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Why Is ‘Fully Diluted Valuation’ (FDV) Often Higher than Market Cap?

FDV uses total supply; Market Cap uses circulating supply, leading to a higher FDV.
Greeks.Live29.10.25

Why Is ‘Fully Diluted Valuation’ (FDV) Often Higher than Market Cap?

FDV is calculated using the total supply (or maximum supply) of a coin, while Market Cap uses the circulating supply. Since total supply often includes tokens that are locked or not yet minted, FDV represents the asset's value if all tokens were in circulation, making it typically higher.

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