Net Asset Value (NAV)
Net asset value (NAV) is the per-share value of a fund or tokenized asset, calculated as total assets minus liabilities divided by the number of shares or tokens outstanding.
Net asset value (NAV) is what one share - or one token - of a fund is worth, based on the assets behind it. You calculate it by taking the fund's total assets, subtracting its liabilities, and dividing by the number of shares or tokens outstanding. If a tokenized fund holds $10 million in Treasuries, owes $100,000 in fees, and has issued 9.9 million tokens, its NAV is about $1.00 per token.
NAV is the anchor for a tokenized fund or tokenized treasury. It is the price at which investors usually subscribe and redeem, and it rises as the underlying assets earn income. An accumulating token's NAV climbs over time; a distributing one pays income out and holds NAV roughly flat.
On-chain, NAV is often reported by a NAV oracle - a service that pushes the fund administrator's valuation onto the blockchain so smart contracts can price redemptions against it. For funds holding simple assets like short-term US Treasuries, NAV is typically struck once per business day.
NAV is not the same as market price. On a secondary market, a token can trade above NAV (a premium) or below it (a discount) depending on demand and liquidity. It also depends on whoever values the assets: for illiquid holdings like real estate or private credit, NAV is an estimate, only as reliable as the appraisal and the pricing method behind it.
Source: rwa.xyz, as of 2026.
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Educational content, not financial or legal advice.