比特币市值超越特斯拉，达到1.64万亿美元

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The gap is widening rapidly

A snapshot of market value on September 19 shows that Bitcoin ranks 13th among the world's largest assets, with a market value of approximately US$1.635 trillion. Tesla followed closely, ranking 14th with a market value of US$1.438 trillion. Market value rankings of Bitcoin and Tesla.

In this snapshot, Bitcoin traded close to $81,419 after rising about 4%, while Tesla shares fell about 0.5% to $364.27. This difference puts Bitcoin more than the automaker by about $197 billion, or nearly 14%.

These two valuations are calculated differently. Bitcoin's market value is calculated by multiplying its price by the estimated circulation supply; Tesla's data is calculated by its share price multiplied by the number of shares outstanding in the company. The former is a valuation of monetary assets, while the latter is a valuation of operating companies that own factories, income, debt and future cash flows.

Therefore, this is a size comparison rather than a claim that Bitcoin and Tesla should be valued using the same framework.

This ranking is also sensitive to price fluctuations. Based on the calculation of the circulation supply implied in the snapshot, assuming Tesla's market value remains unchanged and the price of each Bitcoin is approximately US$71,600, its total market value will be close to Tesla's US$1.438 trillion. This is an arithmetic calculation rather than a price forecast, and Tesla's share price may change at the same time.

Tesla holds 11,509 bitcoins worth nearly US$1 billion

特斯拉在其第二季度文件中报告称，截至2026年6月30日，持有11,509枚比特币。该公司披露的成本基础为3.86亿美元，季度末公允价值为6.74亿美元。

在9月19日检查时，BitcoinTreasuries.net继续将特斯拉列为持有11,509枚比特币。按照快照中81,419美元的比特币价格，这些硬币的价值约为9.37亿美元。

9月的较高估值反映了自6月报告日期以来比特币价格的上涨。这并非证据表明特斯拉购买了更多硬币。

该头寸的估计市场价值比特斯拉披露的收购成本高出约5.51亿美元。不应将此差额视为新的5.51亿美元会计收益，因为资产公允价值的变化可能已经影响了早期报告期的结果。

近10亿美元是一个庞大的国库头寸，但仅占特斯拉1.438万亿美元市值的约0.07%。比特币超过特斯拉的1970亿美元领先优势，也大约是特斯拉持仓估计价值的210倍。

换句话说，特斯拉的比特币头寸将这两种资产联系起来，但其规模太小，无法解释它们在排名中的位置。

特斯拉保留了其原始比特币购买的一小部分

特斯拉于2021年以15亿美元的数字资产购买进入市场。根据其监管披露，到2022年底，该公司已将约75%的比特币兑换为法币。

随着比特币价格恢复，剩余的头寸变得更有价值。6月和追踪器9月报告的不变数字表明，特斯拉维持了其残余持股，而不是回归激进的积累策略。只有另一份公司披露才能确认6月30日之后的余额是否保持不变。

特斯拉并不是唯一出现在企业比特币数据中的埃隆·马斯克关联公司。BitcoinTreasuries将18,712枚比特币归因于SpaceX，使其在追踪器中高于特斯拉。该头寸及其排名通过SpaceX在主要企业比特币持有者中的地位进行了更详细的考察。

总而言之，该追踪器将30,221枚比特币归因于特斯拉和SpaceX。这些持仓在9月19日的价格下价值约24.6亿美元，相当于比特币流通供应量的约0.15%。

这些公司分别持有其硬币，总数并不代表埃隆·马斯克个人的比特币所有权。它显示了跨两家相关企业的企业敞口，而非单一协调的国库管理。

以太坊突破2,600美元，达到1月以来最高价

Tesla’s next filing will reveal whether its strategy has changed

如果比特币下跌、特斯拉股价上涨或两者同时变动，当前的排名可能会逆转。更关键的问题是，特斯拉报告的余额是否仍保持在11,509枚比特币。

If the numbers remain unchanged in the next report, Tesla's growing Bitcoin valuation will come from the market, not from a new treasury plan. The position is increasingly looking like a reserved part of its 2021 strategy.

Changes in balances will convey different information. The new purchase would put Bitcoin back in Tesla's aggressive capital allocation decisions, while another sale suggests the company still views assets as a source of liquidity.

Bitcoin's passing over Tesla makes the ranking eye-catching. Tesla's next disclosure will provide investors with more useful information: whether the automaker views its remaining coins as passive legacy positions or as part of its current treasury strategy.

This article is for reference only and does not constitute financial or investment advice. Asset prices, market capitalizations, and corporate Bitcoin positions may change rapidly.