Key Takeaways
- • Capital B reported a net loss of €69.5 million for H1 2026, driven primarily by a noncash €67.5 million impairment charge on its Bitcoin holdings, measured at prices as of June 30.
- • Despite the accounting loss, Capital B increased its Bitcoin reserves by 11.2% to 3,139 BTC by June and further to 3,538 BTC by September 2026.
- • Revenue grew 3.5% to €5.85 million in H1 2026, and the company's technology businesses posted positive operating EBITDA.
- • The company raised €27.5 million in fundraising during H1 2026 and additional capital afterward, and its internal forecasts indicate liquidity sufficient for the next 12 months.
Summary
Capital B reported a net loss of €69.5 million in the first half of 2026, according to its results as reported by the company and summarized by Pluang. The loss was primarily attributable to a noncash impairment charge of €67.5 million on the company's Bitcoin holdings, reflecting market prices as of June 30. The publisher's disclosures describe the financial result as €(67.5) million, compared with €(0.1) million in the first half of 2025, and note that the group net loss was largely due to the BTC impairment with no cash impact.
Despite the accounting loss, Capital B continued to expand its digital asset treasury. Its Bitcoin reserves rose 11.2% to 3,139 BTC by the end of June and increased further to 3,538 BTC by September. The company funded this growth with €27.5 million raised during the first half, supplemented by additional capital raises after the period end. Management's strategic focus remains on expanding the Bitcoin treasury.
Operationally, revenue increased 3.5% to €5.85 million. Group adjusted EBITDA was reported at €(1.1) million for the period, while the technology businesses generated positive operating EBITDA. Based on internal forecasts, the company expects liquidity to be sufficient for the next 12 months.
The results illustrate the balance-sheet sensitivity of crypto treasury strategies to fair-value accounting, as the reported loss reflects mark-to-market movements on Bitcoin rather than operating cash outflows. Pluang's market snapshot as of October 16, 2026 showed 45 of 50 major cryptocurrencies rising on the day, though this is unrelated to the reported H1 figures.
Despite the accounting loss, Capital B continued to expand its digital asset treasury. Its Bitcoin reserves rose 11.2% to 3,139 BTC by the end of June and increased further to 3,538 BTC by September. The company funded this growth with €27.5 million raised during the first half, supplemented by additional capital raises after the period end. Management's strategic focus remains on expanding the Bitcoin treasury.
Operationally, revenue increased 3.5% to €5.85 million. Group adjusted EBITDA was reported at €(1.1) million for the period, while the technology businesses generated positive operating EBITDA. Based on internal forecasts, the company expects liquidity to be sufficient for the next 12 months.
The results illustrate the balance-sheet sensitivity of crypto treasury strategies to fair-value accounting, as the reported loss reflects mark-to-market movements on Bitcoin rather than operating cash outflows. Pluang's market snapshot as of October 16, 2026 showed 45 of 50 major cryptocurrencies rising on the day, though this is unrelated to the reported H1 figures.
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