Capital B reported a €69.5 million net loss for the first half of 2026, with a Bitcoin impairment charge accounting for most of the decline. The French listed treasury company’s October 15 results put the noncash writedown at about €67.5 million, reflecting Bitcoin’s price at June 30.
The loss widened from approximately €1.9 million a year earlier. Revenue rose 3.5% to €5.846 million, while group adjusted EBITDA remained negative at €1.073 million. The figures separate a large change in the carrying value of Bitcoin from a smaller, but still loss-making, group operating result.
The company said the impairment had no cash impact. It should therefore not be read as a €67.5 million payment, a disclosed sale of that amount of Bitcoin or a matching disappearance of cash from its accounts.
Bitcoin accumulation continued
Capital B held 3,139 BTC in its strategic reserve at June 30, compared with 2,823 BTC in January. By September 30, the reserve had reached 3,538 BTC, a figure also reported in the October 15 release’s post-period update.
The company separately identified 61 BTC allocated to operational needs. Those coins are excluded from the strategic reserve measures. Keeping the categories separate avoids overstating the reserve used to calculate the company’s treasury performance indicators.
The September reserve had a total acquisition cost of €310.6 million, or an average €87,805 per Bitcoin, according to the release. Acquisition cost records what the company paid; it is not the same as the reserve’s current market value or the value attributable to each shareholder.
Operating costs and financing still matter
The company reported positive adjusted operational EBITDA of approximately €0.64 million for its historical technology businesses. Group results included nearly €2.2 million of costs connected with the treasury operation and holding companies, including salaries and advisory and intermediary fees.
Cash available to the group was €2.3 million at June 30 and €4.6 million at September 30. Capital B also reported announced capital raises totaling approximately €27.5 million during the first half, followed by €31.7 million between July and the release date.
Those financing figures help explain how a company can keep adding Bitcoin while reporting an accounting loss. New funding, changes in asset values and operating cash needs are different elements of the accounts; the headline net loss does not describe all three.
More coins do not automatically mean a higher shareholder return
Capital B’s strategy targets an increase in Bitcoin per fully diluted share. Its reported “BTC Yield” measures changes in that ratio, rather than interest paid on Bitcoin or the investment return earned by someone holding the stock.
Issuing equity or instruments that can become equity can increase the reserve and the potential share count together. Financing terms therefore matter alongside the number of coins purchased. Capital B also cautions that selling Bitcoin to meet cash needs may depend on market conditions. Our guide to market liquidity and execution explains why a quoted asset value is different from the proceeds available on an actual sale.
The interim results illustrate both sides of the model: Capital B expanded its reserve, while Bitcoin price changes dominated reported earnings and the group continued to incur operating costs. Assessing the business requires those measures to be considered together.