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比特币市值超越特斯拉，其价值逼近1.64万亿美元

2026-09-19 21:23:27

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Bitcoin's market value surpasses Tesla by nearly US$200 billion

Core points: Bitcoin's total market value reaches approximately US$1.635 trillion, surpassing Tesla in the global asset ranking, with a gap of nearly US$197 billion. This comparison highlights the significant differences in valuation logic between digital assets and physical companies.

New context for global asset rankings

As of September 19, Bitcoin's total market value was approximately US$1.635 trillion, making it one of the top in the global asset rankings. At the same time, Tesla's market value is approximately US$1.438 trillion, ranking 14th. The market value gap between the two reached US$197 billion, accounting for approximately 14%. During this period, Bitcoin closed at approximately $81,419, an increase of approximately 4%, while Tesla shares fell slightly 0.5% to $364.27.

This comparison is mainly based on market capitalization data, but does not simply equate digital currencies with operating companies. The market value of Bitcoin reflects the price multiplied by the available supply, while the market value of Tesla is the number of outstanding shares multiplied by the stock price. Due to the differences in investors pricing demand for money, corporate earnings, debt and future cash flows, the rates of change of these two indicators may differ.

Bitcoin (BTC) Price Trend Analysis

When asset prices fluctuate, market rankings may change rapidly. Based on the liquidity supply implicit in the comparison, if Tesla's share price remains unchanged, the Bitcoin price would need to reach approximately $71,600 to match its market value. This calculation does not predict the direction of prices.

任一资产的单独变动都可能改变比特币市值与特斯拉之间的差距。在所述的市场观察期内，比特币上涨约4%，而特斯拉股价下跌约0.5%。不同的走势有助于扩大两者估值之间的spread（价差/差距）。

这一比较也说明了为何需要结合背景来理解市值概念。比特币不发布季度营收报告，也不拥有工厂或承担传统债务。相比之下，特斯拉从事制造、软件和能源业务，其估值与预期的现金流生成能力紧密相关。因此，比特币市值提供的是规模上的对比，而非完全等同的估值测试。它将两个大型资产置于同一排名中，同时保留了其底层结构的独立性。

如果比特币价格下跌而特斯拉股价保持稳定，比特币的领先优势将会缩小。按所述的流通供应量计算，比特币每变动1,000美元，其隐含价值将改变200亿美元。对于特斯拉而言，情况则相反，股价变动会影响其估值，但不会改变比特币的供应量。

该排名还将不同类别的资产放在了一起进行比较。CompaniesMarketCap将黄金、主要科技公司和其他金融资产与加密货币并列。由于比特币全天候交易，而特斯拉仅在股市交易时间内交易，比特币的位置可能会每日发生变化。

特斯拉比特币持仓为排名提供背景信息

特斯拉在2026年第二季度财报（截至6月30日）中披露持有11,509枚比特币。财报列示的成本基础为3.86亿美元，季度末的公允价值为6.74亿美元。BitcoinTreasuries网站也在9月19日记录了特斯拉持有的11,509枚比特币。

以81,419美元的价格计算，这些持仓的价值约为9.37亿美元。这一估算值比特斯拉披露的收购成本高出约5.51亿美元。这并不代表新的会计收益，因为之前的公允价值变动可能已影响报告结果。

特斯拉的比特币持仓约占其总市值的0.07%。特斯拉的持仓量远低于两家资产之间1970亿美元的差距。虽然其国库敞口将公司与比特币联系起来，但这并不能解释排名的巨大差异。财报使用的是季度末日期，而市场比较使用的是后续价格，这种时间差异解释了为何公允价值与9月的估算值存在不同。这些数据并不代表精确的同时会计计量。

特斯拉在2021年购买了价值15亿美元的比特币。根据监管披露，到2022年底，它已将约75%的头寸转换为法币。6月和9月报告的余额未变，表明特斯拉保留了剩余的硬币。

另一家与埃隆·马斯克有关联的公司也出现在企业比特币数据中。BitcoinTreasuries将18,712枚比特币归因于SpaceX。归属于特斯拉和SpaceX的总持仓量为30,221枚比特币，按所述价格计算价值约为24.6亿美元。这些公司分别持有其资产，总额并不确立马斯克的个人所有权。

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