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Capital B posts €69.5 million half-year loss following bitcoin impairment charge

French bitcoin treasury company Capital B recorded a €69.5 million net loss in the first half of 2026, driven by a non-cash bitcoin impairment charge even as its revenue edged up 3.5% and its reserves expanded.

Capital B logo featuring a stylized black bitcoin symbol inside a black geometric shape on an orange background.
Image: @TheBlockCo

French bitcoin treasury company Capital B posted a group net loss of €69.5 million ($77.9 million) for the first half of 2026, according to company results reported by The Block. During the same period, revenue increased by 3.5% to €5.8 million ($6.5 million). Group adjusted EBITDA stood at negative €1.1 million, including €2.2 million in costs associated with the Bitcoin Treasury Company.[1][2]

The net loss was largely driven by an additional non-cash bitcoin impairment charge of €67.5 million based on bitcoin's price as of June 30, 2026. Europe's second-largest bitcoin treasury raised $30 million and expanded its strategic bitcoin holdings by 11% during the first half, reaching 3,139 BTC by June 30, up from 2,823 BTC in January 2026, according to Cointelegraph and company earnings disclosures.[1][3]

By September 30, 2026, Capital B's strategic reserve expanded further to 3,538 BTC, reflecting a 25.3% increase compared to January 2026 and a year-to-date BTC yield of 2.2%. The reserve represents a total acquisition value of €310.6 million at an average price of €87,805 ($98,460) per coin. The company also held €4.6 million in available cash along with 61 BTC designated for operational needs, bringing combined operational cash and bitcoin reserves to €9.1 million.[1]

Key facts

  • Capital B reported a €69.5 million ($77.9 million) group net loss for the first half of 2026.
  • The company's revenue increased by 3.5% to €5.8 million ($6.5 million) in the first half of 2026.
  • The loss was primarily driven by a non-cash bitcoin impairment charge of €67.5 million based on the bitcoin price on June 30, 2026.
  • Capital B raised $30 million during the first half of 2026.
  • Group adjusted EBITDA was negative €1.1 million for H1 2026, which included €2.2 million in Bitcoin Treasury Company costs.
  • Capital B held 3,538 BTC in its strategic reserve as of September 30, 2026, acquired for €310.6 million at an average cost of €87,805 per bitcoin.
  • As of September 30, 2026, Capital B held €4.6 million in cash and 61 BTC allocated for operations, totaling €9.1 million.

Sources · 3 sources

  1. TB

    The Block@TheBlockCoPost on X ·

    THE BLOCK: French bitcoin treasury firm Capital B reported a €69.5 million ($77.9 million) net loss for the first half of 2026, while its revenue rose 3.5% to €5.8 million ($6.5 million). Its strategic bitcoin reserve grew to 3,538 bitcoin:native as of Sept. 30, purchased at €87,805 ($98,460) per bitcoin.

    Open source
  2. CB

    Crypto BriefingArticle ·

    Capital B posts €69.5M net loss in H1 2026 as revenue rises 3.5% Capital B's strategy highlights the risks of crypto volatility and the financial strain of maintaining a Bitcoin treasury amid rising costs. The post Capital B posts €69.5M net loss in H1 2026 as revenue rises 3.5% appeared first on Crypto Briefing .

    Open source
  3. CT

    Coin TelegraphArticle ·

    Capital B reports $78M H1 loss driven by Bitcoin impairment charge Europe’s second-largest Bitcoin treasury raised $30 million and increased its Bitcoin holdings by 11% in the first half of 2026, despite reporting a $75 million Bitcoin impairment loss.

    Open source