Capital B, the French-listed Bitcoin treasury company, announced a net loss of €69.5 million for the first half of 2026, driven primarily by a Bitcoin impairment charge.
Financial performance
The impairment, amounting to $75.8 million, reflected the market price of Bitcoin as of June 30 and did not affect cash flow. Despite the accounting loss, the firm’s consolidated revenue grew 3.5% year-over-year to $6.5 million, while adjusted EBITDA was a negative $1.2 million.
Bitcoin holdings and fundraising
During the same period, Capital B completed capital raises totalling $30 million. The influx of funds enabled the company to increase its Bitcoin balance by 11%, rising from 2,823 BTC in January to 3,139 BTC at the end of June. By September 30, total holdings reached 3,538 BTC, representing a 25% increase compared with the start of the year. The treasury’s market value is now around $290 million, placing Capital B as the 25th largest corporate Bitcoin treasury globally and the second largest in Europe after Germany’s Bitcoin Group.
Shareholder actions and stock movement
In July, the board approved a 10-for-1 reverse stock split intended to broaden the pool of institutional investors. Earlier, in June, shareholders gave the green light to a financing ceiling of up to $120 billion, encompassing both equity and credit instruments, to support further Bitcoin accumulation. The company’s shares edged up 0.5% in early trading on Friday but remain down 25% for the year to date.
Why it matters
Capital B’s results highlight the accounting volatility that can arise from holding large amounts of Bitcoin, even as the firm continues to expand its treasury and secure substantial financing capacity. The combination of impairment losses, ongoing capital raises, and strategic share-structure changes underscores the challenges and opportunities faced by corporate entities that adopt cryptocurrency as a core balance-sheet asset.
