Capital B Posts €69.5M First-Half Loss as Bitcoin Impairment Hits Results

Capital B posted a €69.509 million net loss for the six months ended June 30, 2026, as a noncash impairment on its Bitcoin (BTC) holdings accounted for most of the loss. Revenue at the Paris-listed technology and treasury company rose 3.5% from a year earlier to €5.846 million.

The impairment charge was €67.519 million. It reflected the value of the company’s Bitcoin holdings at the end of June and had no cash impact. Capital B’s net loss for the first half of 2025 was €1.862 million.

The company’s operating businesses generated €640,000 in adjusted EBITDA, up 9.8% from €583,000 in the year-earlier period. Those businesses focus on data intelligence, artificial intelligence and technology consulting. At the group level, adjusted EBITDA was negative €1.073 million, compared with negative €815,000 in H1 2025.

Bitcoin treasury costs were nearly €2.2 million during the first half, including salaries, advisory fees and financial intermediary fees. The operating businesses’ positive adjusted EBITDA therefore did not offset the group’s treasury-related costs, while the impairment pushed the overall result further into a net loss.

Capital B held 3,139 BTC in its strategic reserve at June 30, plus 61 BTC allocated separately for operational needs. Available cash was €2.3 million at that date. By Sept. 30, the strategic reserve had grown to 3,538 BTC, with an acquisition value of €310.6 million and an average acquisition cost of €87,805 per BTC. Available cash stood at €4.6 million.

Capital B announced €27.516 million in capital raises during H1 and a further €31.679 million from July through Oct. 15. The later reserve and cash figures are as of Sept. 30; the half-year results cover the period ended June 30.