Two of the most watched companies on the planet report their Q2 2026 earnings on July 22, and both carry implications that extend well beyond Wall Street. Tesla still holds 11,509 BTC on its balance sheet, while Alphabet just pulled off an $80 billion equity raise to fund its AI ambitions.

Tesla’s Bitcoin problem (and opportunity)

Tesla’s Bitcoin treasury, valued somewhere between $745 million and $895 million depending on when you check the price, makes it one of the largest corporate holders of BTC outside of dedicated crypto firms.

In Q1 2026, Tesla reported unrealized Bitcoin losses in the range of $173 million to $222 million. Those aren’t real losses in the “we sold and lost money” sense, but under…