Capital B first-half loss widens to €69.5 million on bitcoin impairment

Capital B reported a first-half net loss of €69.5 million ($78.1 million), widening from €1.9 million ($2.1 million) a year earlier, and attributed roughly €67.5 million ($75.9 million) to a bitcoin impairment charge. The charge, based on bitcoin's price as of June 30, had no cash impact, the company said in half-year results released Thursday.

Revenue rose 3.5% year on year to €5.8 million ($6.5 million) from €5.6 million in the first half of 2025, The Block reported.

As of Sept. 30, Capital B's strategic bitcoin reserve stood at 3,538 BTC, up 25.3% from 2,823 BTC in January. The company reported a total acquisition cost of €310.6 million ($349.4 million), an average of €87,805 ($98,768) per bitcoin, and a BTC yield of 2.2% for the first nine months of the year, which it defines as the percentage change in bitcoin holdings per fully diluted share.

The company announced capital raises totaling €27.5 million ($30.9 million) during the first half and a further €31.7 million ($35.6 million) between July 1 and Oct. 15, according to the report. Those sum to €59.2 million ($66.5 million) across the two windows.

In September, Capital B acquired 376 BTC for €25.3 million ($28.4 million), its largest bitcoin purchase of the year, funded through recent capital raises that included investments from Blockstream CEO Adam Back.

As this publication has argued, the corporate-treasury bid is often a financing output rather than a price call. Capital B's disclosure shows the same dependency in a smaller vehicle, funded through capital raises rather than a preferred dividend.