Capital B posts €69.5 million H1 net loss on bitcoin impairment charge
In brief
- Capital B's H1 net loss widened to €69.5 million from €1.9 million a year earlier.
- Bitcoin impairment charge of about €67.5 million drove the loss, with no cash impact, the company said.
- Revenue rose 3.5% year-on-year to €5.8 million.
- Bitcoin reserve reached 3,538 BTC as of Sept. 30, up 25.3% since January.
A loss driven by one line
Almost all of the loss came from the impairment.
According to Capital B's half-year results, as reported by The Block, roughly €67.5 million (about $75.9 million at The Block's conversion) of the €69.5 million loss came from an additional bitcoin impairment charge based on bitcoin's price as of June 30. The company said the charge had no cash impact.
The Block converted the headline loss to $78.1 million. The prior-year figure was €1.9 million ($2.1 million).
Revenue barely moved. It rose 3.5% year-on-year to €5.8 million ($6.5 million), compared with €5.6 million in the first half of 2025, per the results.
The BTC stack keeps growing
Capital B rebranded in July 2025 to focus on its bitcoin treasury strategy, and it's kept accumulating since then. The company reported that its strategic bitcoin reserve reached 3,538 BTC as of Sept. 30, up 25.3% from 2,823 BTC in January.
Its total acquisition cost came to €310.6 million ($349.4 million), an average of €87,805 ($98,768) per bitcoin, according to the company's report.
September brought its biggest buy of the year. Capital B acquired 376 BTC for €25.3 million ($28.4 million), funded through recent capital raises that included investments from Blockstream CEO Adam Back, The Block reported.
Funding and the BTC yield metric
The results showed capital raises totaling €27.5 million ($30.9 million) during the first half. Capital B announced another €31.7 million ($35.6 million) between July 1 and Oct. 15.
The company also reported a BTC yield of 2.2% for the first nine months of the year. BTC yield is Capital B's own metric (it measures the percentage change in bitcoin holdings per fully diluted share), so it isn't a figure you'll find on a standard income statement.
Frequently asked questions
Why did Capital B's first-half net loss widen?
Capital B's half-year results attributed about €67.5 million of its €69.5 million net loss to an additional bitcoin impairment charge based on bitcoin's price as of June 30. The company said the charge had no cash impact. A year earlier, its first-half net loss was €1.9 million.
What is Capital B's BTC yield metric?
BTC yield is a metric Capital B reports that measures the percentage change in bitcoin holdings per fully diluted share. The company reported a BTC yield of 2.2% for the first nine months of the year.
