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What Is Fully Diluted Valuation (FDV) and Why Is It Used in Comps?

FDV is Market Cap based on total supply; it's used in Comps to assess long-term valuation and future dilution risk.
Greeks.Live17.11.25

What Is Fully Diluted Valuation (FDV) and Why Is It Used in Comps?

Fully Diluted Valuation (FDV) is the market capitalization calculated using the total supply of a token that will ever exist, including all unreleased tokens from vesting, staking rewards, and treasury allocations, multiplied by the current price. It is used in Comps to provide a true picture of the project's potential long-term valuation, mitigating the distortion caused by a low initial circulating supply.

Comparing FDV helps investors assess the potential dilution risk when comparing projects.

How Does Token Vesting Schedule Impact DCF Valuation?
What Is the Difference between ‘Circulating Supply’ and ‘Total Supply’?
Why Is ‘Fully Diluted Valuation’ (FDV) Often Higher than Market Cap?
What Is the Difference between Market Capitalization and Fully Diluted Valuation?

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