Capital B Net Loss Expands to $78 Million on Bitcoin Impairment

French treasury firm Capital B (EURONEXT:ALCPB) posted a first-half net loss of €69.5 million ($78.1 million), widening significantly from a €1.9 million ($2.1 million) net loss in the same period last year. The profit decline was primarily driven by a non-cash bitcoin impairment charge of roughly €67.5 million ($75.9 million) tied to token valuation at the end of June. Despite the larger loss, revenue grew 3.5% year-over-year to €5.8 million ($6.5 million).

The company's core operations remain centered on expanding its cryptocurrency reserve. By September 30, strategic holdings grew 25.3% from January to reach 3,538 bitcoin, acquired at a total cost of €310.6 million ($349.4 million), or an average of €87,805 ($98,768) per coin. Capital B achieved a bitcoin yield of 2.2% across the first nine months of the year, backed by funding from multiple private capital raises totaling over €59 million since January.

Investors will monitor how future market price swings impact accounting metrics, as non-cash impairments fluctuate with market conditions without directly affecting cash flow. Shares of Capital B fell 2.22% to 5.46 EUR following the announcement, reflecting market reaction to the paper accounting loss even as the firm maintains its balance sheet accumulation strategy.