Capital B Posts $78M H1 Net Loss on Bitcoin Impairment

Capital B, a French publicly listed bitcoin treasury company formerly known as The Blockchain Group, reported a €69.5 million ($78.1 million) net loss for the first half of 2026 — up sharply from a €1.9 million ($2.1 million) loss in H1 2025. The company published its half-year results on October 16.

Details

A €67.5 million ($75.9 million) bitcoin impairment charge drove nearly the entire loss. Under the accounting standards applied by Capital B, when bitcoin's market price falls below its carrying value on the balance sheet the difference must be recognized as a loss immediately. Revenue still grew 3.5% year-over-year to €5.8 million ($6.5 million).

As of September 30, 2026, Capital B held 3,538 BTC — 25.3% more than the 2,823 BTC it held at the start of the year. The average acquisition cost is €87,805 ($98,768) per bitcoin, with total invested capital of €310.6 million ($349.4 million). BTC yield for the first nine months of 2026 reached 2.2%.

In H1 2026 the company raised €27.5 million ($30.9 million) through share issuances; from July 1 to October 15 it raised a further €31.7 million ($35.6 million). In September, Capital B acquired 376 BTC for €25.3 million ($28.4 million), partly funded by Blockstream CEO Adam Back.

What this means for the market

Capital B's results highlight the accounting risk for European bitcoin treasury firms: write-downs hit the income statement the moment market prices fall below carrying value and are not automatically reversed when prices recover. Despite the €69.5 million paper loss, the company is not liquidating holdings — it raised fresh equity and added BTC in September. Capital B is one of the few publicly listed bitcoin treasury companies in continental Europe. Track live bitcoin prices on the CoinLab front page.