Capital B, a French entity that invests in Bitcoin, reported a net loss of €69.5 million ($78 million) for the first half of 2026, even as it continued to increase its Bitcoin holdings. The main reason for the loss was a €67.5 million ($75.8 million) accounting charge associated with the value of its Bitcoin reserves.
It did not sell these Bitcoins to book the loss, however. Its strategic Bitcoin reserve grew by 11.2% during the first half of the year, reaching to 3,139 BTC by June 30. Further purchases brought its holdings to 3,538 BTC by the end of September.
🟠 Capital B reports its results for the first half of 2026⚡️
Full Press Release (EN): https://t.co/EGZjw13t2U
Full Press Release (FR): https://t.co/DwCUuNb5JE
BTC Strategy And Detailed Presentation: https://t.co/Pl9y2Z5k5H
Financial Report (EN): https://t.co/rYt2RaqcPb
Financial Report (FR): https://t.co/wytfFLorgd
— Capital B (@_ALCPB) October 15, 2026
On October 15, the company posted its results, reporting a significantly larger loss than the €1.9 million loss incurred in the same period last year. The main reason for this discrepancy was the accounting treatment of its Bitcoin reserves.
An impairment charge is booked when a company needs to write down the value of an asset on its books. In the case of Capital B, this charge reflected the value of its Bitcoin reserves as of June 30. It does not mean that it paid out €67.5 million in cash or sold that amount of Bitcoin.
Despite the loss, it should be noted that some areas of the company did quite well. Specifically, revenue rose by 3.5%, from €5.65 million to €5.85 million. Its technology businesses, which offer data intelligence, artificial intelligence and consulting services, recorded adjusted operating earnings of around €640,000, up from €580,000 a year earlier.
Capital B continued to raise capital to fund its Bitcoin purchases. During the first half of the year, it announced financing transactions worth €27.5 million. It also raised additional funds after June, with the total of announced capital raises for the second half through October 15 amounting to about €31.7 million.
By September 30, the company’s strategic Bitcoin reserve had reached 3,538 BTC, purchased at a total historical cost of €310.6 million. This represents an average purchase price of €87,805 per Bitcoin. Additionally, Capital B held 61 BTC in reserve for its operational needs.
Capital B’s performance demonstrates that a company can post a substantial accounting loss and simultaneously continue to purchase Bitcoin. Its future performance will be largely dictated by Bitcoin’s price, the cost of raising capital and the performance of its technology businesses. The company said its available liquidity was sufficient to fund its expected funding needs over the next 12 months.
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