Jupiter and Helium Reassess Token Buybacks After $70M JUP and HNT Programs Fail to Lift Prices

In late 2025 and early January 2026, Helium and Solana-based DEX aggregator Jupiter each moved to pause or reconsider large-scale token buybacks after spending tens of millions of dollars with limited impact on HNT and JUP prices. Helium halted revenue-funded HNT repurchases after generating $3.4 million in October 2025, while Jupiter questioned whether its more than $70 million in JUP buybacks made sense as the token traded around $0.21, nearly 90% below its early 2024 peak. Both cases highlight how expanding token supply from emissions and unlocks can overwhelm buyback efforts when tokens lack strong utility, reduced issuance, or direct links to cash flows.