Capital B’s half-year results show a €69.5 million net loss for the six months ended June 30, 2026, driven mainly by a non-cash bitcoin impairment rather than a cash outflow. The financial report, made public on October 15, 2026, also details a larger bitcoin reserve and further fundraising after the reporting period.
Capital B said in a press release that a €67.5 million BTC impairment accounted for most of the loss. Its strategic reserve reached 3,538 BTC by September 30, 2026, and remained at that level on October 15, 2026.
Key takeaways
- First-half revenue rose 3.5% to €5.8 million.
- Group adjusted EBITDA was negative €1.1 million.
- Post-half-year fundraising announcements totaled €31.7 million.
- September cash and operational bitcoin together represented €9.1 million.
Capital B’s half-year results: impairment dominates the loss
The group recorded an adjusted EBITDA loss of €1.1 million, including €2.2 million of Bitcoin Treasury Company costs. Its historical operating businesses remained profitable: like-for-like EBITDA, including the Research Tax Credit, rose 9.8% to €0.64 million from €0.58 million.
Consolidated revenue reached €5.8 million, against €5.6 million in the first half of 2025. The historical operating entities—IORGA Group, TRIMANE and DIP TEK—specialize in Data Intelligence, AI and innovative technology consulting and development.
Purchases and other operating expenses increased 9.9% to €3.3 million, mainly reflecting treasury-strategy spending on studies, legal services, advisory work and communication. Personnel expenses fell 2.5% to €5.3 million.
The €67.5 million non-cash impairment reflected bitcoin’s price on June 30, 2026. The financial result was negative €67.5 million, while the net loss widened from €1.9 million a year earlier. Operating income, including the Research Tax Credit and before goodwill impairment, was negative €1.9 million, versus negative €1.7 million.
Bitcoin reserve grows, with a per-share target
The strategic reserve increased from 2,823 BTC in January 2026 to 3,139 BTC at the half-year, an 11.2% rise. By September 30, 2026, holdings had reached 3,538 BTC, up 25.3% from January.
The September reserve had a total acquisition cost of €310.6 million, averaging €87,805 per bitcoin. The Bitcoin Treasury Company strategy targets an increase in bitcoin holdings per fully diluted share over time.
During the half-year, bitcoin per fully diluted share increased from 7,210.0 to 7,343.4 satoshis on a post-reverse-split basis, producing a BTC Yield of 1.85%. Year-to-date BTC Yield reached 2.2% by September 30, 2026.
BTC Yield measures the percentage change in bitcoin holdings relative to fully diluted shares. BTC Gain applies that yield to opening holdings; BTC € Gain expresses the resulting amount in euros. The company classifies all three as accumulation indicators, not as financial, operating or liquidity performance measures.
Fundraising, cash and share changes
Available cash increased from €2.3 million on June 30, 2026, to €4.6 million on September 30, 2026. Separately, 61 BTC allocated to operations were worth €3.2 million and €4.5 million on those respective dates; these coins are excluded from the strategic reserve and its KPIs.
Capital-raise announcements totaled €27.5 million during the first half and €31.7 million afterward. The latter included €28,652,058 through Equity + Warrants (ABSA), representing 90.4%, and €3,027,405 through ATM-type equity.
During the half-year, 19,917,972 OCA B-01 converted into 36,613,919 pre-reverse-split shares. Capital B’s half-year press release stated that the 14,195,352 remaining OCA B-01 instruments held by Blockstream Capital Partners were converted into 28,687,362 new shares on August 17, 2026, even though this same conversion of 14,195,352 OCA B-01 had already been disclosed in Capital B’s French-language statement dated August 3, 2026.
The board approved a one-for-ten reverse stock split on July 17, 2026, preceded by a doubling of the share par value from €0.04 to €0.08 through capitalized share premium. The split took effect on September 8, 2026, bringing par value to €0.80 and adjusting warrant exercise ratios and convertible-bond conversion prices.
Financial review and going-concern basis
The consolidated accounts underwent a limited review by statutory auditors and were prepared on a going-concern basis. The company’s forecasts for the twelve months after closing showed cash consistent with the period’s liquidity needs.
The company said its increased cash and bitcoin reserve provided additional financing sources and reduced dependence on subsidiaries’ operating performance. Its Half-Year Financial Report became publicly available on October 15, 2026.
Article produced with the assistance of artificial intelligence and reviewed by the editorial team.
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