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Capital B reports $78M H1 loss driven by Bitcoin impairment charge
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- DeepHorus
Capital B, a France-listed Bitcoin treasury company, reported a net loss of €69.5 million ($78 million) for the first half of 2026. The loss was driven by a $75.8 million Bitcoin impairment charge tied to prices as of June 30. The company said the charge had no direct cash impact.
Consolidated revenue rose 3.5% year-over-year to $6.5 million. Adjusted EBITDA was negative $1.2 million. EBITDA measures earnings before interest, taxes, depreciation and amortization. The figures show accounting losses did not halt its Bitcoin accumulation.
Capital B raised $30 million in the first half and increased holdings by 11%, from 2,823 BTC in January to 3,139 BTC by June. By Sept. 30, it held 3,538 Bitcoin, up 25% from the start of the year. Its treasury is worth $290 million.
It ranks as the world’s 25th-largest corporate Bitcoin treasury and Europe’s second-largest, after Germany-based Bitcoin Group, according to Bitcointreasuries. That position underscores the growing but still niche role of listed Bitcoin treasuries. Their buying can affect market sentiment and liquidity.
Capital B’s stock rose 0.5% in early Friday trading but was down 25% year-to-date, according to Yahoo Finance. In July, it approved a 10-for-1 reverse stock split to broaden institutional ownership. In June, shareholders approved up to $120 billion in financing capacity, including equity and credit instruments.
The company appears determined to continue its Bitcoin strategy despite impairment losses and share-price weakness. Risks include Bitcoin volatility, regulatory scrutiny and financing conditions. How investors weigh those risks will shape Capital B’s next phase.
