WisdomTree operates through a combination of traditional asset management practices and digital asset custody solutions, partnering with regulated custodians and market makers to offer ETPs traded on major exchanges. The company generates revenue through management fees on its funds and ETPs, while leveraging institutional-grade infrastructure to provide secure exposure to digital assets for both retail and institutional investors.

WisdomTree provides traditional and digital asset investment solutions, including cryptocurrency ETPs, blockchain-focused funds, and digital asset management services. The company bridges traditional finance with the crypto ecosystem by offering regulated investment vehicles that provide exposure to Bitcoin, Ethereum, and other digital assets through compliant financial products.

WisdomTree is a global financial services company that specializes in exchange-traded products (ETPs) and asset management. The company has expanded into digital assets and blockchain technology, offering cryptocurrency and blockchain-focused investment products.

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WisdomTree

# WisdomTree Circulating asset market cap Methodology

## 1. Overview

The asset market cap circulating metric for WisdomTree represents the total market value of circulating WisdomTree Government Money Market Digital Fund tokens. This metric tracks the outstanding supply of WisdomTree Government Money Market Digital Fund tokens (a yield aggregator product) and converts it to USD value, providing a measure of the circulating market capitalization of WisdomTree's tokenized assets. The calculation follows a straightforward approach: outstanding token supply equals capital deployed equals TVL equals asset market cap circulating.

## 2. Data sources

The calculation relies on the following raw data sources:

- **Blockchain events**: Parsed Ethereum `Transfer` events for the WisdomTree Government Money Market Digital Fund token (contract address `0x1fecf3d9d4fee7f2c02917a66028a48c6706c179`)
- **Token metadata**: Token decimal information for the WisdomTree Government Money Market Digital Fund token to properly scale raw transfer amounts
- **External data**: End-of-day token price feeds for USD conversion of the final metric values

## 3. Step-by-step calculation

### Component A: Token transfer extraction
- **Purpose**: Extract all WisdomTree Government Money Market Digital Fund token transfer events from the Ethereum blockchain
- **Logic**: Filter Ethereum `Transfer` events to include only those for the specific WisdomTree Government Money Market Digital Fund token address. Each transfer record includes the sender address (`from_address`), recipient address (`to_address`), transfer amount (`value`), block timestamp, and transaction details. The data is classified under the 'Asset Management' business line and 'yield_aggregator' business segment.
- **Key fields**: `block_timestamp`, `from_address`, `to_address`, `amount`, `token_address`

### Component B: Mint and burn identification  
- **Purpose**: Identify token minting and burning events to calculate net supply changes
- **Logic**: Classify transfers as mints when the `from_address` is the null address (`0x0000000000000000000000000000000000000000`), indicating new tokens were created. Classify transfers as burns when the `to_address` is either the null address or the dead address (`0x000000000000000000000000000000000000dead`), indicating tokens were removed from circulation. Mint amounts are positive values while burn amounts are converted to negative values.
- **Key fields**: `from_address`, `to_address`, `amount` (converted to negative for burns)

### Component C: Outstanding supply calculation
- **Purpose**: Calculate the running total of circulating WisdomTree Government Money Market Digital Fund tokens over time
- **Logic**: Apply decimal corrections to normalize token amounts based on the token's decimal configuration. Aggregate mint and burn amounts daily by summing all transactions within each day. Calculate cumulative outstanding supply using a running sum ordered by timestamp, where each day's supply equals the previous day's supply plus the net change (mints minus burns) for that day. Forward-fill the time series to ensure continuous daily data without gaps.
- **Key fields**: `outstanding_supply` (cumulative sum), `timestamp` (daily grain), `token_symbol`, `token_address`

### Component D: Capital deployed mapping
- **Purpose**: Transform outstanding supply into a capital deployed metric
- **Logic**: Take the outstanding supply values and directly map them to capital deployed amounts, maintaining all dimensional attributes including chain, product, and version identifiers. Apply the finalization macro to ensure proper schema standardization and data quality.
- **Key fields**: `capital_deployed` (equal to outstanding supply), `product_id`, `chain_id`

### Component E: TVL aggregation
- **Purpose**: Calculate total value locked by summing capital deployed across products
- **Logic**: Group capital deployed values by timestamp, chain, and product, then sum the capital deployed amounts. For WisdomTree with a single WisdomTree Government Money Market Digital Fund product, this summation produces the same value as the individual product's capital deployed amount.
- **Key fields**: `tvl` (sum of capital deployed), aggregated by `timestamp`, `chain_id`, `product_id`

### Final aggregation
- **Combining components**: The asset market cap circulating metric directly takes TVL values without additional transformation, creating a one-to-one mapping where TVL equals asset market cap circulating
- **Currency conversion**: Apply end-of-day price feeds to convert token amounts to USD values using the finalization macro process
- **Time aggregation**: Data is aggregated and reported on a daily basis with timestamp grain set to 'day'
- **Final calculation**: Asset market cap circulating = TVL = Sum of capital deployed = Outstanding supply of WisdomTree Government Money Market Digital Fund tokens (in USD)

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Tokenized asset value / AUM (assets under management) — price times circulating supply.

WisdomTree

Circulating asset market cap

Circulating asset market cap

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