Jupiter Debates Stopping $JUP Buybacks After $70M Spend in 2025

Jupiter’s leadership has opened a new review of its JUP token buyback program after spending more than $70 million on repurchases in 2025 with little impact on the market price. The Solana-based exchange is now asking its community whether those funds should be redirected toward user growth or platform incentives instead of continued buybacks.

The conversation was initiated by a post made publicly on X by co-founder Siong Ong. He asked the community whether the capital could be even more valued in case it was used to compensate the active users. Ong said the token price reflected almost no responsiveness to the buybacks. He pointed out that JUP was close to $0.21 all through the year.

Buybacks Fail to Offset Rising Token Supply

Jupiter has made a commitment of half of its protocol revenue to buybacks. The acquired tokens are locked over a 3-year period. The plan failed to defeat high token issuance due to planned unlocks. The continuing supply did not create a significant price movement regardless of the big spending.

Ong informed the community that the buyback structure might not fulfill its objective. He recommended that the same money should be used to lure more traders to the platform. He affirmed that growth-oriented incentives would empower Jupiter in the Solana ecosystem.

He had also mentioned Helium as another example. The CEO of Helium, Amir Haleem, recently halted its buybacks when it realized the same failure to impact the market. The initiative diverted the money towards acquisition of subscribers, as well as enhancement of network utilization. Ong explained that the case revealed that not all buyback programs can affect prices when the supply patterns prevail on the demand.

Also Read: Jupiter Leads Solana’s Growth with Coinbase: Could it Lead the JUP to New Highs

Jupiter Community Split Over Ending the Buyback Program

The suggestion to terminate buybacks received varied responses on social media. The program was defended by some of the users as a long-term value tool. They claimed that the model correlates the revenue of Jupiter and the performance of the token. Others cautioned against halting buybacks on the grounds that it would undermine holder confidence.

One of the users claimed that buybacks served the purpose of establishing the identity of JUP. The user argued that taking them off might expose the token to volatility on the market. Ong responded by stating that he had no intentions of harming the project. He also remarked that JUP constitutes 99% of his net worth.

Community members proposed alternative incentive models. Suggestions were staking rewards in SOL or in USDC. Ong dismissed these ideas, as they would not boost activity on the platform. According to him, it should be more about user growth and competitiveness.

Jupiter is one of the most active exchanges in Solana. It has registered approximately 1.48 million active wallets in the last month. The trading volume went down to $77.56 million. The platform is also planning Q4 staking rewards and a January 2026 airdrop of up to 700 million tokens.

Also Read: Solana Records $873 Million in RWAs, Fuels Explosive 2026 Growth Outlook