Capital B, a European Bitcoin treasury company, reported a net loss of $78 million for the first half of 2026. The loss was primarily driven by a $75.8 million Bitcoin impairment charge, which reflects Bitcoin prices as of June 30, 2026, and had no direct cash impact, according to the company’s first-half 2026 report.
Despite the accounting loss, Capital B’s consolidated revenue increased by 3.5% year-over-year to $6.5 million. The company’s adjusted EBITDA for the period was negative $1.2 million.
During the first half of the year, Capital B raised $30 million in capital and increased its Bitcoin holdings by 11%. By September 30, 2026, its total Bitcoin holdings reached 3,538 BTC, a 25% increase from the beginning of the year. Capital B’s treasury is currently valued at $290 million, ranking it as the world’s 25th-largest corporate Bitcoin treasury and Europe’s second-largest, according to Bitcointreasuries.
In market performance, Capital B’s stock price rose 0.5% in early morning trading on Friday, though it remains down 25% year-to-date, according to Yahoo Finance. In July, the company approved a 10-for-1 reverse stock split aimed at broadening its institutional investor base. Furthermore, Capital B’s shareholders approved up to $120 billion in financing capacity in June to support its Bitcoin accumulation strategy.
Uncertainties remain regarding the long-term impact of the Bitcoin impairment charge on Capital B’s financial health, the effectiveness of the reverse stock split in broadening its institutional investor base, and the future trajectory of Bitcoin prices and their effect on Capital B’s treasury value and impairment charges.
Why This Matters
Capital B is navigating significant accounting losses from Bitcoin price fluctuations while actively expanding its Bitcoin holdings and securing capital, presenting a dual narrative of financial challenge and strategic growth.
Broader Context
Europe’s second-largest Bitcoin treasury raised $30 million and increased its Bitcoin holdings by 11% in the first half of 2026, despite reporting a $75 million Bitcoin impairment loss.
