Pump.fun Reports $74.1 Million Q4 2025 Revenue Amid Profit Extraction Debate
Pump.fun, a Solana-based meme coin launchpad, reported revenue of about $74.1 million for Q4 2025 and lifetime revenue of roughly $935.6 million since its launch, according to DefiLlama data. Analysts estimate that off-chain movements in Q4 2025 approached $615 million, with on-chain discussions framing these as one of the cycle's largest profit-taking events.
In the past 24 hours, Pump.fun deposited approximately $50,000 to Kraken, as reported by Arkham data. The ongoing debate centers on whether these profits indicate a sustainable business model or represent unjustified profit-taking with limited upside for token holders. Critics have labeled the Q4 cash-outs as the biggest extraction of the cycle, while supporters argue that such profitability is normal for a platform-scale business. Crypto Gorilla also questioned the characterization of this profitability as extraction.
Sapijiju, the project's co-founder, denied claims that more than $436 million in USDC were sold in November 2025, explaining that transfers cited were routine treasury management. The funds linked to the PUMP ICO were redistributed to support runway and operational expenses.
Pump.fun's historical revenue has shown strong growth: $2.45 million in Q1 2024; $47.9 million in Q2 2024; $207.3 million in Q4 2024; $256.2 million in Q1 2025; with quarterly revenues in 2025 generally above $70 million and zero reported costs of revenue, indicating high gross margins.
Regarding token metrics, over 14.82 million Pump.fun tokens have been created, with under 1% graduating. November 2025 saw 514,000 launches with 3,220 graduations. Despite concerns about sustainability, daily revenue and wallet activity demonstrate a continuing base of recurring users, keeping Pump.fun among the cycle's highest-earning crypto applications.
