Capital B, the France-listed Bitcoin treasury company, reported a net loss of 69.5 million euros, or about $78 million, for the first half of 2026 after recording a $75.8 million Bitcoin impairment charge tied to prices at June 30. The company said the accounting hit did not have a direct cash impact.
The results show how balance-sheet exposure to Bitcoin can dominate reported earnings even as the underlying business expands. Over the same period, Capital B increased revenue, raised fresh capital and added to its Bitcoin reserves.
Impairment charge drove the headline loss
The first-half loss was largely attributed to the Bitcoin impairment booked at the end of June. Because the charge reflected the value of holdings at a specific reporting date, it weighed heavily on net income despite not representing an immediate outflow of cash.
Capital B reported first-half revenue of $6.5 million, up 3.5% from a year earlier. Adjusted EBITDA was negative $1.2 million, indicating that operating performance was weak but far smaller in scale than the accounting loss created by the Bitcoin revaluation.
Company kept raising capital and buying Bitcoin
Alongside the results, Capital B said it continued to fund its Bitcoin accumulation strategy through new financing. The company announced capital raises totaling $30 million during the first half of 2026.
Its Bitcoin holdings rose 11% over the period, from 2,823 BTC in January to 3,139 BTC at the end of June. That increase came even as the lower June 30 reference price reduced the carrying value used for accounting purposes.
Treasury grew further after June
Capital B said total Bitcoin holdings had climbed to 3,538 BTC by Sept. 30. That represented a 25% increase from a year earlier, with the treasury valued at roughly $290 million based on the figures cited by the company.
By that measure, Capital B ranked as the world’s 25th-largest corporate Bitcoin treasury and Europe’s second-largest in terms of holdings. The update suggests the company continued expanding its reserve position after the reporting period covered by the half-year results.
Share performance and financing plans
The company’s stock rose briefly in early trading following the release, though it remained down 25% for the year to date. The market reaction underlined the gap between short-term moves in the share price and the longer-running pressure on the stock.
Earlier in 2026, Capital B took two steps aimed at supporting its treasury strategy. In June, shareholders approved up to $120 billion in financing for further Bitcoin accumulation, and in July the company approved a 10-for-1 reverse stock split intended to broaden its institutional investor base.
The next confirmed marker is the company’s expanded Bitcoin position as of Sept. 30, which shows that Capital B kept adding to its treasury after the first-half close despite the large impairment charge reported for June.
Source: cointelegraph.com