Capital B, the Paris-listed firm that positions itself as Europe's first dedicated Bitcoin Treasury Company, reported a net loss of €69.5 million for the first half of 2026, compared with a €1.9 million loss in the same period a year earlier.
The company, which trades on Euronext Growth under ticker ALCPB, released its half-year results on October 15. The headline loss was primarily driven by a €67.5 million impairment charge related to its Bitcoin holdings—an accounting entry involving no actual cash outflow.
Excluding the impairment charge, Capital B's underlying business showed resilience. Revenue rose 3.5% to €5.8 million, generated from operating segments in data intelligence, AI, and tech consulting. These units posted adjusted EBITDA of €0.6 million, up 9.8% year over year.
At the group level, adjusted EBITDA came in at negative €1.1 million, with €2.2 million in expenses tied to running the Bitcoin Treasury Company operations.
Bitcoin accumulation accelerates
Capital B's strategic Bitcoin reserve reached 3,538 BTC as of September 30, 2026, unchanged as of the October 15 reporting date. The company added 715 coins over the course of the year through September, starting from 2,823 BTC in January 2026.
The average acquisition price across holdings was €87,805 per Bitcoin. The company maintains an additional 61 BTC for operational liquidity outside the strategic reserve.
Equity raises have funded the accumulation, with recent fundraising adding €31.7 million to capital. A €0.98 million equity raise in September 2026 funded the purchase of 13 BTC.
Treasury strategy and shareholder implications
Capital B rebranded and adopted its Bitcoin Treasury strategy in November 2024, layering crypto accumulation onto its existing consulting business. The company has stated a long-term target of holding up to 1% of total Bitcoin supply by 2033.
For shareholders, the distinction between cash and non-cash results is critical. While the €69.5 million loss appears significant, €67.5 million reflects a valuation snapshot rather than actual funds spent or lost. The group-level adjusted EBITDA of negative €1.1 million demonstrates that treasury operations carry ongoing costs beyond price risk.
By funding Bitcoin purchases through equity raises, shareholders effectively exchange a smaller ownership stake for a larger Bitcoin position held by the company.
