to Ethereum as L2

The chain was originally spun off from the Ethereum mainnet in 2021 as it sought better network speeds and cheaper transaction fees for its non-fungible token (NFT) Web3 game, Axie Infinity. 

The team has now noted the rise of Ethereum and wants to be part of that growth. “Ronin’s Homecoming to Ethereum is approaching. Wall Street is jumping into our industry,” it stated.  

The network has declined since its Ronin Bridge sidechain was hacked for $600 million in March 2022, the industry’s largest crypto hack at the time.

Total value locked fell from around $1.2 billion in early 2022 to current levels of around $56 million, according to DeFillama. 

RON price reacts

RON prices reacted sharply to the announcement with an 11% spike to reach $0.54 on Sunday; however, it had fallen back to $0.51 at the time of writing. 

RON is currently down more than 88% from its March 2024 all-time high of $4.45 and has traded flat for the past six months. 

RON has traded flat since April. Source: TradingView

Magazine: Pudgy Penguins’ ‘masterpiece’ Pudgy Party tops 500K downloads: Web3 Gamer



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TON Strategy Starts Share Buyback, Treasury Staking After Shares Plunge 40%
NFT Gaming

TON Strategy Starts Share Buyback, Treasury Staking After Shares Plunge 40%

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TON Strategy Company (TONX) has repurchased over 250,000 shares of its common stock at $8.32 per share, well below its stated treasury asset value (TAV) of $12.18, the company said.

The move is part of its recently launched $250 million buyback program and follows its pivot to position toncoin TON$3.2026 as the company’s primary treasury asset.

The company also announced that it has begun staking its TON holdings to earn rewards by helping secure the blockchain networks, effectively using idle treasury assets to generate yield.

Data from StakingRewards shows that yield could be as high as 4.8%. The company on its website says it owns 217.5 million TON tokens, with each currently trading at $3.24. That would lead to an annual yield near $34 million if the entire treasury were to be staked.

TON Strategy shares are down more than 43% in the last 30 days, and saw a 9.2% drop in Friday’s trading session.

TONX shares have in after-hours trading moved up 3.7%.



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Crypto Trends

Ethereum Treasury SharpLink Kicks Off $1.5 Billion Stock Buyback

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In brief

  • SharpLink Gaming began buying back shares of SBET as part of its $1.5 billion share buyback program.
  • The firm repurchased 930,000 shares at an average price of $15.98 for around $15 million worth of SBET shares.
  • SBET shares jumped 4.4%, but have fallen more than 31% on the month.

Ethereum treasury SharpLink Gaming began using its $1.5 billion stock buyback program, starting with the purchase of $15 million worth of SBET shares, the firm announced on Tuesday.

The Minneapolis, Minnesota-based firm authorized the program in August, but this is the first time its repurchased shares, grabbing 930,000 common shares at an average price of $15.98. 

“Maximizing stockholder value remains our top priority as we execute on our vision of being the most trusted ETH treasury company in the market,” said SharpLink Co-CEO Joseph Chalom in a statement. 

“With a robust balance sheet, zero debt and a powerful ETH treasury generating income, we are in a position of strength. We believe the market currently undervalues our business, and rather than issue equity while trading below NAV, we are focused on disciplined capital allocation – including share repurchases – to increase stockholder value.” 



The firm maintains the second largest publicly traded Ethereum treasury with 837,230 ETH valued at around $3.6 billion, yet shares of SBET trade at only a $3.14 billion market cap according to data from Yahoo Finance. 

When these conditions are present, Chalom said “ the accretive course of action may be to repurchase our common stock,” when the firm announced the plan in August. 

Shares of SBET jumped around 4.6% on Tuesday amid the announcement, changing hands at $16.40. However, shares have greatly underperformed the firm’s treasury asset in the last month. 

During that time, shares have declined by 31% while ETH has gained 2.2%. 

Last week, SharpLink added more than $176 million in ETH to its treasury, bolstering its holdings to their current state. The firm, which stakes nearly all of its Ethereum to generate revenue, recently told Decrypt it would explore doing so on Ethereum layer-2 network, Linea. 

The firm serves on the Linea Consortium, a group of Ethereum-aligned entities which are tasked with distributing the bulk of the LINEA tokens to ecosystem participants. 

Decrypt’s reached out to SharpLink for comment. 

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ENA Surges on Binance USDe Listing and $500M Buyback Hopes
GameFi Guides

ENA Surges on Binance USDe Listing and $500M Buyback Hopes

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Governance token of decentralized finance protocol Ethena ENA$0.6692 surged on Tuesday to its strongest since late January as the protocol has made a big step towards activate a fee switch that would share protocol revenues to token holders.

The token hit 87 cents in the early hours, advancing 8.3% over the past 24 hours, CoinDesk data shows. It’s up over 20% in a week.

The latest surge occurred as Binance, the largest crypto exchange by volume, said on early Tuesday it will introduce trading with USDe, Ethena’s $13 billion yield-generating token, on its platform starting Wednesday.

Listing the token on top exchanges is a key requirement for Ethena to enable the fee switch mechanism, sharing protocol profits with ENA token holders. The protocol made $54 million in revenues last month and over $480 million since its launch in late 2023, Token Terminal data shows.

“With the Binance USDE listing ENA fee switch is going to get turned on. That unlocks $500m of buybacks,” said Arthur Hayes, BitMEX co-founder and a prominent investor in Ethena.

Ethena catalysts

Besides the listing, there’s been a lot going for Ethena recently.

Ethena’s USDe token mushroomed to nearly $13 billion from $5.5 billion in-mid July as crypto investors chase yields. USDe, marketed as a “synthetic dollar,” uses bitcoin BTC$112,671.11, ether (ETH) and Solana’s SOL (SOL) as backing assets, pairing them with an equal value of short perpetual futures positions.

The strategy generates revenue on its backing derivative assets when the perpetual funding rates are positive and passes on some of the income as yield to investors. USDe currently pays out 6.5% annualized yield for those who stake their tokens, higher than traditional money market funds and USDC, USDT lending rates on DeFi lender Aave.

Ethena is also taking part in the digital asset treasury fever that’s captivating stock markets. StablecoinX and TLGY, two firms about to merge and get listed on Nasdaq, raised $530 million to accumulate ENA tokens as a public vehicle.

The protocol also participate in the booming stablecoin issuance business. It’s launching the native stablecoin for Ethereum scaling network MegaETH and hinted at entering the competition to issue popular derivatives exchange Hyperliquid’s upcoming stablecoin.

Read more: Crypto for Advisors: The Mechanics of Generating Yield On-Chain



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Pump Token Soars 10% After Pump.fun’s $12 Million Buyback
Crypto Trends

PUMP Token Soars 10% After Pump.fun’s $12 Million Buyback

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The most popular memecoin launchpad on Solana (SOL), Pump.fun, has declared another big buyback of its native token, PUMP. The action increased investor confidence since the token price soared 10% amid a wider crypto market decline.

Pump.fun, in a statement posted on X, affirmed that it had spent $12.19 million on PUMP purchases between August 28 and September 3.

over the past week, pump fun purchased $12,192,383 in $PUMP tokens, which equates to 98.23% of total revenue for that period (Aug 28-Sept 3)$PUMP purchases have now offset the total circulating supply by 5.363% – an increase of 1.102% over the past week pic.twitter.com/ajfBs0IDTO

— pump.fun (@pumpdotfun) September 4, 2025

This represents 98.23% of its weekly income, indicating that the platform is highly determined to minimize supply and maintain the value of the token.

This recent action means Pump.fun has now spent almost $72 million on buybacks since the program was launched, reducing circulating supply by 5.36%. The platform had previously bought back $33 million of tokens in early August, which triggered a 15% surge and solidified its market leadership.

PUMP Price Increases even with market correction

After the news of the buyback, PUMP recovered at the support of $0.0040 to trade at approximately 0.004406 on September 4. This 10% increase was against the backdrop of the overall crypto market losing 2.2% of its capitalization, and PUMP was among the few altcoins that have performed positively.

Pump.fun also remains the leader in the memecoin space of Solana. The platform took 75% of the activity, minting almost 27,000 tokens in 24 hours with a trading volume of $403 million, significantly surpassing the competitor LetsBONK.fun by $80 million.

Project Ascend Generates Long-term Hope

On top of this, Pump.fun recently introduced a new upgrade, Project Ascend, that will make token launches more sustainable. The project presents Dynamic Fees V1, a tiered fee structure that will lower fees to creators as projects scale.

The launch of Project Ascend triggered a 14% surge in PUMP price as it promises long-term benefits for streamers, startups, and creators. With buybacks and innovation combined, Pump.fun is cementing its role as the powerhouse of Solana’s memecoin ecosystem.

Also Read: PumpFun Overtakes Hyperliquid in 24 Hour Revenue Generation





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Rarible Launches New NFT Marketplace With Buyback Rewards Model
NFT Gaming

Rarible Launches New NFT Marketplace With Buyback Rewards Model

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Non-fungible token (NFT) marketplace Rarible launched a redesigned trading platform on Tuesday and rolled out a new system that directs transaction fees into token buybacks. 

Rarible told Cointelegraph that the model, which redistributes tokens to active traders, is intended to create a sustainable alternative to earlier NFT marketplace incentive schemes that relied on fixed token allocations. 

“Previous designs in the NFT marketplace ecosystem were not sustainable,” Anna Riabokon, head of operations and governance at the RARI Foundation, told Cointelegraph.

“They heavily incentivized traders with unsustainable levels of redistribution, only to dry up when their allocations from the token distribution were exhausted.” 

Riabokon told Cointelegraph that with the new model, the RARI Foundation will direct all revenue generated from platform transaction fees “back into the hands of the traders.” She claimed this essentially creates a “fee-free” marketplace. 

Previous NFT marketplace attempts at token rewards

Other NFT marketplaces have experimented with reward programs, often relying on token incentives to boost trading activity. 

In 2023, Blur dominated NFT volumes using a points-based system that rewarded traders with future token airdrops.

However, while the strategy quickly attracted liquidity, it also fueled wash trading methods, where users bought and sold NFTs back and forth to maximize airdrop rewards without genuine market demand. 

NFT platform LooksRare also launched a similar approach, distributing its token to traders as part of an emissions schedule. While the model briefly boosted volumes, much of the activity fell sharply once token rewards lost value.

Related: PENGU token loses 20% in August amid Pudgy Party game launch

Rarible exec says revenue generation sets platform apart 

While previous reward program iterations from competitors showed unsustainable results, Rarible remains optimistic about its token rewards system. Riabokon told Cointelegraph:

“Unlike other marketplaces, Rarible generates revenue from licensing its software to brands such as Mattel and McFarlane Toys and over 40 other partners, and can consequently support the broader community with this system in a sustainable and long-term way.”

“By redirecting all revenue generated from trading into this incentive program, the system is inherently sustainable,” Riabokon added. 

She also said that the platform will ensure transparency. Riabokon told Cointelegraph that all payment of transaction fees is onchain and can be traced to the RARI Foundation treasury.

She said leaderboards will be provided as part of the incentive program, and the foundation will issue regular transparency reports. 

Magazine: Animoca’s Tower crypto surges 214%, gaming activity up in July: Web3 Gamer



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Crypto Trends

WLFI Token Falls on Debut as Governance Weighs Liquidity Fee Buyback Plan

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In brief

  • The buyback plan would redirect 100% of fees from protocol-owned liquidity pools across Ethereum, BSC, and Solana.
  • Proponents claim that linking fees to token burns enhances scarcity and boosts long-term value for holders.
  • Analysts caution the effect may be limited by upcoming unlocks and WLFI’s high valuation.

Less than a day through its Labor Day debut, World Liberty Financial’s WLFI token fell sharply as trading volume swelled nearly tenfold.

The governance token dropped from a high of $0.33 to near $0.21 in late Monday trading before settling at around $0.245, with trading volume increasing from approximately $259 million at launch to $2.5 billion, according to data from CoinGecko.

WLFI is down approximately 14% from its debut price of $0.28, but remains significantly higher for early whitelisted buyers who acquired tokens at around $0.015 each.

In light of recent developments, a governance proposal has appeared, calling for all liquidity fees from the project’s pools to be directed toward buybacks and permanent burns.



Posted on the project’s governance forum, the proposal aims to redirect all fees from protocol-owned liquidity on Ethereum, BSC, and Solana into open-market WLFI purchases, which are then sent to a burn address, thereby permanently reducing the supply.

If approved, WLFI would collect fees from its own liquidity positions on Ethereum, BSC, and Solana, use them to buy tokens back on the market, and send the purchased tokens to a burn address.

The proposal describes this as a measure for “direct supply reduction” that would effectively increase “relative weight for committed long-term holders.” It also links the mechanism to network activity, stating that “more usage = more fees = more WLFI burned.”

However, analysts say the effect may be less decisive when weighed against WLFI’s broader token economics.

“While the buyback-and-burn model can provide structural support for the token price, its overall impact may be limited given WLFI’s large implied valuation and relatively low circulating supply,” Min Jung, senior analyst at quantitative trading firm Presto, told Decrypt.

Jung notes that supply pressures may also outweigh the proposal’s impact.

“The scale of upcoming unlocks is likely to exceed the buyback amount, and with few live products currently driving organic demand, the long-term effect on price stability remains uncertain,” Jung explained.

WLFI’s approach mirrors shareholder-return tactics more common in mature firms than in growth-stage ventures, Jung said.

“In traditional markets, companies with high growth typically reinvest profits rather than prioritizing buybacks or dividends,” he explained. “Allocating all liquidity fees exclusively to burns could limit WLFI’s flexibility to fund product development, ecosystem incentives, or strategic investments.”

But given the scale of WLFI’s fundraising, the treasury may still be “sufficient to support future growth,” he added.

Echoing that sentiment, Ryan Yoon, senior analyst at Tiger Research, told Decrypt the buyback-and-burn mechanism “should theoretically support token value through supply reduction.”

WLFI currently lacks “operational services beyond basic liquidity provision,” which could result in minimal fee generation, Yoon said.

Positioned as a decentralized finance project, World Liberty Financial was designed as a lending and borrowing service, although its core platform has yet to be launched. 

The Trump-backed venture has already rolled out a dollar-pegged stablecoin, USD1, which currently ranks as the sixth-largest by market capitalization, according to CoinGecko data.

The project was co-founded by nine individuals, including U.S. President Donald Trump, his three sons, and U.S. special envoy to the Middle East Steven Witkoff, according to its website.

In July, Trump disclosed he had earned a windfall of $57.3 million from the venture. Along with his meme coin deals and an exclusive dinner in April, the president’s links to crypto have stirred controversy in Washington, with some lawmakers claiming possible conflicts of interest.

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Mantra Launches $25M Om Buyback, Total Commitments Hits $45M
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MANTRA Launches $25M OM Buyback, Total Commitments Hits $45M

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MANTRA has moved with the launch of a $25 million OM token buyback The buyback marks the first major tranche of commitments, executed by MANTRA AG, a wholly owned subsidiary of the MANTRA Chain Association. 

According to the announcement, the program follows a $20 million investment from Inveniam, bringing total commitments to $45 million. With the move MANTRA’s boost’s OM’s long-term value while strengthening its position in the real world asset (RWA) sector.

Besides, the timing shows MANTRA’s push to deliver on its April 2025 pledge of initiating a strategic buyback. CEO and Founder John Patrick Mullin stated, “This buyback program is a pivotal moment for MANTRA. It is not merely a financial transaction but a signal of confidence from our existing partners and key stakeholders.”

Buyback Execution and Supply Impact

From August 27, MANTRA will steadily deploy the $25 million across multiple centralized exchanges. Independent trading firms will manage recurring buy orders at or near market prices. Moreover, each repurchased token will migrate to MANTRA’s mainnet and be staked with its validator set.

At the current market rates, the program is valued at around 110 million OM tokens. This means that the buyback is nearly 10% of OM’s circulating supply. Such a reduction could tighten the available liquidity, which might lead to an increase in price momentum over time.

Migration and Market Expansion

In addition, MANTRA is in the process of moving OM from Ethereum’s ERC-20 standard to its own native chain. So far, 30% of the ERC-20 supply has successfully made the switch. Mullin has warned that January 15, 2026, will be the “doomsday” for ERC-20 OM, urging token holders to migrate without delay. 

https://x.com/jp_mullin888/status/1960186280358072591%20

This shift could lead to better liquidity on the MANTRA chain, which might enhance trading spreads and draw in more institutional investors. The whole RWA market is backing this movement, having jumped to $26.5 billion this year, a 70% increase. 

Additionally, research from Binance suggests that tokenized stocks could potentially create a trillion-dollar market.

According to CoinMarketCap, OM is trading at $0.229985 at the time of writing, with a daily trading volume of around $137.9 million, which is a slight dip of 0.24%. 

The $25 million buyback and migration initiative from MANTRA highlights strong support from institutional investors and reflects confidence in OM’s long-term viability.

Also Read: Hyperliquid Adds New Safeguard Update After XPL Price Spike



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NFT Gaming

ETHZilla Authorizes $250M Buyback, Expands Ether (ETH) Treasury to $489M

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ETHZilla (ETHZ) has authorized a $250 million stock repurchase program as the company doubles down on its ether-focused treasury strategy, the firm said in a press release Monday.

The Florida-based firm said its board approved the buyback effective immediately, with the program set to run until June 30, 2026, or until the full $250 million allocation is exhausted.

Alongside the move, The Nasdaq-listed company disclosed that it now holds 102,237 ETH, acquired at an average price of $3,948.72.

At current market valuations, the stash is worth approximately $489 million. The company also reported holding roughly $215 million in U.S. dollar cash equivalents.

“As we continue to scale our ETH reserves and pursue differentiated yield opportunities, we believe an aggressive stock repurchase program at the current stock price underscores our commitment to maximizing value for shareholders,” said McAndrew Rudisill, executive chairman of ETHZilla, in the release.

ETHZilla also introduced its proprietary Electric Asset Protocol, which it says will be used to generate higher yields on its crypto holdings.

As of August 24, 2025, the company reported 102,237 ETH valued at about $489 million, $215 million in cash equivalents, and 165,478,655 shares outstanding, as of August 22.

The buyback adds another layer to ETHZilla’s strategy of aggressively building ether reserves while leveraging new yield protocols to bolster returns.

ETHZilla shares tumbled nearly 30% on Friday after the company disclosed that shareholders filed to offer up to 74.8 million convertible shares. The stock was was trading 4.5% lower, around $3.15, at publication time.

Read more: ETHZilla Shares Plunge Almost 30% as Dilution Fears Overshadow $349M Ether Treasury



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