Capital B Reports $78M H1 Loss on Bitcoin Impairment

France-listed Bitcoin treasury company Capital B reported a net loss of 69.5 million euro ($78 million) for the first half of 2026, according to the company’s financial report published Thursday. The loss was primarily driven by a Bitcoin impairment charge of $75.8 million, which reflected Bitcoin prices as of June 30 and carried no direct cash impact.

Despite the accounting loss, Europe’s second-largest corporate Bitcoin treasury continued to expand its digital asset holdings. The firm raised $30 million in capital during the first half of the year and increased its Bitcoin holdings by 11%, moving from 2,823 BTC in January to 3,139 BTC by the end of June.

Revenue and Treasury Growth

Capital B’s consolidated revenue rose 3.5% year-over-year to $6.5 million, while adjusted EBITDA came in at negative $1.2 million. By Sept. 30, the company’s total Bitcoin holdings reached 3,538 BTC, marking a 25% increase from the beginning of the year. Its treasury is currently valued at $290 million, making it the world’s 25th-largest corporate Bitcoin treasury and Europe’s second-largest behind Germany-based Bitcoin Group, according to Bitcointreasuries.

Corporate Actions

To support its ongoing accumulation strategy, Capital B shareholders approved up to $120 billion in financing capacity in June, including equity and credit instruments. Additionally, the company approved a 10-for-1 reverse stock split in July aimed at broadening its institutional investor base. Capital B’s stock price rose by 0.5% in early morning trading on Friday, though it remained down 25% year-to-date.

Key facts

• Capital B reported a net loss of 69.5 million euro ($78 million) for H1 2026.
• The loss was driven by a Bitcoin impairment charge of $75.8 million.
• Consolidated revenue rose 3.5% year-over-year to $6.5 million, with adjusted EBITDA at negative $1.2 million.
• Bitcoin holdings increased 11% in H1 from 2,823 BTC to 3,139 BTC, reaching 3,538 BTC by Sept. 30.