iTechGuides is reader-supported. When you buy through links on our site, we may earn an affiliate commission. As an Amazon Associate I earn from qualifying purchases. Learn more
Capital 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—up from a €1.862 million loss in H1 2025. Almost all of the increase came from a €67.5 million Bitcoin impairment provision. That accounting charge reduced reported profit but did not represent a €67.5 million cash payment.
What caused Capital B’s €69.5 million loss?
The company’s H1 2026 financial report attributes €67.5 million of the €69.509 million net loss to an additional impairment provision for Bitcoin, measured using the cryptocurrency’s price on June 30, 2026. Capital B said in its October 15, 2026 H1 results release: “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.”
The impairment explains nearly all of the year-over-year deterioration in reported earnings. The H1 2025 net loss was €1.862 million, so the 2026 loss was approximately €67.647 million larger.
Reported loss versus cash impact
| Measure | H1 2026 | H1 2025 | What it shows |
|---|---|---|---|
| Consolidated net loss | €69.509 million | €1.862 million loss | Bottom-line accounting result |
| Bitcoin impairment provision | €67.5 million | Not stated | Non-cash charge based on the June 30 Bitcoin price |
| Operating cash flow | Negative €6.340 million | Not stated | Cash generated or consumed by operations |
Therefore, describing the entire €69.5 million loss as cash that left the business would be inaccurate. Operating activities did use €6.340 million of cash during the half-year, but the Bitcoin impairment itself was a valuation adjustment rather than a cash outflow.
Did the underlying business improve?
Capital B’s consolidated revenue increased 3.5%, to €5.846 million from €5.649 million in H1 2025. However, group EBITDA including the research tax credit remained negative at €1.073 million, compared with negative €0.815 million a year earlier.
Historical operating entities
The company separately reported EBITDA of €0.640 million for its historical operating entities—IORGA Group, TRIMANE and DIP TEK—up from €0.583 million in H1 2025, an increase of about 10%. This positive result from those entities did not offset the negative consolidated EBITDA after group-level items.
Higher general expenses
General expenses rose 9.9% to €3.251 million. Capital B said the increase partly reflected work related to its Bitcoin Treasury Company studies, along with legal fees, advice and communications.
Rank #2
How much Bitcoin does Capital B hold?
Capital B’s reported Bitcoin balance depends on the date of the snapshot:
| Reporting date | Bitcoin held | Context |
|---|---|---|
| June 30, 2026 | 3,139 BTC | Strategic reserve in the half-year report; 11.2% above the 2,823 BTC reported for January 2026 |
| October 9, 2026 | 3,538 BTC | Treasury balance shown in the company’s official presentation |
These figures are not contradictory: they describe different dates. The later presentation shows 399 BTC more than the June 30 balance. The 3,139 BTC figure is the appropriate number for analyzing the half-year accounts, while 3,538 BTC reflects the company’s position as of October 9.
Strategic holdings and operational Bitcoin
The half-year report also identified 61 BTC allocated to operational needs. At June 30, those coins were valued at about €3.205 million using the June 30 Bitcoin price. By September 30, available cash was €4.6 million and the same 61 BTC were valued at about €4.5 million at that date.
The 61 BTC operational allocation should be distinguished from the strategic reserve: it is intended for business needs, while the strategic reserve is part of the treasury strategy. The two amounts should not be added or compared without labeling their purpose and valuation date.
What is Capital B’s Bitcoin Treasury Company strategy?
Capital B says it launched its Bitcoin Treasury Company strategy on November 5, 2024. The stated objective is to increase Bitcoin held per fully diluted share over time. That approach makes the company’s share count and financing decisions relevant alongside the number of coins in custody: acquiring more BTC does not automatically increase BTC per share if the company issues shares at the same time.
BTC Yield explained
Capital B defines BTC Yield as the percentage change over a period in the ratio of total Bitcoin holdings to fully diluted shares. In simplified form:
BTC Yield = percentage change in (total BTC holdings ÷ fully diluted shares)
A positive BTC Yield means the BTC-per-fully-diluted-share ratio increased during the measured period; it does not mean the share price rose or that investors earned that percentage return.
Recommended Free Tools
Capital B expressly cautions that BTC Yield is not an operating-performance measure, a financial or liquidity measure, a traditional investment yield, or a representation of shareholder return. Investors therefore need to examine the actual share price, dilution, debt, cash position and Bitcoin price separately.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Is ALCPB a Bitcoin treasury company?
Capital B describes its corporate strategy as a Bitcoin Treasury Company model and reports Bitcoin accumulation as a central objective. On the evidence available for H1 2026, it is more precise to say that Capital B is operating a Bitcoin-focused treasury strategy alongside its historical operating businesses, rather than treating the label as a substitute for its full financial statements.
The company still generated revenue from operating entities, reported consolidated EBITDA and consumed operating cash. Its treasury identity explains the scale and volatility of the impairment charge, but it does not eliminate the need to assess the underlying businesses and liquidity.
Quick Recap
What the numbers mean for readers
- The headline figure is a €69.509 million accounting loss, approximately $78 million using the contemporaneous conversion cited for the news report.
- The €67.5 million Bitcoin impairment was non-cash and tied to the June 30 Bitcoin price.
- Revenue grew 3.5%, but consolidated EBITDA remained negative at €1.073 million.
- EBITDA from IORGA Group, TRIMANE and DIP TEK improved about 10% to €0.640 million.
- The strategic reserve was 3,139 BTC on June 30 and 3,538 BTC in the October 9 presentation; the dates must not be blended.
- Available cash was €2.273 million at June 30 and €4.6 million at September 30, excluding the separately identified 61 BTC operational allocation.
- Operating cash flow was negative €6.340 million, a different metric from the non-cash impairment and from the total net loss.
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
What’s actually slowing this PC down?
Pick the symptom - the matching free tool is one click away.
