Capital B reports wider first-half loss as bitcoin impairment hits €75.9 million
Capital B’s first-half loss doubles with bitcoin charge
French bitcoin treasury firm Capital B reported a net loss of €69.5 million ($78.1 million) for the first half of 2026, a sharp increase from a €1.9 million ($2.1 million) loss during the same period last year.
The company said roughly €67.5 million ($75.9 million) of that loss came from an additional bitcoin impairment charge. The charge was calculated based on bitcoin’s price as of June 30. Capital B noted the impairment had no cash impact on the company.
Bitcoin holdings grow despite impairment hit
Capital B continued to expand its bitcoin reserves through the first half of the year. As of September 30, the company held 3,538 BTC, up from 2,823 BTC in January — a 25.3% increase.
The total acquisition cost for the holdings was €310.6 million ($349.4 million), averaging €87,805 ($98,768) per bitcoin. The company reported a BTC yield of 2.2% for the first nine months of 2026, which measures the percentage change in bitcoin holdings per fully diluted share.
Capital raises fuel bitcoin purchases
To support its bitcoin accumulation strategy, Capital B raised €27.5 million ($30.9 million) in the first half of 2026, followed by another €31.7 million ($35.6 million) between July 1 and October 15, according to the half-year results released October 16.
In September, the company made its largest bitcoin purchase of the year, acquiring 376 BTC for €25.3 million ($28.4 million). The acquisition was funded through recent capital raises, including investments from Blockstream CEO Adam Back.
Revenue rises slightly
Revenue increased 3.5% compared to the same period last year, reaching €5.8 million ($6.5 million), up from €5.6 million in the first half of 2025.
Company background
Formerly known as The Blockchain Group, Capital B rebranded in July 2025 to focus on its bitcoin treasury strategy. A bitcoin treasury company is a firm that primarily holds bitcoin as its main corporate asset, similar to how Strategy (formerly MicroStrategy) operates.
What is confirmed
The net loss figure of €69.5 million for H1 2026, the €67.5 million impairment charge, the bitcoin holdings of 3,538 BTC as of September 30, the capital raises totaling €59.2 million across the first ten months of the year, and the revenue increase to €5.8 million are all confirmed by the company’s half-year results.
Why this matters
Capital B’s results show the financial impact bitcoin treasury companies face when asset prices fall below their purchase price. Impairment charges reduce reported earnings but do not affect cash reserves. The company continues to raise capital and accumulate bitcoin despite the accounting hit.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.