French Bitcoin treasury company Capital B reported a net loss of €69.5 million for the first half of 2026, widening from €1.9 million a year earlier, according to its financial statement published on October 15. The company attributed most of the loss to changes in the recorded value of its Bitcoin holdings rather than to its operating businesses.

Bitcoin impairment drives the wider loss

At June 30, Capital B recorded a €67.5 million impairment charge on its Bitcoin holdings. The company said the adjustment reduced reported earnings without any cash outflow. Charges of this kind bring the balance-sheet value of the holdings in line with their recorded value at the reporting date, so they pass through earnings without coins being sold or cash spent. Its financial result fell to a €67.5 million loss, compared with roughly €100,000 in the prior-year period.

Revenue rose 3.5% to €5.8 million from €5.6 million. The company's data intelligence, artificial intelligence and technology consulting units generated €640,000 in adjusted operating earnings, an increase of 9.8%. Group adjusted earnings before interest, taxes, depreciation and amortization remained negative at €1.1 million. The split between the non-cash treasury charge and these operating lines is central to reading the period: the consulting operations expanded, while the treasury accounting produced the headline loss.

Strategic reserve grows to 3,538 BTC

Capital B held 3,538 Bitcoin in its strategic reserve as of September 30, up 25.3% from 2,823 in January. The company spent €310.6 million acquiring those coins at an average of €87,805 each. Separately, Strategy purchased another 250 Bitcoin during the second week of October.

The reserve stood at 3,139 BTC on June 30 and was later increased through additional purchases, including a September acquisition of 376 BTC for €25.3 million. Capital B reported a 2.2% Bitcoin yield for the first nine months of the year, a measure that tracks the change in Bitcoin held per fully diluted share rather than investment returns paid to shareholders. Metrics of this kind have become a common way for listed Bitcoin treasury companies to describe per-share accretion of their holdings.

Fundraising continues

The company announced €27.5 million in fundraising during the first half and reported a further €31.7 million between July 1 and October 15. Its funding included investments from Blockstream chief executive Adam Back. Elsewhere in the sector, Metaplanet announced a share buyback plan alongside financing changes involving its own Bitcoin treasury.

On October 15, Bitcoin Magazine reported on X that Britain's Smarter Web Company had bought 83 BTC, lifting its holdings to 2,830. Both firms maintain Bitcoin treasury strategies, though Capital B holds more coins. Meanwhile, new MSCI index eligibility rules have raised questions about Strategy's continued membership in the index, an issue that extends beyond one company because index eligibility shapes whether index-tracking funds can hold a stock.

Cash position and listing

Capital B held €4.6 million in available cash at the end of September, along with 61 Bitcoin set aside for operating needs, separate from its reserve. Including that Bitcoin, the company said its available cash and operating holdings totaled €9.1 million at September 30. The split gives a view of day-to-day liquidity that is reported separately from the accumulation program.

Capital B trades on Euronext Growth Paris under the ticker ALCPB and continues to operate its technology consulting subsidiaries alongside its Bitcoin treasury activities. Upcoming company statements on reserve additions, fundraising and the cash position will provide the next checkpoints on how the strategy is tracking.