FDV

The total potential market capitalization of a digital asset if all tokens in its maximum supply were circulating at the current price.

What is FDV?

Fully Diluted Valuation (FDV) measures the hypothetical total value of a digital asset project by assuming its entire maximum token supply is in circulation, providing investors with a forward-looking estimate beyond the current circulating supply. This metric is particularly relevant for projects with vesting schedules, locked tokens, or future emissions, where the circulating supply represents only a fraction of the total. On platforms like CoinMarketCap, FDV is prominently displayed alongside market cap to highlight potential dilution risks as more tokens enter the market.

To calculate FDV, multiply the digital asset’s current market price by its maximum total supply. For instance, Bitcoin’s maximum supply is capped at 21 million BTC; as of September 2025, with a price around $57,500 per BTC, its FDV stands at approximately $1.207 trillion, slightly higher than its current market cap of $1.135 trillion due to the 19.7 million BTC already in circulation. This formula—FDV = Current Price × Maximum Supply—helps compare early-stage projects launching with low initial market caps (e.g., $100,000) against their fully diluted potential (e.g., $10 million), revealing up to 100x upside or downside based on secondary market demand.

FDV is crucial for assessing investment viability in digital assets, as it flags scenarios where rapid token unlocks could dilute value and suppress price growth. However, it’s not without limitations: it assumes static pricing and ignores demand dynamics, vesting timelines, or burns, so investors should pair it with metrics like tokenomics details from project whitepapers or CoinMarketCap’s token pages. Established assets like Bitcoin show minimal FDV-market cap gaps, signaling maturity, while high FDV discrepancies in newer projects may indicate overvaluation risks.