What is Net Asset Value (NAV)?
Net asset value (NAV) is the reference value of what a token represents — for a tokenized equity, the underlying share price multiplied by the shares multiplier; for a tokenized fund, assets minus liabilities divided by units outstanding. NAV is the yardstick a token's market price is measured against, not the price most holders can transact at.
Also called: NAV · net asset value · NAV per token · what is NAV of a tokenized stock
Formula
NAV per token = underlying share price × sharesMultiplier
Fund NAV per unit = (assets − liabilities) ÷ units outstanding
NAV is always an as-of value — a NAV without a timestamp is not a usable number.
Where NAV comes from
For a backed tokenized equity, NAV is derived from the underlying share's last exchange print, scaled by the shares multiplier the issuer publishes per asset. For a tokenized treasury or fund, the issuer or fund administrator strikes NAV on a published schedule. Both are off-chain values carried on-chain by an issuer feed or an oracle, which is why every NAV figure needs an as-of time attached before it can be compared with a live token price.
NAV is a reference, not a quote
Most holders cannot transact at NAV. The primary market — mint and redeem — is the path that trades against NAV, and it is generally open only to authorised parties under the issuer's terms. Everyone else trades at whatever the venue's price is, which sits above or below NAV by the prevailing premium or discount. Confusing the reference with the executable price is what makes an ordinary premium look like a broken peg.
Frequently asked questions
Is NAV the same as the token's price?
No. NAV is the value of the underlying the token represents; the token price is what it trades at on a venue. The gap between them is the NAV premium or discount.
How often does NAV update?
For tokenized equities it tracks the underlying share, so it moves during exchange hours and holds its last print when the market is closed. Tokenized funds strike NAV on the fund's own schedule.
Where this shows up live
On the desk
Live NAV board — price, NAV, premium per asset
How NAV is derived and timestamped
Every figure on those pages carries its source and as-of time. Nothing is shown when the upstream is unavailable.
Related terms
- NAV Premium & Discount — NAV premium (or discount) is the gap between a tokenized asset's on-chain market price and its net asset value (NAV) — the value of the underlying share or fund.
- Shares Multiplier — The shares multiplier is how many underlying shares one token represents.
- Market-Hours Gap — The market-hours gap is the window when a tokenized equity keeps trading but its underlying exchange is closed.
More in Pricing
De-Peg & Tracking Error · Mint & Redeem · Multi-Oracle Pricing · NAV Premium & Discount · Oracle Divergence · Redemption Gate
Informational only · not financial advice. See the live numbers on the data desk, the sourcing rules in the methodology, or the day's stories in the newsroom. · ← All glossary terms