Bitcoin Impairment Charge Leads to $78M First-Half Loss for Capital B
Despite facing a $75 million Bitcoin impairment loss, the European Bitcoin treasury firm ranked second-largest on the continent successfully secured $30 million in funding and expanded its BTC reserves by 11% during H1 2026.
Capital B, a Bitcoin treasury firm listed on French exchanges, disclosed a net deficit of 69.5 million euro ($78 million) during the initial six months of 2026, primarily attributed to a $75.8 million Bitcoin impairment charge.
According to the company's half-year 2026 financial statement released on Thursday, the impairment charge corresponded to Bitcoin (BTC) valuations recorded on June 30 and did not involve any actual cash outflow.
Despite these losses, Capital B achieved a year-over-year increase in consolidated revenue of 3.5%, reaching $6.5 million, though the company posted an adjusted EBITDA of negative $1.2 million. The EBITDA metric represents a company's profitability before accounting for interest, taxes, depreciation and amortization.
The financial performance demonstrates that the European-based Bitcoin treasury company persisted in securing capital to support its Bitcoin acquisition strategy, notwithstanding the accounting write-downs. During the first six months of the year, Capital B disclosed fundraising efforts that totaled $30 million, while simultaneously growing its Bitcoin reserves by 11%, expanding from 2,823 BTC held in January to 3,139 BTC at the conclusion of June.
By Sept. 30, the firm's aggregate holdings had climbed to 3,538 Bitcoin, representing a 25% expansion since the start of the year. The current valuation of Capital B's treasury stands at $290 million, positioning the company as the 25th-largest corporate Bitcoin holder globally and securing its position as Europe's second-biggest by total holdings, trailing only Germany-headquartered Bitcoin Group, based on data from Bitcointreasuries.
Shares of Capital B experienced a modest 0.5% uptick during early Friday morning trading sessions, though the stock remained down 25% on a year-to-date basis, based on Yahoo Finance data.
During July, Capital B's board authorized a reverse stock split at a 10-to-1 ratio, a move designed to expand its appeal among institutional investors. Previously in June, the company's shareholders had granted approval for financing capacity reaching up to $120 billion, encompassing both equity-based instruments and credit facilities, intended to bolster the firm's Bitcoin accumulation initiatives.