Capital B posts $78M first-half loss on bitcoin impairment

Paris-listed bitcoin treasury company Capital B reported a net loss of €69.5 million (about $78 million) for the first half of 2026, driven by a $75.8 million impairment on its bitcoin, according to its half-year report released on Thursday and covered by Cointelegraph and The Block.

The numbers

• Impairment: the write-down reflects the bitcoin price on June 30 and does not involve any cash leaving the company.
• Revenue: consolidated revenue rose 3.5% year on year to about $6.5 million.
• Adjusted EBITDA: negative $1.2 million.
• Fundraising: capital raises totalling roughly $30 million were announced during the half.

The Block described the result as a wider loss than a year earlier.

Still buying

The accounting hit did not slow accumulation. Capital B held 2,823 BTC in January and 3,139 BTC at the end of June, an 11% rise. By Sept. 30 the stack had grown to 3,538 BTC, roughly 25% more than at the start of the year.

According to BitcoinTreasuries data cited by Cointelegraph, that holding is worth about $290 million, making Capital B the 25th-largest corporate bitcoin holder worldwide and the second-largest in Europe behind Germany's Bitcoin Group.

Shareholders feel the swings

The shares edged up 0.5% in early Friday trading but were still about 25% lower year to date, per Yahoo Finance data. In July the company approved a 10-for-1 reverse stock split, which it said would help attract more institutional investors.

Why it matters

Under impairment-style accounting, a falling bitcoin price at the reporting date can turn into a large paper loss even when a company sells nothing. That gap between growing coin counts and weak headline earnings is a key issue for bitcoin treasury firms, which are also under pressure from index providers: MSCI has just approved rules that could push some of them out of its equity indexes. For a US peer taking the same approach, see our report on Strive's 3,311 BTC purchase; for how owning such stocks or funds compares with holding coins yourself, read Bitcoin ETF vs buying bitcoin.