Methodology and sources
How FloatCap counts shares, and where every number comes from.
| Circulating market cap | price × (total outstanding - locked team - other restricted) |
|---|---|
| Traditional market cap | price × total outstanding shares, all classes |
| Free float market cap | price × (circulating - insider shares without a lock) |
| Fully diluted value | price × (total outstanding + options + unvested RSUs + committed issuances) |
| Circulating % | circulating shares ÷ total outstanding shares |
The idea
Crypto sites value a token by the coins that can actually trade. Market cap is price times circulating supply. Fully diluted value is price times total supply, including tokens that are still locked for the team or investors. FloatCap applies the same rule to stocks. The ranking uses price times circulating shares, and the usual market cap is shown next to it.
Circulating shares
Circulating shares are all issued and outstanding shares minus two groups: locked team shares and other restricted shares. Shares held by funds such as Vanguard or BlackRock stay in circulating supply when they are free to trade. So do insider shares that carry no legal restriction.
Locked team shares
These are shares held by founders, executives and employees that cannot be sold yet because of a restriction we can point to in a filing. Examples are IPO lock-ups, restricted stock that is issued but not yet vested, and holding periods that apply after an award vests. We never treat insider shares as locked just because an insider owns them.
Other restricted shares
These are shares outside the team that cannot trade freely. Examples are lock-ups signed by investors before an IPO, shares issued in a private deal that must wait out the Rule 144 holding period, and share classes that are not listed on any exchange. An unlisted class, such as a 10-vote Class B, has to be converted before it can be sold, so we keep it out of circulating supply until it is converted. Index providers also leave unlisted classes out of their share counts.
Free float
Some insider shares carry no lock, so they count as circulating, yet they rarely change hands. Founders with large stakes usually borrow against their shares instead of selling them. Free float is circulating supply minus these unrestricted insider holdings. Where a proxy statement reports shares pledged as loan collateral, the company page shows that number too.
What is never added in
Institutional holdings from Form 13F overlap circulating supply, so they are shown as a share of the total and never added to it. Options, restricted stock units that have not settled, and shares reserved for future grants are not outstanding shares. They only enter the fully diluted value. If the parts of a company's supply do not add up to its total outstanding shares, we flag the gap instead of filling it with a made-up number.
Sources and labels
Share counts come from the cover pages of each company's latest 10-Q or 10-K, read from the XBRL data the company files with the SEC. Restrictions come from prospectuses, quarterly reports, proxy statements and Forms 4. Every figure carries a label. Verified means it was read directly from a filing. Derived means it was calculated from filed numbers by a method we describe. Estimated means it is an aggregate or an approximation, such as the 13F total. Reference marks a price that is not live.
Review status
Lock-ups and restricted stock are checked company by company. Until a company has been reviewed, only its unlisted share classes are excluded, so its circulating supply is an upper bound. Reviewed companies carry a check mark in the rankings.
Prices
Until the live price feed is connected, prices are the June 30, 2026 closing values implied by Form 13F filings, adjusted for any stock split since then, and every page labels them as reference prices. When the feed is on, prices and every value that depends on them update in the browser.
Example: Tesla
Tesla had 3,952,757,946 shares outstanding on Oct 15, 2026. Of these, 710,172,677 are restricted stock issued to Elon Musk under two pay awards and cannot be sold before 2033, so they count as locked team shares. That leaves about 3.24 billion circulating shares, 82% of the total. Musk's trust holds another 413 million shares with no lock; they stay in circulating supply but are left out of free float. See the Tesla page for every source.