How Is the ‘Treasury’ Portion of the Token Supply Factored into FDV?

The treasury portion of the token supply is included in the Fully Diluted Valuation (FDV) calculation because it represents tokens that have been minted and are part of the total supply, even if they are not currently in circulation. Although the treasury tokens are not usually subject to the same vesting schedules as investor tokens, they are a potential source of future supply that can be spent, distributed, or sold by the DAO.

Therefore, they must be accounted for in the maximum potential market value.