Capital B Reports $78M First-Half Loss on Bitcoin Impairment Charge
Capital B (EURONEXT:ALCPB) posted a net loss of 69.5 million euros ($78 million) for the first half of 2026, primarily caused by a $75.8 million accounting impairment charge on its Bitcoin holdings. The non-cash write-down reflected market prices as of June 30. Despite the bottom-line loss, consolidated revenue rose 3.5% year-over-year to $6.5 million, while adjusted earnings before interest, taxes, depreciation, and amortization came in at negative $1.2 million.
The results highlight the financial volatility associated with corporate cryptocurrency treasury strategies. Although lower token prices generated paper losses, the company continued its aggressive acquisition strategy. Capital B raised $30 million in capital during the first six months of the year, expanding its reserves from 2,823 Bitcoin in January to 3,139 by the end of June. By Sept. 30, total holdings grew to 3,538 Bitcoin, valued at $290 million.
Investors will be watching how the firm utilizes its massive expansion capacity. Shareholders approved up to $120 billion in total financing room in June through equity and credit tools to support further Bitcoin purchases. Following a 10-for-1 reverse stock split in July designed to attract institutional investors, the market will monitor whether Capital B can effectively deploy capital and balance core operating revenues against digital asset market swings.
Key points
- Capital B recorded a first-half 2026 net loss of $78 million due to a $75.8 million non-cash Bitcoin impairment charge.
- First-half revenue rose 3.5% year-over-year to $6.5 million, while adjusted EBITDA was negative $1.2 million.
- The company expanded its crypto holdings to 3,538 Bitcoin by late September, valued at $290 million.
- Shareholders authorized up to $120 billion in potential equity and debt financing to fund additional Bitcoin purchases.
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How we writeDisclaimerQuestions and answers
Why did Capital B report a $78 million loss in H1 2026?
Capital B's first-half net loss was primarily driven by a $75.8 million non-cash impairment charge on its Bitcoin holdings reflecting market prices as of June 30.
How many Bitcoins does Capital B hold?
Capital B increased its treasury to 3,139 Bitcoin by the end of June 2026 and reached 3,538 Bitcoin by Sept. 30, bringing its treasury value to $290 million.
Did Capital B revenue grow in the first half of 2026?
Yes, Capital B's consolidated revenue grew 3.5% year-over-year to $6.5 million in the first half of 2026, though adjusted EBITDA was negative $1.2 million.