Capital B, a France-listed Bitcoin treasury company, reported a net loss of €69.5 million ($78 million) for the first half of 2026, driven primarily by a $75.8 million impairment charge recognized on its Bitcoin holdings.

According to the company's first-half 2026 report, published on Thursday, the impairment reflected Bitcoin (BTC) prices as of June 30 and had no direct impact on cash flow. Impairment charges are non-cash accounting adjustments that mark down the recorded value of an asset when market prices decline, so the loss represents a lower book value on the balance sheet rather than money spent.

Despite the accounting loss, underlying metrics improved. Consolidated revenue rose 3.5% year-over-year to $6.5 million, while adjusted EBITDA remained negative at $1.2 million. EBITDA measures a company's earnings before interest, taxes, depreciation and amortization.

The results also highlight that the European Bitcoin treasury firm continued raising funds to fuel its Bitcoin accumulation strategy despite the accounting losses. Capital B announced capital raises totaling $30 million in the first half of the year and increased its Bitcoin holdings by 11%, from 2,823 BTC in January to 3,139 BTC by the end of June. That dynamic is characteristic of the corporate Bitcoin treasury model, in which firms raise capital to buy and hold BTC on their balance sheets — and, as these first-half figures show, reported results can reflect the accounting treatment of those holdings as much as underlying operations.

The company's total holdings subsequently reached 3,538 BTC by Sept. 30, marking a 25% increase from the beginning of the year. The treasury is currently worth $290 million, ranking Capital B as the world's 25th-largest corporate Bitcoin treasury and Europe's second-largest by holdings, behind Germany-based Bitcoin Group, according to Bitcointreasuries.

Capital B's stock price rose 0.5% in early morning trading on Friday but is down 25% year-to-date, according to Yahoo Finance.

In July, the company approved a 10-for-1 reverse stock split aimed at broadening its institutional investor base; a reverse split consolidates every ten existing shares into one, lifting the per-share price without changing the company's overall market value. In June, shareholders approved up to $120 billion in financing capacity, including equity and credit instruments, to support the company's Bitcoin accumulation strategy. Future disclosures on its holdings count will show whether the first half's accumulation pace continues under the newly approved financing capacity.