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Capital B reports $78M H1 loss driven by Bitcoin impairment charge
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- DeepHorus
Capital B reported a net loss of €69.5 million ($78 million) for H1 2026. The France-listed Bitcoin treasury company attributed the loss to a $75.8 million Bitcoin impairment charge. The charge reflected BTC prices as of June 30 and had no direct cash impact. The impairment was detailed in the company's first-half 2026 report, published Thursday.
Despite the accounting loss, 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. Results show the company continued raising funds to fuel its Bitcoin accumulation.
Capital B announced $30 million in capital raises during the first half. It increased its Bitcoin holdings by 11%, from 2,823 BTC in January to 3,139 BTC by the end of June. By Sept. 30, total holdings reached 3,538 Bitcoin. That marked a 25% increase from the beginning of the year.
The company's treasury is currently worth $290 million. It ranks as the world's 25th-largest corporate Bitcoin treasury. It is Europe's second-largest by holdings, following Germany-based Bitcoin Group. According to Bitcointreasuries, this ranking underscores its role in European corporate Bitcoin adoption.
Market reaction was mixed. Capital B's stock price rose 0.5% in early trading. However, shares were down 25% year-to-date. In July, the company approved a 10-for-1 reverse stock split to broaden its institutional investor base.
In June, shareholders approved up to $120 billion in financing capacity. This includes equity and credit instruments. The financing supports Capital B's Bitcoin accumulation strategy. It gives the company significant flexibility for future purchases.
The results highlight tension between volatile crypto accounting and long-term treasury strategy. Impairment charges can distort earnings without affecting cash. Capital B's continued accumulation signals confidence in Bitcoin despite paper losses. Investors will watch whether a Bitcoin price recovery can reverse impairment losses.
