SKN | Capital B Reports $78 Million H1 Loss as Bitcoin Impairment Hits Earnings

Key Points

• France-listed Bitcoin treasury company Capital B reported a first-half 2026 net loss of €69.5 million ($78 million), driven primarily by a $75.8 million Bitcoin impairment charge.
• The company increased its Bitcoin holdings by 11% to 3,139 BTC by the end of June and raised $30 million during the first half.
• Capital B held 3,538 BTC by September 30, with its treasury valued at approximately $290 million, making it Europe’s second-largest corporate Bitcoin treasury by holdings.

Bitcoin Impairment Drives First-Half Loss

Capital B reported a net loss of €69.5 million, equivalent to approximately $78 million, for the first half of 2026, as an accounting impairment charge on its Bitcoin holdings weighed heavily on its financial results.

The France-listed Bitcoin treasury company recorded a $75.8 million Bitcoin impairment based on market prices as of June 30, according to its first-half financial report published Thursday.

The charge did not directly affect cash flow, but it significantly reduced reported earnings, highlighting how Bitcoin’s price movements can influence the financial statements of companies holding large digital asset reserves.

Despite the loss, Capital B reported consolidated revenue of $6.5 million, up 3.5% year over year. Adjusted EBITDA, which measures earnings before interest, taxes, depreciation and amortization with adjustments for specified items, was negative $1.2 million.

The results illustrate the difference between accounting performance and treasury accumulation. Although the impairment weighed on reported earnings, Capital B continued raising capital and increasing its Bitcoin holdings during the period.

Bitcoin Holdings Increase 11% in First Half

Capital B increased its Bitcoin holdings from 2,823 BTC in January to 3,139 BTC at the end of June, representing an 11% increase during the first half of the year.

The company announced capital raises totaling $30 million over the same period to support its Bitcoin accumulation strategy.

Its treasury continued expanding after June. By September 30, Capital B held 3,538 BTC, a 25% increase from the beginning of the year.

According to BitcoinTreasuries data cited in the report, the company’s holdings were valued at approximately $290 million, ranking it as the world’s 25th-largest corporate Bitcoin treasury and Europe’s second-largest by Bitcoin holdings, behind Germany-based Bitcoin Group.

The growing reserve reflects Capital B’s continued commitment to Bitcoin accumulation despite the volatility that can affect the reported value of its assets.

Financing Capacity Supports Treasury Strategy

Capital B has also taken steps to expand its access to funding. In June, shareholders approved up to $120 billion in financing capacity through equity and credit instruments to support the company’s Bitcoin strategy.

The approved capacity represents the potential scale of financing the company may access, rather than funds already raised.

In July, shareholders approved a 10-for-1 reverse stock split intended to broaden the company’s institutional investor base.

Together with the first-half capital raises, these measures indicate that Capital B is seeking to maintain funding flexibility as it expands its Bitcoin holdings. However, further accumulation will depend on its ability to access financing and the terms under which capital becomes available.

Capital B Shares Remain Down Year to Date

Capital B’s stock rose 0.5% in early trading on Friday, according to Yahoo Finance data cited in the report. Despite the modest gain, shares remained down approximately 25% year to date.

The stock’s performance contrasts with the company’s growing Bitcoin reserve and highlights the different factors that can influence equity investors’ returns.

Bitcoin’s market price, the cost of raising capital, potential shareholder dilution and the company’s operating performance can all affect how investors value a corporate treasury strategy. Increasing Bitcoin holdings does not necessarily translate into corresponding gains in the company’s share price.

Outlook

Capital B’s first-half results demonstrate how Bitcoin treasury companies can report substantial accounting losses while continuing to accumulate the asset. The $75.8 million impairment charge dominated its earnings, even as revenue increased and Bitcoin holdings expanded.

Investors will be watching Bitcoin’s price, Capital B’s access to financing and the pace of further treasury purchases. The company’s ability to expand its holdings while managing funding costs and shareholder interests will remain central to assessing the long-term performance of its Bitcoin-focused strategy.