Fully Diluted Market Cap Calculator
Find the fully diluted market cap (FDV): what an asset would be worth if every share or token existed at today’s price. The Crypto tab computes FDV from token price and max supply, compares it with the circulating market cap, and reads the unlock-overhang signal; the Stocks tab adds options, RSUs, and convertibles to shares outstanding.
Not financial advice. FDV assumes every token or share could trade at today’s price, which overstates what the market could actually absorb.
Worked example, checked against this exact tool
A token at $2 with 1 billion max supply and 100 million circulating: enter the three figures on the Crypto tab and the tool returns an FDV of $2 billion, a circulating market cap of $200 million, and a circulating ratio of 10% with the high-unlock-overhang verdict. Add a $1 billion target FDV and the reverse calculation gives an implied token price of $1.00. On the Stocks tab, a $50 share price with 10M shares outstanding plus 1M options, 0.5M RSUs, and 0.5M convertibles gives a fully diluted market cap of $600 million at 16.7% dilution.
FDV vs market cap: the gap that matters
Market cap = price × circulating supply: what trades today. FDV = price × max supply: what everything would be worth at today’s price. The gap between them is locked supply waiting to unlock. A token with a $200 million market cap and a $2 billion FDV has 90% of its supply still to come; unless demand grows proportionally when those tokens unlock, the price must fall to restore equilibrium. CoinGecko’s research found tokens launched in 2024 averaged a market-cap-to-FDV ratio of just 12.3%, meaning nearly 88% of supply sat locked: the gap is the norm, not the exception.
Reading the circulating ratio
- Above 80% circulating: low overhang. Most supply already trades, so unlock-driven sell pressure is limited.
- 25 to 80% circulating: moderate overhang. Check the unlock schedule: linear unlocks bleed slowly, cliff unlocks hit at once.
- Below 25% circulating: high overhang. The FDV prices supply that does not exist in the market yet; VC and team unlocks in this zone have historically pressured prices.
The price-target reality check
FDV turns hype into arithmetic. A meme coin shouting “to $10!” with a 1 trillion token supply implies a $10 trillion FDV, larger than most stock markets: the target is impossible without global adoption. The reverse calculation in this tool does the same work in the other direction: enter any target FDV and see the token price it requires at full supply.
Unit bias: why a “cheap” coin is not cheap
A coin priced at $0.01 looks inexpensive next to a $50,000 coin, but price per token means nothing without supply. $0.01 × 100 billion tokens is a $1 billion valuation. Always compare FDV to FDV, never price to price.
Stocks: where dilution comes from
For equities, the dilutive items are employee stock options, restricted stock units (RSUs), and convertible notes or preferred shares that convert to common stock. Fully diluted shares = outstanding + options + RSUs + convertibles; multiply by the share price for the fully diluted market cap. A company can look reasonably valued on basic shares and expensive once 15 to 20% dilution is counted.
What competing calculators miss
Crypto FDV guides explain the concept well but offer no tool; the few market-cap tools that exist compute FDV without the circulating comparison, the ratio, or the overhang read. Stock dilution calculators do the share math but ignore crypto entirely. This page is both: crypto FDV with the circulating-cap comparison, the overhang verdict, and the reverse price-from-target calculation, plus the stock dilution mode, in one place.
Frequently asked questions
What is fully diluted market cap (FDV)?
The value of an asset if every possible share or token were in circulation at the current price: FDV = price × max supply (crypto) or price × fully diluted shares (stocks).
What is the difference between FDV and market cap?
Market cap uses circulating supply (what trades now); FDV uses max supply (everything that will ever exist). Market cap shows the present; FDV shows the implied total.
How do you calculate crypto FDV?
Multiply the current token price by the maximum token supply. A $2 token with 1 billion max supply has a $2 billion FDV.
Why does the FDV vs market cap gap matter?
The gap is locked supply that will unlock over time and can add selling pressure. A 10x gap means 90% of supply is not yet circulating.
What is a good market cap to FDV ratio?
Above 60–80% circulating is considered safer on supply overhang; below 25% circulating signals high unlock risk. The 2024 average for new launches was about 12%.
What is low float, high FDV?
A token with little circulating supply but a huge FDV: the market cap looks small and early, but the full valuation is already large once unlocks are counted.
Where do I find a token’s max supply?
The project’s whitepaper or tokenomics docs, and aggregator sites that list supply figures beside the price.
How do stock options affect market cap?
They add to the fully diluted share count: options, RSUs, and convertibles all become shares, so the fully diluted market cap exceeds the basic market cap.
Can FDV predict the future price?
No. FDV assumes all future supply trades at today’s price, which is never true; it is a risk lens, not a forecast.
Is FDV more important than market cap?
For early-stage and presale tokens, yes: the market cap can look tiny while the FDV reveals the true implied valuation once everything unlocks.