Capital B’s Bitcoin Writedown Drives a €69.5 Million Loss, Even as Its BTC Stash Keeps Growing

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• Capital B reported a net loss of €69.5 million for the first half of 2026, up sharply from a €1.9 million loss in the same period of 2025
• About €67.5 million of that loss came from a non-cash bitcoin impairment charge, while revenue rose slightly to €5.8 million from €5.6 million a year earlier
• The company’s strategic bitcoin reserve stood at 3,538 BTC as of October 15, 2026, acquired for a total cost of €310.6 million, an average cost of roughly €87,805 per coin

Capital B, the Euronext Growth Paris-listed company formerly known as The Blockchain Group, reported its results for the first half of 2026 on October 15, 2026, disclosing a net loss of €69.5 million for the six months ended June 30, 2026. That compares with a much smaller net loss of €1.9 million in the same period a year earlier, a swing driven almost entirely by accounting rules rather than the company’s underlying operations.

The overwhelming majority of the loss, approximately €67.5 million, came from a non-cash bitcoin impairment charge, an accounting mechanism that requires companies to write down the carrying value of their bitcoin holdings on their balance sheet when the asset’s market price falls below the level at which it was originally recorded, without that writedown reflecting any actual cash outflow or sale of the underlying bitcoin. Revenue from the company’s core operating business, separate from its bitcoin treasury activity, actually grew modestly during the period, rising to €5.8 million from €5.6 million in the first half of 2025.

Despite the headline loss, Capital B’s bitcoin holdings themselves continued to grow. The company disclosed a strategic bitcoin reserve of 3,538 BTC as of October 15, 2026, acquired at a total cost of €310.6 million, which works out to an average acquisition cost of approximately €87,805 per coin, measured on a cost basis rather than current market value. Separately, Capital B holds 61 BTC it classifies as “operational,” kept apart from the strategic reserve and valued using the bitcoin price as of September 30, 2026, putting that smaller operational holding at roughly €4.5 million.

Capital B trades on Euronext Growth Paris under the ticker ALCPB and also trades in the United States on the over-the-counter market under the ticker CPTLF, giving both European and American investors a way to access the stock. The company has positioned itself as a European counterpart to the bitcoin treasury strategy popularized by Strategy, formerly MicroStrategy, in the United States, building its balance sheet around accumulating bitcoin as its primary reserve asset while continuing to run a smaller operating business alongside that treasury strategy.

The distinction between the company’s cost-basis bitcoin figures and its accounting-driven impairment loss illustrates a recurring tension for publicly traded bitcoin treasury companies: a large paper loss tied to accounting rules around holding a volatile asset does not necessarily mean the underlying bitcoin position has shrunk or that the company’s long-term strategy has changed. The results, distributed via webdisclosure.com, did not include an executive quote characterizing the first-half performance.