Key points
- Capital B reported a net loss of €69.5 million (about $78 million) for the first half of 2026, up sharply from €1.86 million a year earlier.
- A €67.5 million non-cash impairment on its Bitcoin, tied to the price on June 30, 2026, accounted for roughly 97% of the loss.
- The company kept accumulating through the downturn, lifting its treasury to 3,538 BTC by September 30, a 25.3% rise since January.
Capital B, the Paris-listed company that calls itself Europe’s first dedicated Bitcoin Treasury Company, reported a net loss of €69.5 million (about $78 million) for the first half of 2026. The company published its half-year results on October 15, 2026, and the loss widened sharply from €1.86 million in the same period a year earlier.
The figure shows how accounting rules tie a treasury company’s reported earnings to Bitcoin’s price on a single day. The same mechanism recently handed Strategy a roughly $1.4 billion unrealized gain once Bitcoin cleared its average cost, which shows the swing can run in both directions.
Capital B said a €67.5 million (about $75.8 million) impairment accounted for most of the loss, reflecting Bitcoin’s price as of June 30, 2026. The charge carried no cash impact. Excluding it, the company’s recurring net loss was about €2 million, roughly in line with the first half of 2025.
Revenue rose 3.5% to €5.846 million (about $6.5 million) over the period, supported by the group’s data and consulting operations. The headline loss sat almost entirely in the impairment line rather than in the operating business.
Capital B expanded its Bitcoin position through the decline. The company raised about €30 million in the first half and lifted its treasury roughly 11% from 2,823 BTC at the start of 2026 to 3,139 BTC by the end of June. It trades on Euronext Growth Paris under the ticker ALCPB and over the counter in the United States as CPTLF.
The accumulation continued after the reporting date. By September 30, 2026, Capital B held 3,538 BTC, a 25.3% increase since the start of the year, acquired at a cumulative cost of about €310.6 million and an average price of €87,805 (about $98,400) per coin. A €0.98 million equity raise in September funded 13 additional coins, and the company reported a year-to-date Bitcoin yield of 2.2%.
Recent fundraising has drawn participation from Blockstream chief executive Adam Back and the asset manager TOBAM, two investors Capital B has relied on to finance its purchases. The company holds a separate 61 BTC for operational needs, outside the treasury it reports to investors.
Capital B ended the period with about €9.1 million in available cash and operational Bitcoin. The company judges its progress by the number of Bitcoin per fully diluted share, an approach that depends on raising fresh equity without eroding that ratio. Its main test in the second half is whether it can keep buying at scale while Bitcoin trades near or below its €87,805 average entry cost.
Editorial Note: Reported and edited by the Crypto India Magazine editorial team. We use AI tools to assist with research and drafting; every article is reviewed and fact-checked by our editors.
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