Capital B Posts $78M H1 Loss, Expands Bitcoin Treasury by 25%

What happened: France-listed Capital B, Europe’s second-largest Bitcoin treasury, reported a net loss of $78 million for H1 2026, primarily due to a $75.8 million non-cash Bitcoin impairment charge under accounting rules. Despite the loss, Capital B raised $30 million and increased its Bitcoin holdings by 25% year-to-date, reaching 3,538 BTC by September 30, 2026, with a treasury value of approximately $290 million. The company’s revenue rose 3.5% year-on-year, and it approved a 10-for-1 reverse stock split and up to $120 billion in financing capacity during the period.

Why it matters: The loss highlights the recurring challenge for public crypto treasuries under IFRS/French GAAP, where Bitcoin is marked down for impairment but not marked up for price recovery. Capital B’s continued accumulation through a period of accounting losses signals strong conviction in Bitcoin’s long-term value, even as its stock is down 25% year-to-date. The firm’s aggressive treasury strategy and financing approvals position it as a bellwether for institutional Bitcoin adoption in Europe.

Source: Cointelegraph