Bitcoin Impairment Charge Pushes Capital B to €69.5M First-Half Loss

TLDR

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Capital B posted a net loss of €69.5 million during the first half of 2026, marking a significant increase from €1.9 million in the same period last year.
Non-cash Bitcoin impairment charges totaling €67.5 million comprised the majority of the reported deficit.
The firm generated €5.8 million in revenue, representing a 3.5% year-over-year increase from consulting operations.
Bitcoin holdings reached 3,538 BTC by the end of September, showing a 25.3% rise since January.
Capital B achieved a 2.2% BTC yield through the first nine months while securing additional financing for further acquisitions.

French Bitcoin treasury firm Capital B disclosed a €69.5 million net deficit for H1 2026, substantially higher than the €1.9 million loss recorded during the corresponding period in 2025. According to financial statements published October 15, the bulk of this shortfall stemmed from accounting adjustments related to Bitcoin holdings.

Bitcoin charge drives wider loss

The company recorded a €67.5 million Bitcoin impairment at the conclusion of June. Capital B emphasized that this adjustment represented an accounting measure rather than actual cash outflow. Financial results deteriorated to a €67.5 million loss from approximately €100,000 in the prior year.

Revenue climbed 3.5% to €5.8 million from €5.6 million in H1 2025. The firm’s data intelligence, artificial intelligence, and technology consulting divisions delivered €640,000 in adjusted operating earnings, marking a 9.8% improvement. Consolidated adjusted EBITDA remained in negative territory at €1.1 million.

Capital B expands Bitcoin reserves

Capital B’s strategic Bitcoin reserve totaled 3,538 coins by the end of September, expanding from 2,823 at the beginning of January. The company invested €310.6 million to acquire these digital assets at an average price of €87,805 per coin. In a separate transaction, Strategy purchased another 250 Bitcoin during the second week of October.

By June 30, Capital B maintained 3,139 BTC in reserve. The firm subsequently expanded this position through multiple acquisitions, including a September purchase of 376 BTC worth €25.3 million.

Capital B delivered a 2.2% Bitcoin yield across the initial nine months of the year. This metric measures the percentage change in Bitcoin per fully diluted share rather than financial returns distributed to equity holders.

Capital raising continues

The firm secured €27.5 million in new capital during the first six months of 2026. An additional €31.7 million followed between July and October 15. Meanwhile, Metaplanet announced a share buyback plan while restructuring financing arrangements for its Bitcoin treasury operations.

Capital B’s funding rounds included participation from Blockstream CEO Adam Back. On October 15, Bitcoin Magazine reported on X that Britain’s Smarter Web Company acquired 83 BTC, bringing total holdings to 2,830 coins. While both companies pursue Bitcoin treasury strategies, Capital B maintains a larger position.

Cash reserves and wider market

Capital B concluded September with €4.6 million in cash available for operations. The company held an additional 61 Bitcoin designated for operational requirements, maintained separately from strategic reserves. Concurrently, new MSCI index eligibility rules prompted uncertainty regarding Strategy’s continued index inclusion.

The firm reported combined available cash and operational Bitcoin valued at €9.1 million as of September 30. Capital B shares trade on Euronext Growth Paris under ticker ALCPB while maintaining technology consulting subsidiaries alongside Bitcoin treasury operations.