Fully Diluted Valuation Calculator
Solve the fully diluted valuation identity FDV = Max Supply · Price for any of its three unknowns — fully diluted valuation, maximum token supply, or current price — with step-by-step math, a live dilution schematic, and the companion MC/FDV metrics that expose unlock overhang.
Enter the circulating supply to unlock market cap, the MC/FDV ratio, and the unlock overhang in the companion metrics. Leave it blank to skip those.
FDV is market cap's forward-looking twin
Market cap multiplies price by the tokens that exist today. FDV multiplies the same price by the tokens that will exist eventually. For a fully unlocked token the two numbers are identical, and FDV adds nothing. For a token that is 10% unlocked, FDV is ten times market cap — and that ratio is the single most informative number in a token's valuation profile. Always read them as a pair, never in isolation.
The unlock overhang is future sell pressure
FDV minus market cap is the value of tokens that have not yet been released. Those tokens will arrive on a published schedule — team cliffs, investor vesting, ecosystem grants, staking rewards. When they arrive they increase circulating supply, and unless demand grows at the same rate, price absorbs the difference. A token trading at 5% of FDV has a 20× supply expansion ahead of it. Whether that is fatal depends entirely on how well the market absorbs it.
High FDV / low float is a structural red flag
The pattern of a small float, a very high FDV, and a low market cap has become common in recent token launches. It lets a project claim a multi-billion-dollar valuation while only a few percent of supply actually trades. Early backers who acquired tokens at a fraction of the listing price can sell into that thin float, and the price can fall a long way before their cost basis is threatened. High FDV / low float is not automatically bad — but it means the price you see reflects a supply that almost nobody has access to.
FDV is only as honest as the supply basis
FDV computed on a hard cap (Bitcoin's 21 million) is a fixed, verifiable number. FDV computed on a soft total supply — one that governance can mint beyond — is an assumption, not a cap. FDV computed on "max supply" for a token with unlimited emissions is meaningless. Before comparing two FDVs, confirm the basis: hard cap, current total supply, or a projected future supply. The formula is trivial; picking the right supply number is the hard part.
How to Use This Calculator
The FDV relation links three quantities: FDV, Smax, and P. Pick which one you want the tool to solve, then fill in the other two.
1. Choose what to solve for
Pick FDV, Smax, or P from the toggle. The calculator rearranges FDV = Smax · P automatically for whichever variable you choose and greys out that field.
2. Use realistic presets
Presets cover the real range: FDV from $10M to $500B, maximum supply from 21M (Bitcoin) to 100B tokens, and prices from $0.0001 to $50.
3. Pick the right supply basis
Use a hard cap where one exists. Where it does not, use current total supply and say so — FDV on a soft total supply is a snapshot, not a ceiling. Never use circulating supply here; that produces market cap, not FDV.
4. Add circulating supply to see dilution
The optional circulating supply field unlocks market cap, the MC/FDV ratio, and the unlock overhang. That ratio is the fastest read on how much supply is still scheduled to arrive.
5. Read the result and band
The result card shows the answer in compact form plus the exact figure, scientific notation, and a colour-coded band from nano-cap FDV through ultra-cap.
6. Switch to Advanced for depth
Advanced mode adds an FDV vs. price chart, a sensitivity check on ±1% input changes, and companion metrics including FDV per 1% of supply, supply needed for a $1B FDV, and the full dilution breakdown.
What This Tool Offers
Built around the fully diluted valuation identity FDV = Smax · P, the forward-looking counterpart to market capitalisation.
Three-way solving
Solve for fully diluted valuation, maximum supply, or current price. The calculator rearranges the formula for whichever variable you choose.
Live dilution schematic
A max-supply-and-price diagram feeding a multiplier node, plus a log-scale band from $100K to $1T with a marker showing exactly where your FDV lands.
MC / FDV dilution block
An optional circulating supply input computes market cap, the MC/FDV ratio, and the absolute unlock overhang in dollars — the core dilution read on any token.
FDV band verdict
Each result is classified from nano-cap FDV through micro, small, mid, large, mega and ultra-cap, with a coloured badge matching standard industry bands.
Dual comparison charts
FDV vs. maximum supply for three price levels, plus an advanced FDV vs. price chart for three supply levels.
Reference tables & converter
A supply/price/MC/FDV converter, an FDV lookup grid, FDV bands by asset class, and a full variable reference with supply-basis notes.
Reference Tables & Conversions
A full valuation converter with MC and FDV side by side, an FDV lookup grid, and typical FDV bands by asset class.
Supply · price · market cap · FDV converter
FDV Lookup — Max Supply × Price
Computed from FDV = Smax · P. Each cell shows the resulting fully diluted valuation in compact USD.
| Max supply | @ $0.001 | @ $0.01 | @ $0.10 | @ $1.00 | @ $10.00 |
|---|
Typical FDV Bands by Asset Class
Bands are indicative and shift with the market cycle. They are the same bands used by the verdict badge in the result card.
| Band | FDV range | Typical assets | Notes |
|---|---|---|---|
| Nano-cap | < $1M | Pre-launch, testnet, experiments | FDV is often computed on a hypothetical supply that may never exist |
| Micro-cap | $1M – $50M | Early-stage DeFi, small L1/L2 | Dilution is usually very high; check the vesting schedule carefully |
| Small-cap | $50M – $250M | Emerging projects with real usage | MC/FDV commonly 20–50%; unlocks still material |
| Mid-cap | $250M – $2B | Established altcoins, sector leaders | MC/FDV often 40–70%; dilution still a meaningful overhang |
| Large-cap | $2B – $20B | Top-50 assets, major L1s | Most are largely unlocked; FDV and MC converge |
| Mega-cap | $20B – $200B | Top-10 assets | FDV ≈ MC for BTC and most mature networks |
| Ultra-cap | > $200B | BTC, ETH | BTC's FDV equals its market cap: the 21M cap is already the float |
Variable Reference
| Symbol | Meaning | Typical range | Units |
|---|---|---|---|
| FDV | Fully diluted valuation | 10⁴ – 10¹³ | USD |
| Smax | Maximum / total supply | 10⁶ – 10¹² | tokens |
| P | Current price per token | 10⁻⁸ – 10⁵ | USD |
| Scirc | Circulating supply | ≤ Smax | tokens |
| MC | Market capitalization | ≤ FDV | USD |
| MC/FDV | Float ratio / unlock ratio | 1% – 100% | % |
What Does FDV = S_max · P Measure?
Fully diluted valuation is the value the market implicitly places on a token network if every token that will ever exist were already circulating. It is the same multiplication as market cap — price times supply — but with the supply number at its ceiling instead of its current level. Where market cap tells you what the tradable tokens are worth today, FDV tells you what the whole network is worth at maturity, priced at today's price.
Fully Diluted Valuation Formula
The defining relationship is:
Rearranged to solve for the other two unknowns:
P = FDV / Smax
Market cap uses the same relation but with circulating supply, so the ratio of the two isolates the dilution:
MC / FDV = Scirc / Smax
Unlock overhang = FDV − MC
FDV Variables
| Symbol | Meaning | Notes |
|---|---|---|
| FDV | Fully diluted valuation | Max supply × price; the network's value at full emission |
| Smax | Maximum supply | Hard cap where one exists; otherwise current or projected total supply |
| P | Current price | Spot price; identical to the price used for market cap |
| Scirc | Circulating supply | Tokens actually tradable today |
| MC | Market capitalization | Circulating supply × price; always ≤ FDV |
How Each Variable Affects FDV
FDV is linear in both supply and price, and the two behave very differently. Price is discovered continuously by the market and can move double digits in a day. Maximum supply is a design decision, fixed at launch for tokens with a hard cap, or governed by an emission schedule for those without. That asymmetry is why FDV is most useful as a structural measure: it holds the volatile variable (price) fixed and asks what the supply side of the equation implies.
The ratio MC/FDV is where the analysis happens. A token at 100% — meaning circulating supply equals max supply — has no dilution ahead of it, and FDV and market cap are the same number. A token at 10% has nine times as many tokens still to come. If those tokens arrive over ten years, the annual dilution is modest. If they arrive in twelve months, the supply is effectively doubling, and price must roughly double in demand terms just to hold FDV flat.
It is important not to treat high dilution as automatically bearish. A network that emits tokens to pay for security, liquidity, or growth may expand supply while expanding usage faster, and FDV can rise even as price holds. The question is never "is dilution high?" but "is demand growing faster than supply?" FDV gives you the denominator for that question; it does not answer it alone.
FDV Calculation Examples
FDV = 2,500,000,000 × 0.2500 = $625,000,000 = $625.00M
Smax = 625,000,000 / 0.2500 = 2,500,000,000 tokens = 2.500B
P = 625,000,000 / 2,500,000,000 = $0.2500 = 25.00 ¢
MC = 1,000,000,000 × 0.2500 = $250,000,000
MC/FDV = 250,000,000 / 625,000,000 = 40.00%
Unlock overhang = 625,000,000 − 250,000,000 = $375,000,000
Frequently Asked Questions
Fully diluted valuation is maximum supply multiplied by the current price: what the network would be worth if every token that will ever exist were already circulating. It matters because market cap alone hides the future. A token with a $250M market cap and a $2.5B FDV has ten times as many tokens still to be released, and those tokens will dilute every existing holder when they arrive. Comparing FDV with market cap is the fastest way to see how much of a project's supply is still locked away.
There is no universal threshold, but the ratio is very informative. Above 80% the token is largely unlocked and dilution is a minor factor. Between 40% and 80% there is a meaningful but manageable overhang. Below 20% the token is thinly floated and the vast majority of supply is still to come — which is a structural risk unless demand grows faster than emissions. Bitcoin sits at 100% because its circulating supply equals its 21 million cap. Many recent launches sit below 15%.
Use maximum supply where a hard cap genuinely exists — Bitcoin's 21 million is the canonical example, and it will never be exceeded. For tokens without a hard cap, most data providers use current total supply (minted minus burned) and label it FDV anyway. That is a snapshot, not a ceiling: governance can mint more. When comparing two FDVs, always check which basis each one uses. A "FDV" computed on total supply for an inflationary token is not the same kind of number as one computed on a fixed cap.
Not by itself. A high FDV relative to market cap means a lot of supply is still to come; a high FDV in absolute terms means the market is pricing the network as a large one. Neither is automatically a sell signal. Some high-FDV tokens grow into their valuation as the network matures and demand expands faster than emissions. Others do not, and price falls to meet the dilution. FDV tells you how much future supply has been priced in; it does not tell you whether that pricing is correct.
It should not be, and when it happens it is almost always a data error. FDV = max supply × price and MC = circulating supply × price, so FDV ≥ MC as long as circulating supply never exceeds max supply. If a data source shows FDV below market cap, either the circulating supply figure includes tokens the max supply figure excludes — commonly staked, wrapped, or bridged tokens counted twice — or the max supply is stale and has already been exceeded by emissions. Treat such a display as a signal that the supply data is unreliable.
An unlock increases circulating supply, which raises market cap at an unchanged price, and therefore raises the MC/FDV ratio. FDV itself does not change from an unlock, because maximum supply has not changed. What the unlock changes is the relationship between the two: as the float grows, the same FDV is spread across more tradable tokens, and the overhang shrinks. The price effect depends on whether the market absorbs the new supply — a well-telegraphed, well-absorbed unlock can leave FDV flat, while a badly absorbed one can see price fall enough to drag FDV down with it.
Yes, and often. FDV is a hypothetical market value — it multiplies the last traded price by tokens that do not yet trade, so it is an extrapolation rather than an amount of capital. A project that raised $50M at a $200M FDV can easily trade at a $30M FDV if the market has repriced it, even though far more than $30M was invested. Equally, a project can trade at a $5B FDV having raised $20M, because FDV is a price signal, not a cash figure. Never read FDV as capital raised or capital at risk.
Variables
| Symbol | Quantity | Unit |
|---|---|---|
| FDV | Fully diluted valuation | currency |
| Max Supply | Maximum total token supply that will ever exist | coins |
| Current Price | Current market price per coin | currency |
What it means
Fully Diluted Valuation (FDV) calculates the market cap based on the maximum token supply, assuming all tokens are in circulation. It gives an upper bound on the valuation and helps assess the potential dilution from future unlocks. A large difference between market cap and FDV indicates significant future supply expansion. This is used to evaluate whether a token is overvalued relative to its future supply. Understanding FDV is important for long‑term investors to consider the impact of tokenomics and future selling pressure.
Worked example
Fully Diluted Valuation – Two Detailed Examples
Real‑World| Parameter | Value |
|---|---|
| Max Supply | 21,000,000 |
| Current Price | $60,000 |
| Parameter | Value |
|---|---|
| Max Supply | 1,000,000,000 |
| Price | $0.50 |
Common mistakes
- Max supply: The total number of tokens that will ever exist (may be infinite for some coins).
- Current price: The market price.
- FDV: Fully diluted valuation – assumes all tokens are in circulation.
- Interpretation: FDV can be misleading if large amounts are locked.
Applications
Fully diluted valuation (FDV) multiplies the maximum supply by the current price, representing the theoretical market cap if all tokens were in circulation. This metric is used to evaluate a project's potential valuation and to compare it with its current market cap. Investors use FDV to gauge dilution risk and to assess the tokenomics of a project. A large difference between market cap and FDV indicates significant future dilution, which may impact price. FDV is also used in token sale analysis and in evaluating the attractiveness of early‑stage investments. Understanding FDV is crucial for assessing long‑term value.
- Evaluating token dilution risk from future unlocks
- Comparing current valuation with fully diluted scenario
- Assessing tokenomics and supply schedules
- Investment decisions in early‑stage projects
- Fundamental analysis of crypto assets
Related calculators · Trading & Investment
Recently updated formulas
Suggest an improvement
Found a mistake? Have a better example? Let us know.
You may send up to 3 suggestions per 24 hours.