**Capital B's $78M H1 Hole Just Made Its Bitcoin Stack a Lot More Expensive to Admire 🧱**

Capital B, the France-listed Bitcoin treasury firm, reported a 69.5 million euro ($78 million) net loss for the first half of 2026, driven primarily by a $75.8 million Bitcoin impairment charge tied to BTC prices as of June 30, according to the company's first-half 2026 report published Thursday. The impairment had no direct cash impact, the company said.

Despite the accounting loss, Capital B's consolidated revenue rose 3.5% year-over-year to $6.5 million, while adjusted EBITDA came in at negative $1.2 million. EBITDA measures a company's earnings before interest, taxes, depreciation and amortization.

The results underscore how the European Bitcoin treasury firm continued raising funds for accumulation despite paper losses. Capital B announced capital raises totaling $30 million in the first half of the year and lifted its Bitcoin holdings by 11%, from 2,823 BTC in January to 3,139 BTC by the end of June. By Sept. 30, total holdings had reached 3,538 BTC, a 25% increase since the start of the year.

Capital B's treasury is currently valued at $290 million, ranking it the world's 25th-largest corporate Bitcoin treasury and Europe's second-largest by holdings, behind Germany-based Bitcoin Group, according to Bitcointreasuries.

Capital B's stock edged up 0.5% in early morning trading on Friday, but remained 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, and in June shareholders cleared up to $120 billion in financing capacity, spanning equity and credit instruments, to back its Bitcoin accumulation strategy.