French Bitcoin treasury company, Capital B, has reported a net loss of €69.5 million ($78 million) for the first half of 2026 largely driven by a non-cash impairment charge on its Bitcoin holdings as the company continued expanding its cryptocurrency reserves.
#CapitalB reported a $78 million net loss for H1 2026 driven by a $75.8 million Bitcoin impairment charge.
The charge reflected $BTC prices on June 30 2026 and had no direct cash impact, highlighting how Bitcoin price movements can weigh on treasury companies’ reported earnings without triggering cash outflows.
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The company recorded a €67.5 million ($75.8 million) Bitcoin impairment charge based on prices on June 30 2026, according to its half-year financial report. The adjustment had no direct cash impact and did not represent a sale of Bitcoin.
Capital B’s consolidated revenue rose 3.5% year-on-year to €5.85 million while adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) showed a loss of €1.07 million compared with a loss of €815,000 in the first half of 2025.
The results highlight the contrast between the company’s reported earnings and its Bitcoin accumulation strategy under which the value of its holdings can fluctuate significantly with market prices.
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Capital B raised approximately €27.5 million ($30 million) during the first half and increased its Bitcoin holdings by 11.2%, from 2,823 BTC at the beginning of the year to 3,139 BTC as of June 30 2026.
The company continued accumulating Bitcoin after the reporting period. Its strategic reserve reached 3,538 BTC on September 30 2026 representing a 25.3% increase since the start of the year. The holdings had a total acquisition cost of €310.6 million, equivalent to an average purchase price of €87,805 per Bitcoin.
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The expansion has established Capital B as Europe’s second-largest publicly-traded Bitcoin holder, behind Germany’s Bitcoin Group, according to treasury rankings. Its strategy focuses on increasing the amount of Bitcoin held per fully diluted share over time.
However, the company’s share price remained under pressure. Capital B shares were down about 25% year-to-date as of this writing despite a slight increase in early trading.
The company’s performance illustrates a key feature of corporate Bitcoin treasury strategies where businesses can increase their Bitcoin reserves while reporting substantial accounting losses when market prices fall below the levels used to value their holdings.
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