Capital B Reports €69.5M H1 Loss Owing to Bitcoin Impairment Charge
France-listed Bitcoin treasury firm Capital B reported a net loss of €69.5 million ($78 million) in the first half of 2026, primarily due to a Bitcoin impairment charge of $75.8 million.
Financial Performance and Loss Cause
Capital B recorded a net loss of €69.5 million ($78 million) for H1 2026, primarily driven by a $75.8 million Bitcoin impairment charge. This write-down reflected Bitcoin’s market price as of June 30 and did not involve direct cash expenses.
Despite the loss, the company’s consolidated revenue increased 3.5% year-over-year to $6.5 million. Adjusted EBITDA was negative $1.2 million, indicating earnings before interest, taxes, depreciation, and amortization remained below zero.
Funding and Bitcoin Accumulation Strategy
Capital B continued to raise capital to fuel its Bitcoin accumulation despite accounting losses, securing $30 million in financing during the first half of the year. Its Bitcoin holdings grew by 11% from 2,823 BTC in January to 3,139 BTC by end of June.
By September 30, their Bitcoin treasury expanded further to 3,538 BTC, a 25% increase from the start of the year. Valued at around $290 million, Capital B ranks as the world’s 25th largest corporate Bitcoin holder and Europe’s second largest behind Germany-based Bitcoin Group.
Measures to Broaden Investor Base
In July, the company approved a 10-for-1 reverse stock split aiming to attract a wider institutional investor audience.
Additionally, in June shareholders authorized financing capacity up to $120 billion, covering equity and credit products to support Capital B’s Bitcoin acquisition strategy.
Why it matters
Capital B’s results illustrate how the company is expanding its Bitcoin reserves and strengthening its financial capacity despite notable accounting losses from impairment. These developments underscore its commitment to maintaining a leading position among European Bitcoin holders and executing a long-term strategy amid market volatility.
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