Capital B Reports $78M H1 Loss Driven by Bitcoin Impairment Charge

France-listed Bitcoin treasury company Capital B reported a net loss of 69.5 million euro ($78 million) for the first half of 2026, driven by a Bitcoin impairment charge of $75.8 million.

The impairment reflected Bitcoin (BTC) prices as of June 30 and had no direct cash impact, according to the company’s first-half 2026 report, published Thursday.

Still, Capital B’s consolidated revenue rose 3.5% year-over-year to $6.5 million, while adjusted EBITDA was negative $1.2 million. EBITDA measures a company’s earnings before interest, taxes, depreciation and amortization.

The results show that the European Bitcoin treasury firm continued raising funds to fuel its Bitcoin accumulation despite the accounting losses. Capital B announced capital raises totaling $30 million in the first half of the year and increased its Bitcoin holdings by 11%, from 2,823 BTC in January to 3,139 BTC by the end of June. 

The company’s total holdings subsequently reached 3,538 Bitcoin by Sept. 30, marking a 25% increase from the beginning of the year. Capital B’s treasury is currently worth $290 million, ranking it as the world’s 25th-largest corporate Bitcoin treasury and Europe’s second-largest by holdings, following Germany-based Bitcoin Group, according to Bitcointreasuries.

Capital B’s stock price rose by 0.5% in early morning trading on Friday, but was down 25% year-to-date, according to Yahoo Finance.

In July, Capital B approved a 10-for-1 reverse stock split aimed at broadening its institutional investor base. In June, its shareholders approved up to $120 billion in financing capacity, including equity and credit instruments, to support the company’s Bitcoin accumulation strategy.

Related: Bitcoin will become ‘less volatile’ and larger than gold: ‘The Bitcoin Standard’ author

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