French bitcoin treasury firm Capital B reported a wider net loss for the first half of 2026, driven largely by a bitcoin impairment charge as the company continued to expand its cryptocurrency holdings.
The firm posted a net loss of €69.5 million ($78.1 million) for the first six months of the year, compared to a €1.9 million ($2.1 million) net loss in the same period last year, according to half-year results released Thursday.
Roughly €67.5 million ($75.9 million) of the loss stemmed from an additional bitcoin impairment charge based on bitcoin's price as of June 30. Capital B noted the charge had no cash impact.
Revenue rose 3.5% year-on-year to €5.8 million ($6.5 million), compared with €5.6 million for the first half of 2025.
Bitcoin Holdings Expand
Capital B continued accumulating bitcoin as part of its treasury strategy. As of September 30, its strategic bitcoin reserve grew to 3,538 BTC, up 25.3% from 2,823 BTC in January. The company reported a total acquisition cost of €310.6 million ($349.4 million), averaging €87,805 ($98,768) per bitcoin.
Capital B reported a BTC yield of 2.2% for the first nine months of 2026, a metric measuring the percentage change in bitcoin holdings per fully diluted share.
To support its bitcoin treasury strategy, the company announced capital raises totaling €27.5 million ($30.9 million) during the first half of the year, followed by another €31.7 million ($35.6 million) between July 1 and October 15.
In September, Capital B acquired 376 BTC for €25.3 million ($28.4 million), its largest bitcoin purchase of the year. The acquisition was funded through recent capital raises, including investments from Blockstream CEO Adam Back.
Formerly known as The Blockchain Group, Capital B rebranded in July 2025 to focus on its bitcoin treasury strategy.
