About the Fully Diluted Valuation Calculator
This fully diluted valuation (FDV) calculator compares what a crypto token is worth today with what it would be worth if every token that will ever exist were already in circulation. Enter the token price, the circulating supply and the maximum (or total) supply, and it returns market cap, FDV, the FDV-to-market-cap ratio, the share of supply still locked and the dollar value of those future tokens.
It is built for investors looking at new listings and low-float launches, where a small circulating supply can make a token look cheap on market cap while the FDV is enormous. The key output is the implied price at full supply: if demand (market cap) stays the same while locked tokens unlock, the price has to fall toward market cap ÷ max supply.
You can also enter a target market cap — for example, a competitor’s valuation — to see the price it implies now and once fully diluted. Supply figures change as tokens unlock or are burned, so take them from the project’s documentation or a data aggregator on the day you calculate.
With the default inputs, the fully diluted valuation is $2,500,000,000. Change any value above to recalculate instantly.
How to use the fully diluted valuation calculator
- 1Enter the current token price.
- 2Enter the circulating supply and the maximum (or total) supply from the project or a data site.
- 3Optionally enter a target market cap, such as a competitor’s.
- 4Compare FDV with market cap and check the price implied at full supply.
Formula and method
Market capitalisation values only the tokens that are already tradable, while fully diluted valuation multiplies the same price by the maximum supply (or total supply if there is no hard cap). The ratio FDV ÷ market cap equals S_max ÷ S_circ, so it tells you how many times larger the supply will become.
If the total value investors place on the token stayed constant while every locked token entered circulation, the price would have to fall to market cap ÷ max supply. In reality demand can grow or shrink, so treat this as a dilution benchmark, not a prediction. Target prices simply divide your chosen valuation by the relevant supply.
- P
- Current token price
- S_circ
- Circulating supply
- S_max
- Maximum or total supply
Worked examples
Low-float token: 40% circulating
At $2.50 with 400M of 1B tokens circulating, the market cap is $1B but the FDV is $2.5B. If market cap stayed at $1B after all tokens unlock, the price would fall to $1.00 — 60% lower. A $5B market cap implies $12.50 on today’s supply or $5.00 fully diluted.
New listing with 21% circulating
A $1.68B market cap hides an $8B FDV — 4.76× larger. Holding market cap constant, full dilution implies $0.168 per token, and even a $2B valuation is only $0.20 per token once all 10B tokens circulate.
Bitcoin: nearly fully diluted
With about 19.9M of 21M BTC mined, Bitcoin’s FDV is only 1.06× its market cap. A $3 trillion market cap would mean about $150,754 per coin today, or $142,857 once all 21M exist.
Frequently asked questions
What is fully diluted valuation in crypto?+
FDV is the token price multiplied by the maximum supply that will ever exist (or the total supply if uncapped). It shows what the project would be worth at today’s price if every locked, vesting or unmined token were already circulating.
Is a high FDV to market cap ratio bad?+
It signals future supply pressure. A ratio of 5× means the supply will grow fivefold, so demand must rise substantially just to keep the price flat. It is not automatically bad, but you should check the unlock schedule and who receives the tokens.
Should I use max supply or total supply for FDV?+
Use max supply when the protocol has a hard cap, such as Bitcoin’s 21 million. For tokens without a cap, most data sites use total supply (all minted tokens, including locked ones), which can grow over time through emissions.
Why does the price fall when tokens unlock?+
Unlocks add sellable supply. If the total value buyers are willing to pay stays the same, spreading it over more tokens lowers the price per token. Team and investor unlocks are especially watched because early holders often take profit.
Results are estimates for educational purposes and are not financial advice. Rates, fees and terms vary — confirm with your lender or a licensed advisor before making decisions.