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

What happened

Capital B reported a net loss of 69.5 million euro ($78 million) for the first half of 2026. The result was driven by a Bitcoin impairment charge of $75.8 million. The impairment reflected Bitcoin prices as of June 30 and had no direct cash impact, according to the company's first-half 2026 report.

Revenue still rose. Consolidated revenue increased 3.5% year-over-year to $6.5 million, while adjusted EBITDA was negative $1.2 million. The company also reported an adjusted EBITDA loss of €1.07 million, compared with a loss of €815,000 in the same six months of 2025.

Capital B kept buying Bitcoin. It announced capital raises totaling $30 million in the first half and increased its holdings by 11%, from 2,823 BTC in January to 3,139 BTC by the end of June. By Sept. 30, total holdings reached 3,538 Bitcoin, a 25% increase from the beginning of the year.

Why it matters

The results show how accounting rules can shape reported earnings for a Bitcoin treasury company. The impairment charge reduced the recorded value of the company's Bitcoin, but it did not involve selling holdings or a cash payment. Capital B said the charge reflected Bitcoin's valuation as of June 30.

Capital B's treasury is currently worth $290 million, ranking it as the world's 25th-largest corporate Bitcoin treasury and Europe's second-largest by holdings, following Germany-based Bitcoin Group, according to Bitcointreasuries. Its stock rose 0.5% in early morning trading on Friday but was down 25% year-to-date, according to Yahoo Finance.

The company has taken steps to support its strategy. In July, Capital B approved a 10-for-1 reverse stock split aimed at broadening its institutional investor base. In June, shareholders approved up to $120 billion in financing capacity, including equity and credit instruments, to support Bitcoin accumulation.

What the data shows

By September 30, Capital B held 3,538 Bitcoin acquired at an average cost of €87,805. The company reported a net loss of €1.9 million in the same period of 2025. Its financial result fell to a loss of €67.5 million, compared with approximately €66,000 in the first half of 2025.

Costs tied to the Bitcoin treasury strategy were about €2.2 million, covering salaries, financial advisory services and other activities. The company's established technology businesses reported positive adjusted operating EBITDA of approximately €640,000, a 9.8% increase from €580,000 a year earlier. The group incurred €3.3 million in purchases and other operating expenses, up 9.9% from the previous year.

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