French bitcoin treasury firm Capital B, formerly known as The Blockchain Group, reported a first-half 2026 net loss of €69.5 million (about $78 million), compared with a loss of €1.9 million a year earlier. The company attributed about €67.5 million of the loss to a noncash Bitcoin impairment charge based on BTC’s price as of June 30, emphasizing that it had no cash impact.
Revenue still rose 3.5% year-on-year to €5.85 million, while group adjusted EBITDA was negative at –€1.07 million. Around €2.2 million in costs were related to its Bitcoin treasury operations, although its data intelligence, AI and technology consulting businesses generated positive adjusted operating EBITDA of about €640,000, up 9.8%.
The company continued to expand its Bitcoin reserves. Strategic holdings increased from 2,823 BTC in January to 3,139 BTC by June 30, and reached 3,538 BTC by September 30, up 25.3% since the start of 2026. The total acquisition cost was €310.6 million, equating to an average purchase price of €87,805 per Bitcoin. Capital B also reported a BTC yield of 2.2% for the first nine months. Including 61 BTC held for operational purposes, the firm controlled 3,599 BTC.
Capital B raised €27.5 million in the first half and another €31.7 million between July 1 and October 15 to support its treasury strategy. The financing included share and warrant instruments, with participation from Blockstream CEO Adam Back. The company also completed a 10-for-1 reverse stock split effective September 8 and held €4.6 million in cash at the end of September, alongside its operational Bitcoin valued at about €4.5 million.
