France-based Capital B, one of Europe’s leading Bitcoin treasury companies, reported a net loss of €69.5 million ($78 million) for the first half of 2026, mainly due to a $75.8 million impairment charge on its Bitcoin holdings.
Impairment charges and revenue performance
The impairment charge reflected Bitcoin prices as of June 30 and did not result in an immediate cash outflow. Despite the accounting-driven loss, Capital B recorded a 3.5% year-on-year rise in consolidated revenue, reaching $6.5 million for the reporting period.
However, the company’s adjusted EBITDA stood at negative $1.2 million, signaling that operational earnings before non-cash items and financing costs remain in deficit. The adjusted EBITDA metric is often used by companies to demonstrate underlying profitability excluding the impact of non-cash accounting charges and financing structure.
Capital B continued to pursue its Bitcoin accumulation strategy, raising additional capital throughout the first half of the year. The company secured $30 million in new capital, supporting further expansion of its treasury assets.
Bitcoin holdings and treasury ranking
Capital B increased its Bitcoin holdings by 11% during the first six months of the year, rising from 2,823 BTC in January to 3,139 BTC by the end of June. By September 30, the total held in treasury climbed to 3,538 BTC, marking a 25% rise from the start of the year.
At current valuations, Capital B’s Bitcoin treasury is worth approximately $290 million. The company now ranks as the 25th-largest corporate holder of Bitcoin globally and the second-largest in Europe, behind the Germany-based Bitcoin Group, according to data compiled by Bitcointreasuries.
Mini dictionary: Bitcointreasuries, an online platform that tracks and ranks public and private companies around the world by the size of their Bitcoin holdings.
| Company | Region | BTC Holdings (Sept 30, 2026) | Estimated Value | Global Ranking |
|---|---|---|---|---|
| Capital B | France | 3,538 BTC | $290 million | 25th |
| Bitcoin Group | Germany | (Higher than 3,538 BTC) | (Higher than $290 million) | (Above 25th) |
Stock performance and strategic initiatives
Capital B’s stock rose 0.5% in early morning trading on Friday, but remains down 25% since the start of the year, according to Yahoo Finance data.
In July, the firm approved a 10-for-1 reverse stock split, intended to attract more institutional investors by increasing the share price per unit. Earlier, in June, shareholders authorized up to $120 billion in funding capacity through a mix of equity and credit instruments to further support the company’s Bitcoin accumulation strategy.
Capital B continues to expand its Bitcoin treasury, raising significant funds to maintain growth in holdings, despite reporting a sizable accounting loss linked to Bitcoin price fluctuations through impairment charges.
