Tesla is sitting on 11,509 BTC and didn't touch a single one. Q1 2026 earnings just dropped. Zero buys, zero sells. Under the new FASB fair-value rules (effective late 2024), Tesla now marks crypto to market every quarter. BTC slid from ~$90K to ~$68K, dragging the carrying value down 22% to $786M and booking a $173M after-tax unrealized loss. No sale, no panic, just accounting doing its thing. Quick history: - Feb 2021: Tesla bought 43,200 BTC for $1.5B - Mid-2022: Sold 75% at ~$31K to shore up cash during China lockdowns - Missed upside from that sale: ~$3B - Since then: the remaining 11,509 BTC haven't moved Tesla isn't the only one holding through the pain. Strategy poured $25.4B into buying more BTC over the same quarter. Both are long BTC through the drawdown, but the gap in conviction is telling. One is passively holding. The other is actively loading up. Here's the thing though. Tesla's CFO warned FY2026 free cash flow is expected to turn negative. Capex climbing, margins under pressure. And Tesla has a track record of selling BTC when cash gets tight. Conviction is easy when the balance sheet is healthy. It gets tested when the bills start piling up. If your BTC bags were down 20%, would you diamond-hand it like Tesla, or cut and run like they did in 2022? #TeslaQ1BTCHodlOrFold