French Bitcoin treasury company Capital B reported a net loss of €69.5 million ($78 million) for the first half of 2026, driven largely by a non-cash impairment charge on its Bitcoin holdings, according to its half-year financial report. The loss came even as the publicly traded company continued to expand its cryptocurrency reserves.

The company recorded a €67.5 million ($75.8 million) Bitcoin impairment charge, calculated on the basis of Bitcoin prices as of June 30, 2026. The adjustment had no direct cash impact and did not represent a sale of Bitcoin. Impairment charges of this kind are recognized when the market value of a held asset falls below its recorded carrying value, and they illustrate how Bitcoin price movements can weigh on treasury companies' reported earnings without triggering cash outflows.

#CapitalB reported a $78 million net loss for H1 2026 driven by a $75.8 million Bitcoin impairment charge. The charge reflected $BTC prices on June 30 2026 and had no direct cash impact, highlighting how Bitcoin price movements can weigh on treasury companies' reported earnings without triggering cash outflows. #BitcoinTreasury @_ALCPB

— BitKE (@BitcoinKE) October 16, 2026

Capital B's consolidated revenue rose 3.5% year-on-year to €5.85 million. Adjusted earnings before, taxes, depreciation, and amortization (EBITDA) showed a loss of €1.07 million, compared with a loss of €815,000 in the first half of 2025. The results highlight the contrast between the company's reported earnings and its Bitcoin accumulation strategy, under which the value of its holdings can fluctuate significantly with market prices. Measured against a €5.85 million revenue base, the €67.5 million charge shows why the half-year result was dominated by non-cash accounting adjustments rather than operating performance.

During the first half, Capital B raised approximately €27.5 million ($30 million) and increased its Bitcoin holdings by 11.2%, from 2,823 BTC at the beginning of the year to 3,139 BTC as of June 30, 2026.

The accumulation continued after the reporting period. The company's strategic reserve reached 3,538 BTC on September 30, 2026, representing a 25.3% increase since the start of the year. The holdings carried a total acquisition cost of €310.6 million, equivalent to an average purchase price of €87,805 per Bitcoin. Because impairment is assessed against market prices at reporting dates, the year-end accounts will subject the enlarged reserve to the same valuation test and show whether an additional non-cash adjustment is recorded for the full year.

The expansion has established Capital B as Europe's second-largest publicly traded Bitcoin holder, behind Germany's Bitcoin Group, according to treasury rankings. The company's strategy focuses on increasing the amount of Bitcoin held per fully diluted share over time, a metric that tracks the size of the reserve relative to the share count rather than reported earnings.

Despite the growing reserve, the company's share price remained under pressure. Capital B shares were down about 25% year-to-date as of this writing, despite a slight increase in early trading.

The performance illustrates a key feature of corporate Bitcoin treasury strategies: because holdings are valued against market prices at reporting dates, businesses can increase their Bitcoin reserves while reporting substantial accounting losses when market prices fall below the levels used to value their holdings. The strain is not confined to a single company: BitcoinKE has separately reported that an Ethereum treasury company posted a net loss of more than $1 billion for the first half of 2026, and that Bitcoin treasury companies collectively recorded roughly $80 billion in losses as the Bitcoin-fueled business model came under strain.

This article is based on reporting published by BitcoinKE.