Capital B, a French Bitcoin treasury firm, reported a net loss of 69.5 million euros ($78 million) for the first half of 2026, according to results released on Thursday.

The company announced its first-half figures in a post on X on Oct. 15, publishing its full press release in English and French, along with a detailed presentation of its Bitcoin strategy and its financial report:

🟠 Capital B reports its results for the first half of 2026⚡️ Full Press Release (EN): Full Press Release (FR): BTC Strategy And Detailed Presentation: Financial Report (EN): … pic.twitter.com/gcU1fqFDGf
— Capital B (@_ALCPB) October 15, 2026

Most of the loss came from a Bitcoin impairment charge of about $75.9 million, which was based on Bitcoin's price on June 30. The company said the charge had no cash impact. A year earlier, its net loss was 1.9 million euros ($2.1). For treasury firms that hold Bitcoin on their balance sheets, such charges reflect the accounting treatment of the coins' value at each reporting date rather than money spent, which is why the headline loss can diverge sharply from the company's cash position.

Revenue and earnings

Revenue rose 3.5% from a year earlier to 5.8 million euros ($6.5 million), compared with 5.6 million euros in the same period of 2025. Adjusted EBITDA was negative $1.2 million, a measure of earnings before interest, taxes, depreciation and amortization.

Formerly known as The Blockchain Group, Capital B rebranded in July 2025 to focus on its Bitcoin treasury strategy — a model in which listed companies hold Bitcoin as their primary reserve asset, an approach that has spread from US-listed pioneers to a growing set of European issuers.

Bitcoin holdings keep growing

The company raised $30 million in the first half of the year. Its Bitcoin holdings rose 11% over that period, from 2,823 coins in January to 3,139 by the end of June. By Sept. 30, holdings had reached 3,538 Bitcoin, a 25% increase since the start of the year.

Capital B has paid a total of 310.6 million euros ($349.4 million) for its Bitcoin, an average of about $98,768 per coin. The company reported a Bitcoin yield of 2.2% for the first nine months of the year, a measure that tracks the change in Bitcoin holdings per fully diluted share. The metric is widely used among Bitcoin treasury companies, since it shows whether share issuance is adding to — or diluting — each shareholder's claim on the company's coins.

It raised another 31.7 million euros ($35.6 million) between July 1 and Oct. 15. In September, the company bought 376 Bitcoin for 25.3 million euros ($28.4 million) — its largest purchase of the year — with funding that came partly from investors, including Blockstream CEO Adam Back.

According to Bitcointreasuries, Capital B's treasury is worth about $290 million, ranking it as the 25th-largest corporate Bitcoin treasury overall and the second-largest in Europe, behind only Germany-based Bitcoin Group.

In June, shareholders approved financing capacity of up to $120 billion, including equity and credit instruments. In July, the approved a 10-for-1 reverse stock split aimed at broadening its institutional investor base. Together, those decisions leave Capital B with substantial room to keep accumulating, and the Bitcoin yield figures it reports offer the clearest gauge of whether that accumulation is being carried out on accretive terms.

Capital B shares rose 0.5% in early trading on Friday. The stock is down 25% so far this year, according to Yahoo Finance.