Paris-listed Capital B reported a net loss of $78 million for the first half of 2026, a sharp widening from the previous year, primarily due to a $75.8 million non-cash impairment charge on its Bitcoin holdings valued at June 30 prices. The company continued to expand its cryptocurrency reserves and raise capital throughout the period and beyond.

Impairment Charge Dominates Financial Results

Capital B, a technology and Bitcoin treasury company, disclosed a consolidated net loss of €69.5 million, equivalent to $78 million, for the six months ended June 30, 2026. This compared with a net loss of approximately $2.1 million in the first half of 2025. The bulk of the deterioration stemmed from a €67.5 million Bitcoin impairment charge, or about $75.8 million, which the firm stated reflected market prices on the reporting date and involved no cash outflow.

Consolidated revenue increased 3.5% year over year to €5.85 million, or roughly $6.5 million. Group adjusted EBITDA remained negative at about $1.2 million, wider than the $0.9 million loss recorded a year earlier. Operating subsidiaries focused on data intelligence, artificial intelligence and technology consulting generated positive adjusted operating EBITDA of approximately $720,000, up nearly 10% from the prior-year period. Bitcoin treasury-related costs, including salaries and advisory fees, totaled nearly $2.5 million and contributed to the overall negative group figure.

Bitcoin Holdings Rise Despite Accounting Hit

Despite the impairment, Capital B expanded its strategic Bitcoin reserve. Holdings grew from 2,823 BTC at the start of 2026 to 3,139 BTC by June 30, an increase of 11.2%. By September 30 the strategic reserve reached 3,538 BTC, representing a 25.3% rise from the beginning of the year. The September holdings carried a total acquisition cost of €310.6 million, or an average of €87,805 per Bitcoin. An additional 61 BTC were designated for operational use, bringing total controlled Bitcoin to 3,599.

At recent valuations the treasury was estimated at approximately $290 million, placing Capital B as the 25th-largest corporate Bitcoin holder worldwide and the second-largest in Europe, behind Germany’s Bitcoin Group.

Capital Raises Support Ongoing Accumulation

The company raised €27.5 million, or about $30 million, during the first half through equity placements, share-and-warrant packages and warrant exercises. Further fundraising of approximately €31.7 million occurred between July and mid-October. These proceeds supported continued Bitcoin purchases, including a program that added more than €25 million worth of the asset earlier in the second half.

Shareholders had previously authorized substantial financing capacity, including up to €5 billion in capital increases and €100 billion in credit instruments, equivalent to roughly $120 billion in combined potential funding. A 10-for-1 reverse stock split took effect on September 8 to adjust share structure and potentially broaden institutional participation. The company’s shares rose 0.5% in early Friday trading but remained down about 25% year to date.

Capital B measures progress partly through a BTC Yield metric that tracks Bitcoin holdings per fully diluted share. It reported a 1.85% BTC Yield for the first half and 2.2% through September, noting that the indicator is not equivalent to traditional investment returns or operating profit.