Capital B's Bitcoin Treasury Posts €69.5M Loss Despite 3.5% Revenue Rise

Key Findings

Capital B, the Paris-listed firm that calls itself Europe's first dedicated Bitcoin Treasury Company, reported a net loss of €69.5 million for the first half of 2026. A year earlier, the same period produced a €1.9 million loss.

Revenue and EBITDA

The company, which trades on Euronext Growth in Paris under the ticker ALCPB, published its half-year results on October 15. The headline loss was driven mainly by a €67.5 million impairment charge tied to its Bitcoin holdings, an accounting entry that involved no actual cash outflow.

Underlying Business Performance

Strip out that €67.5 million charge and the picture looks very different. The underlying business held up. Revenue rose 3.5% to €5.8 million in the half, coming from the company's operating segments in data intelligence, AI, and tech consulting. Those operating units also posted adjusted EBITDA of €0.6 million, up 9.8% year over year.

Bitcoin Holdings

As of September 30, 2026, Capital B held 3,538 BTC in its strategic reserve. The company said that figure was unchanged as of the October 15 reporting date. In January 2026, the reserve stood at 2,823 BTC. That means the firm added 715 coins over the course of the year through September.

Funding and Accumulation

The average acquisition price across the holdings was €87,805 per Bitcoin. Separately, the company keeps an additional 61 BTC set aside for operational liquidity, outside the strategic reserve. Funding for the accumulation has come primarily through equity raises. Recent raises added €31.7 million to the company's capital.

Conclusion

Capital B did not start life as a Bitcoin vehicle. The company rebranded and adopted its Bitcoin Treasury strategy in November 2024, layering a crypto accumulation plan on top of an existing consulting business. Capital B has publicly stated a long-term target of holding up to 1% of the total Bitcoin supply by 2033.

What This Means for Shareholders and the Treasury Model

For Capital B investors, the key distinction is between cash and non-cash results. The €69.5 million loss looks alarming, but €67.5 million of it reflects a valuation snapshot rather than money spent or lost in a transaction. The group-level adjusted EBITDA of negative €1.1 million shows that the treasury operation carries ongoing costs. The €2.2 million tied to running the Bitcoin Treasury Company is a reminder that accumulation is not free, even before any price risk. Because the company funds Bitcoin purchases through equity raises, shareholders effectively trade a smaller slice of the company for a larger pile of Bitcoin. The September raise of €0.98 million for 13 BTC shows the company is willing to tap markets in smaller increments.