Capital B lost $78m in the first half, and 97% of it was an impairment

Capital B, the France-listed bitcoin treasury company, reported a net loss of €69.5m, about $78m, for the first half of 2026. An impairment charge on its bitcoin accounts for $75.8m of that, 97.2% of the loss, and none of it left the company as cash. The Capital B loss is an accounting event first and a business event second.

“The impairment reflected bitcoin prices as of 30 June and had no direct cash impact”

— Capital B, First-half 2026 report

Where the loss came from

Bitcoin opened 2026 at $87,575, traded at $60,152 on 30 June and sits at $80,072 today. The company marked its holding at the bottom of that path, and the charge stays on the books whatever the price does next. On 30 June the 3,139 coins it held were worth $188.8m; the same stack of 3,538 coins is worth about $283m today.

The operating business is small beside the treasury. Revenue came to $6.5m, up 3.5% on the year, with adjusted EBITDA of minus $1.2m, while the bitcoin pile is worth about $283m at today's price. The part of the company that earns money is 2.3% of the part that holds it.

What the treasury looks like

Buying continued through the drawdown. Capital B held 2,823 BTC in January, 3,139 on 30 June and 3,538 on 30 September, a 25% increase across nine months, which makes it the 25th-largest corporate bitcoin treasury and the second largest in Europe. Averaged across those nine months the company added 79 coins a month, a pace a single miner can match.

Shareholders approved financing capacity of up to $120bn in June for further accumulation, against a treasury worth $290m and $30m actually raised in the first half. The authorisation runs 414 times the holding and 4,000 times what the company raised.

The stock is down 25% this year while bitcoin is down 8.6%, a gap of 16 points, and the company ran a 10-for-1 reverse split in July to look more like an institutional holding. Strategy faced the same arithmetic from the other end this month, spending nine times more on its own shares than on bitcoin in a single week.

What settles later

Three things settle later. Whether the impairment reverses in the second half under the accounting the company uses. Whether the coin count grows past 3,538. And whether any part of that $120bn authorisation ever gets used, with bitcoin back near $80,000 and funding on perpetuals turning negative this week.

Informational material, not investment advice. The impairment is an accounting entry tied to the 30 June price, and the market value of the holding has moved since.