Capital B Reports €69.5 Million Loss as Bitcoin Impairment Weighs on Earnings

• Capital B reported a €69.5 million net loss, primarily driven by a €67.5 million Bitcoin impairment charge without cash impact.
• Capital B expanded its Bitcoin reserves to 3,538 BTC, representing 25.3% growth, while recording a 2.2% Bitcoin yield.
• The company announced €59.2 million in capital raises, supporting Bitcoin acquisitions, including its largest purchase of 376 BTC in September.

French Bitcoin treasury firm Capital B reported a €69.5 million net loss for the first half of 2026, largely due to Bitcoin impairment. Its October 15 financial results showed losses widening from €1.9 million a year earlier, even as revenue and Bitcoin holdings increased.

According to Capital B’s financial report, approximately €67.5 million of the loss resulted from a noncash Bitcoin impairment charge based on its June 30 valuation, highlighting how cryptocurrency price changes can affect reported earnings.

Meanwhile, first-half revenue rose 3.5% to €5.8 million from €5.6 million during the comparable period in 2025. The revenue increase contrasted with the wider accounting loss, despite the valuation charge.

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Capital B Expands Bitcoin Reserves Despite Accounting Loss

Capital B held 3,538 BTC in its strategic reserve by September 30, compared with 2,823 BTC at the beginning of January. The increase of 715 BTC represented 25.3% growth, despite reported losses.

The company disclosed a total acquisition cost of €310.6 million, equivalent to an average purchase price of €87,805 per Bitcoin. Capital B also reported a Bitcoin yield of 2.2% for the first nine months, reflecting changes in holdings per fully diluted share and including acquisitions beyond the first-half reporting period.

Capital B Raises Funds for Further Bitcoin Purchases

To finance its treasury strategy, Capital B announced capital raises totaling €27.5 million during the first six months of 2026. Additional fundraising announcements reached €31.7 million between July 1 and October 15, totaling €59.2 million.

In September, the company acquired 376 BTC for €25.3 million, marking its largest Bitcoin purchase of the year. Financing for that acquisition included capital raised from investors such as Blockstream chief executive Adam Back.

Formerly called The Blockchain Group, Capital B adopted its current name in July 2025 for its Bitcoin treasury strategy. The October results therefore combine a substantially wider noncash accounting loss with rising revenue, additional financing, and larger Bitcoin reserves.