On Friday, the U.S. stock market closed. Tesla was trading at $364.27, down slightly by 0.53% on the day. Its market cap was about $1.438 trillion. In the same period, Bitcoin was a little over $81,000, with a market cap of about $1.63 trillion. The two swapped places, with a difference of roughly $190 billion.
Side by side, all you can compare is the scale of the numbers. Behind Tesla’s $1.438 trillion are this quarter’s $28.2 billion in revenue, 480,126 deliveries, and negative $1.1 billion in free cash flow. Behind Bitcoin’s $1.63 trillion is roughly 200.9 million coins multiplied by a figure determined by the marginal transaction price. In the past 24 hours, turnover was about $40.6 billion—about 2.5% of market cap. One side is an operating-produced size; the other is a size created by multiplying a quote.
I dug through the books of the company that was surpassed. On Tesla’s balance sheet, it holds 11,509 bitcoins, with a cost of $386 million. On June 30, the carrying value for this portion was $674 million, down $112 million from the $786 million at the end of March. In the second quarter, it recognized an unrealized loss of $112 million—there were no sales and no additional purchases. In other words, on its own books, it holds the asset that surpasses it.
There’s another layer in the ranking table itself: this time, it is “back” in the top 15 by global asset market value. The table is rearranged by market cap; over the past few months, these two names have already swapped positions. Bitcoin is now at $81,000, with an intra-year high of $126,200—still about 35% below that level. The scores for both sides move day by day; what’s being compared are two different algorithms.
This swap in position came from strength on the side of the quote—not a win on the operating side. One column is propped up by revenue, the other by a transaction price. Subtract the two columns and declare a winner—the question is wrong from the start. The readings that could make it invalid are also specific. If, in the following few quarters, turnover keeps staying at only a few percentage points of market cap while Tesla’s deliveries and cash flow continue to trend lower, then this swap would just be a mismatch in pricing and the method of reading would have to change. If turnover stabilizes at double digits, it means the incoming money has real thickness.
Both Binance spot and its wealth-management products show Bitcoin, and the exchange token BNB is in the same “column,” with ongoing community discussions around that number also continuously updated. This article is a record of viewpoints and does not constitute investment advice. $BTC
$ZEC
$ROBO
#比特币市值超越特斯拉
Side by side, all you can compare is the scale of the numbers. Behind Tesla’s $1.438 trillion are this quarter’s $28.2 billion in revenue, 480,126 deliveries, and negative $1.1 billion in free cash flow. Behind Bitcoin’s $1.63 trillion is roughly 200.9 million coins multiplied by a figure determined by the marginal transaction price. In the past 24 hours, turnover was about $40.6 billion—about 2.5% of market cap. One side is an operating-produced size; the other is a size created by multiplying a quote.
I dug through the books of the company that was surpassed. On Tesla’s balance sheet, it holds 11,509 bitcoins, with a cost of $386 million. On June 30, the carrying value for this portion was $674 million, down $112 million from the $786 million at the end of March. In the second quarter, it recognized an unrealized loss of $112 million—there were no sales and no additional purchases. In other words, on its own books, it holds the asset that surpasses it.
There’s another layer in the ranking table itself: this time, it is “back” in the top 15 by global asset market value. The table is rearranged by market cap; over the past few months, these two names have already swapped positions. Bitcoin is now at $81,000, with an intra-year high of $126,200—still about 35% below that level. The scores for both sides move day by day; what’s being compared are two different algorithms.
This swap in position came from strength on the side of the quote—not a win on the operating side. One column is propped up by revenue, the other by a transaction price. Subtract the two columns and declare a winner—the question is wrong from the start. The readings that could make it invalid are also specific. If, in the following few quarters, turnover keeps staying at only a few percentage points of market cap while Tesla’s deliveries and cash flow continue to trend lower, then this swap would just be a mismatch in pricing and the method of reading would have to change. If turnover stabilizes at double digits, it means the incoming money has real thickness.
Both Binance spot and its wealth-management products show Bitcoin, and the exchange token BNB is in the same “column,” with ongoing community discussions around that number also continuously updated. This article is a record of viewpoints and does not constitute investment advice. $BTC
$ZEC
$ROBO
#比特币市值超越特斯拉
