French cryptocurrency company Capital B reported a €69.5 million ($78 million) net loss for the first half of 2026, representing a significant deterioration from the €1.9 million loss recorded in the corresponding period of 2025. According to the company's October 15 financial report, the loss was primarily driven by a €67.5 million ($75.8 million) Bitcoin impairment charge, which reflected Bitcoin's valuation as of June 30 and did not involve any cash payment. Despite the accounting loss, consolidated revenue increased 3.5% to €5.85 million from €5.65 million in the previous year, while group adjusted EBITDA remained in negative territory at €1.07 million loss compared to €815,000 loss in 2025. The impairment charge is described as not having a direct cash impact, highlighting the distinction between accounting earnings and underlying cash economics for corporate treasury firms.
Despite the financial challenges, Capital B continued expanding its strategic Bitcoin holdings throughout 2026. The company's Bitcoin treasury increased from 2,823 BTC in January to 3,139 BTC by June, representing 11.2% growth. By September 30, the strategic reserve had grown to 3,538 BTC, an increase of 25.3% from the beginning of the year. The company reported a total acquisition cost of €310.6 million for the September holdings, equivalent to an average purchase price of €87,805 per Bitcoin. Additionally, Capital B held another 61 BTC designated for operational requirements, bringing total controlled Bitcoin to 3,599 BTC as of the announcement date. According to Bitcointreasuries data, Capital B now holds approximately $290 million worth of Bitcoin and ranks as the world's 25th-largest corporate Bitcoin treasury, and Europe's second-largest by holdings behind Germany-based Bitcoin Group.
To support its Bitcoin acquisition strategy, Capital B raised €27.5 million in financing during the first half, including €15.2 million from share-and-warrant transactions and €8.8 million from warrant exercises. The company also secured €3.5 million through equity financing programs. Following the reverse stock split effective September 8, each share's nominal value increased to €0.80, with the company adopting a new ISIN FR0014019Y19. Available cash improved from €2.3 million at June 30 to €4.6 million by September 30, with the separately designated 61 BTC valued at approximately €4.5 million, bringing combined cash and operational Bitcoin resources to €9.1 million. In July, the company approved a 10-for-1 reverse stock split intended to broaden its institutional investor reach, while earlier in June, shareholders approved up to €120 billion in financing capacity including both equity and credit instruments to support the Bitcoin accumulation strategy.
Beyond Bitcoin operations, Capital B's established technology businesses demonstrated positive performance metrics. The company's operating subsidiaries reported positive adjusted operating EBITDA of approximately €640,000, representing a 9.8% increase from €580,000 in the comparable period. These businesses provide data intelligence, artificial intelligence, and technology consulting services. The company incurred €3.3 million in purchases and other operating expenses, an increase of 9.9% from the previous year. Capital B also completed the conversion of 14.2 million OCA B-01 convertible instruments into approximately 28.7 million ordinary shares before the reverse stock split on August 17.
The company's financial statements underwent a limited review by statutory auditors and were prepared on a going-concern basis. According to Capital B's internal forecasts, available liquidity was consistent with expected funding requirements for the following 12 months. The company had previously secured shareholder authorization for substantial financing capacity, with investors approving up to €5 billion in capital increases and €100 billion in credit instruments at its June meeting. Capital B cautioned that its BTC Yield metric, which tracks changes in Bitcoin holdings per fully diluted share, does not measure operating profit or investment return earned by shareholders, emphasizing that it remains a strategic metric for treasury management. The company's stock performance reflects this tension, with shares rising 0.5% in early Friday trading but down 25% year-to-date at the time of reporting, suggesting markets may be weighing reported losses and accounting impairment optics rather than solely tracking Bitcoin holdings growth.
