Capital B (EPA: ALCPB), a France-listed Bitcoin treasury firm, reported a €69.5 million ($78 million) net loss for the first half. A $75.8 million Bitcoin impairment charge drove the 2026 half-year loss.
The Brief
- Capital B’s impairment charge reflected Bitcoin’s price at the end of June and carried no direct cash impact, the company said.
- Consolidated revenue rose 3.5% year over year to $6.5 million, while adjusted EBITDA came in at negative $1.2 million.
- The company raised $30 million in the half and lifted its Bitcoin holdings 11%, from 2,823 BTC to 3,139 BTC.
- Capital B held 3,538 BTC by Sept. 30, a treasury now worth $290 million based on Bitcointreasuries data.
Bitcoin’s price at the half-year close set the loss
The impairment was tied to Bitcoin’s price on June 30, according to Capital B’s half-year results release, and involved no direct cash outflow. An impairment of this kind is a paper write-down that records a lower value for coins still on the balance sheet. At $75.8 million, the charge accounts for the bulk of the headline loss. It is also a snapshot of one day’s price and says nothing about moves since then.
The operating side moved the other way. Revenue grew in the half, though adjusted EBITDA, which measures earnings before interest, taxes, depreciation and amortization, stayed below zero. That leaves outside capital to fund Bitcoin purchases.
The half’s fundraising included a May capital raise. Since the period ended, Capital B has announced another €31.7 million in raises, the release shows. The company also said its strategy remains “focused on increasing the number of bitcoin per fully diluted share over time.“
🟠 Capital B reports its results for the first half of 2026⚡️ Full Press Release (EN): https://t.co/EGZjw13t2U Full Press Release (FR): https://t.co/DwCUuNb5JE BTC Strategy And Detailed Presentation: https://t.co/Pl9y2Z5k5H Financial Report (EN): https://t.co/rYt2RaqcPb Financial Report (FR): https://t.co/wytfFLorgd
— Capital B (@_ALCPB) October 15, 2026
Holdings rose 11% while bitcoin per share rose 1.85%
That per-share goal is where the half looks thinner. Capital B’s sats per fully diluted share rose from 7,210.0 to 7,343.4, according to the French-language version of the release.
Sats, or satoshis, are Bitcoin’s smallest unit, and the figures are stated after July’s 10-for-1 reverse stock split. The company reports the change as a “BTC Yield” of 1.85%.
A per-share measure rises only when coin growth outpaces growth in the fully diluted share count. Over the half, the larger share count absorbed most of the 11% gain in holdings. For shareholders, the per-share figure gives the more direct read on how much Bitcoin each share represents.
Buying continued after June. Third-quarter additions included its 376 BTC purchase in September. Bitcointreasuries ranks the treasury 25th among corporate holders worldwide.
The Bottom Line
Among European Bitcoin treasury companies, only Germany-based Bitcoin Group holds more, per the same tracker. Shareholders approved up to $120 billion in financing capacity in June, covering equity and credit instruments, to support further accumulation. The reverse split, approved a month later, was aimed at broadening the company’s institutional investor base.
Capital B’s shares rose 0.5% in early trading on Friday, according to Yahoo Finance. That still leaves the stock down 25% for the year, the same percentage its Bitcoin holdings have gained since January.
