Capital B reports €69.5M net loss driven by Bitcoin impairment

Capital B, a Paris-listed company specializing in a Bitcoin treasury strategy, reported a net loss of €69.5 million for the first half of 2026. This represents a significant increase from the €1.9 million loss reported during the same period the previous year.

The substantial loss was primarily driven by a €67.5 million impairment charge related to the company’s Bitcoin holdings. This accounting entry did not involve an actual cash outflow. Despite the headline loss, the company’s underlying business saw revenue increase by 3.5% to €5.8 million, supported by its data intelligence, AI, and tech consulting segments. Adjusted EBITDA for these operating units rose 9.8% year-over-year to €0.6 million.

As of September 30, 2026, Capital B held 3,538 BTC in its strategic reserve, an increase from 2,823 BTC in January 2026. The company has funded its Bitcoin accumulation largely through equity raises, including a recent €31.7 million addition to its capital.