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1Fix the driver behind crashes, sound loss and screen glitches2Clear out junk files and repair common Windows errors3Scan for outdated or missing drivers - takes under a minuteCapital B reported a consolidated net loss of €69.509 million for the six months ended June 30, 2026—about $78 million at the contemporaneous news conversion. Almost all of that loss, €67.5 million, was an additional accounting impairment provision on its bitcoin holdings. The charge reduced reported profit but did not represent a matching cash payment.
What caused Capital B’s €69.5 million loss?
Capital B’s loss widened sharply from €1.862 million in H1 2025 to €69.509 million in H1 2026. The company attributes €67.5 million of the current-period loss to an additional bitcoin impairment measured using the BTC price on June 30, 2026.
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In its H1 2026 results release, Capital B wrote: “It should be noted that €(67.5)m of the €(69.5)m loss consists of an additional BTC impairment charge given the BTC price as of June 30, 2026, and therefore has no cash impact.”
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An impairment provision is an accounting adjustment that lowers the carrying value of an asset when its measured value falls under the applicable accounting rules. It is not the same thing as selling bitcoin and sending the proceeds out of the business.
Was the Bitcoin loss a cash loss?
No. The €67.5 million impairment was non-cash, so it should not be described as a €67.5 million cash outflow. Nor should the entire €69.5 million net loss be treated as equivalent cash burn.
Capital B separately reported negative operating cash flow of €6.340 million for H1 2026. That figure reflects cash generated or consumed by operations and working-capital movements, rather than the non-cash remeasurement that drove the headline accounting loss.
| Measure | H1 2026 | H1 2025 | What it shows |
|---|---|---|---|
| Consolidated net loss | €69.509 million | €1.862 million loss | Bottom-line result after accounting items |
| Additional BTC impairment | €67.5 million | Not stated | Non-cash provision tied to the June 30 BTC price |
| Operating cash flow | Negative €6.340 million | Not stated | Cash consumed by operating activities |
| Available cash | €2.273 million at June 30 | Not stated | Cash balance reported in the half-year report |
How did the underlying business perform?
The impairment dominated the result, but Capital B’s operating indicators were mixed rather than uniformly weak.
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Revenue increased modestly
Consolidated revenue reached €5.846 million, up 3.5% from €5.649 million in H1 2025.
Consolidated EBITDA remained negative
Group EBITDA, including the research tax credit, was negative €1.073 million, compared with negative €0.815 million a year earlier. Revenue growth therefore did not yet translate into positive consolidated EBITDA.
Historical operating entities improved
EBITDA from the historical operating entities IORGA Group, TRIMANE and DIP TEK rose to €0.640 million from €0.583 million, an increase of about 10%. This positive contribution was more than offset at group level by other costs and the broader corporate structure.
General expenses rose
General expenses increased 9.9% to €3.251 million. Capital B said the increase partly reflected studies related to its Bitcoin Treasury Company strategy, as well as legal fees, advice and communications.
How much Bitcoin does Capital B hold?
Capital B’s reported bitcoin balance depends on the date of the snapshot:
| Reporting date | BTC held | Context |
|---|---|---|
| January 2026 | 2,823 BTC | Starting point cited for the six-month increase |
| June 30, 2026 | 3,139 BTC | Strategic reserve in the half-year report, up 11.2% from January |
| October 9, 2026 | 3,538 BTC | Treasury balance shown in the company’s official presentation |
The June 30 and October 9 figures are different dated measurements, not conflicting claims about one day’s holdings. They should be compared only after accounting for the nearly four-month gap between them.
What is the 61-BTC operational reserve?
In addition to its strategic bitcoin reserve, the half-year report identified 61 BTC allocated to operational needs. Capital B valued that allocation at about €3.205 million using the June 30 BTC price. By September 30, available cash was €4.6 million and the same 61 BTC was worth about €4.5 million at that date.
This distinction matters: the 61 BTC operational allocation is presented as liquidity for running the business, while the much larger strategic reserve supports the company’s treasury strategy. The reported value of the operational coins changes with the bitcoin price even though the number of coins remains 61 in the figures provided.
What does Capital B mean by “BTC Yield”?
Capital B says it launched its Bitcoin Treasury Company strategy on November 5, 2024, with the objective of increasing bitcoin per fully diluted share over time.
Its defined BTC Yield is the percentage change over a period in the ratio of total BTC holdings to fully diluted shares:
BTC Yield = percentage change in (total BTC holdings ÷ fully diluted shares)
The metric can rise if bitcoin holdings grow faster than the fully diluted share count, or fall if dilution outpaces additions to the reserve. It is therefore a treasury-capital measure, not a conventional return on an investment.
Capital B expressly cautions that BTC Yield is not an operating-performance measure, financial or liquidity measure, or traditional investment-yield measure. It also does not represent a shareholder’s return. A shareholder’s actual result depends on factors such as the share price, dilution, financing terms, bitcoin volatility and the company’s other assets and liabilities.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Is Capital B a Bitcoin Treasury Company?
Capital B says it is pursuing a Bitcoin Treasury Company strategy and uses BTC per fully diluted share as a central objective. That describes its stated treasury approach: accumulating and managing bitcoin as a strategic reserve alongside its historical operating businesses.
It does not mean every reported loss is a cash loss, or that BTC Yield is equivalent to an investor’s percentage gain. The H1 2026 figures show why those distinctions are important: the group’s operating entities generated positive EBITDA, consolidated EBITDA remained negative, and a non-cash bitcoin impairment produced nearly the entire reported net loss.
Quick Recap
What the H1 numbers mean for readers
- The headline result was a €69.509 million accounting loss, approximately $78 million in contemporaneous news coverage.
- €67.5 million of that loss came from a non-cash bitcoin impairment tied to the June 30 price.
- Revenue grew 3.5%, but consolidated EBITDA was still negative €1.073 million.
- The strategic reserve was 3,139 BTC on June 30 and 3,538 BTC in the presentation dated October 9.
- Operating cash flow was negative €6.340 million, a materially different measure from the net loss.
- BTC Yield tracks bitcoin holdings relative to fully diluted shares; it is not a shareholder-return calculation.
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