Net Asset Value

Net asset value (NAV) is the per-share value of a fund, equal to the total value of its assets minus its liabilities, divided by the number of shares outstanding. In traditional finance it is the price at which mutual fund shares are bought and redeemed; in onchain markets it is the reference value used to price tokenized fund shares and collateralized instruments.

How it works

A fund administrator marks each holding to a current price, sums those marks, subtracts accrued fees and other liabilities, then divides by shares outstanding. The arithmetic is direct: a fund holding $100 of assets against $1 of liabilities with 99 shares outstanding has a NAV of (100 - 1) / 99 = $1.00 per share. Tokenized money market funds such as BlackRock's BUIDL and Franklin Templeton's FOBXX carry a NAV struck against short-dated Treasuries and repo.

Timing differs by venue. A U.S. mutual fund strikes one NAV per business day after market close. Onchain funds vary by issuer: Ondo's USDY accrues value into a rebasing or price-appreciating token, while Superstate's USTB publishes an administrator NAV used for subscriptions and redemptions. The NAV an issuer reports is distinct from the secondary market price of its token, which can trade above or below NAV.

What the data shows

Tokenized funds that publish a NAV represent $15.37B across 91 funds from 36 issuers (Allium data, October 23, 2026). The spread across 36 issuers indicates that NAV reporting is handled by many separate administrators rather than a single standard reference source.

Why it matters

For an institutional holder, NAV is the figure that determines redemption value and collateral eligibility, so its accuracy and update cadence govern how a position can be financed or unwound. The known failure mode is stale or mismarked NAV, where reported value diverges from realizable value because underlying prices moved or illiquid holdings were marked at model prices rather than traded levels. Reconciling an onchain token to the off-chain fund it represents also depends on consistent identifiers, a problem covered in Digital Asset Identifier vs Contract Address.

Related terms

• Assets under management
• Mark to market
• Tokenized money market fund
• Redemption
• Rebasing token

Frequently asked questions

How is net asset value calculated?

Sum the current value of all fund assets, subtract liabilities and accrued fees, then divide by shares outstanding. For example, (100 - 1) / 99 equals a NAV of $1.00 per share.

Is NAV the same as a token's market price?

No. NAV is the administrator's reference value per share. The secondary market price of a tokenized fund share can trade above or below NAV depending on demand and liquidity.

How often is NAV updated?

It depends on the fund. U.S. mutual funds strike one NAV per business day after close. Onchain funds vary by issuer, with some accruing value continuously and others publishing periodic administrator marks.

See the data behind this post. Browse the RWA tables, or read How Do You Identify a Tokenized Fund Across Chains? for how the records are put together.

Allium provides onchain data infrastructure. Companies named in this article may be Allium customers, prospects or commercial counterparties. The authors and other Allium personnel may hold positions in the assets discussed. This article is informational only and is not investment, legal or tax advice. Data and information last reviewed: October 23, 2026.