Capital B reports a loss of €69.5 million due to BTC devaluation in semiannual results

Capital B's semiannual results show a net loss of €69.5 million, primarily generated by a devaluation of bitcoin that did not result in cash outflows.

Key Points

• Revenues for the semester increased by 3.5%, reaching €5.8 million.
• The group's adjusted EBITDA is negative at €1.1 million.
• After the semester's close, fundraising announcements total €31.7 million.
• As of September, cash and operational bitcoins amount to €9.1 million.

The financial report, made public on October 15, 2026, pertains to the six months ending June 30, 2026. It also discusses a broader bitcoin reserve and a new capital raise following the end of the period.

Capital B explained in a statement that a devaluation of €67.5 million on BTC accounts for most of the loss. The strategic reserve reached 3,538 BTC as of September 30, 2026, and remained at that level on October 15, 2026.

Capital B's semiannual results: devaluation impacts loss

The net loss largely stems from an accounting devaluation of €67.5 million on bitcoin, not from cash leaving the coffers. The value reflects the bitcoin price as of June 30, 2026.

The financial result is negative at €67.5 million, and the net loss has widened from €1.9 million a year earlier. The operating result, including the Research Tax Credit and before goodwill devaluation, is negative at €1.9 million, compared to a negative figure of €1.7 million.

The adjusted EBITDA of the group is negative at €1.1 million and includes €2.2 million in costs related to the Bitcoin Treasury Company. Historical operating activities remain profitable: the constant perimeter EBITDA, with the Research Tax Credit, rose by 9.8% to €0.64 million from €0.58 million.

Consolidated revenues reached €5.8 million, compared to €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 consulting and development of innovative technologies.

Purchases and other operating expenses increased by 9.9%, to €3.3 million. The increase is mainly due to studies, legal services, consulting, and communication related to treasury strategy. Personnel costs decreased by 2.5%, to €5.3 million.

Capital B's BTC reserve grows, with a target per share

The strategic reserve increased from 2,823 BTC in January 2026 to 3,538 BTC as of September 30, 2026, marking a growth of 25.3%. At the end of the semester, it stood at 3,139 BTC, an increase of 11.2%.

As of September 30, the total purchase cost of the reserve was €310.6 million, averaging €87,805 per bitcoin. The Bitcoin Treasury Company strategy aims to gradually increase the bitcoins held per fully diluted share.

During the semester, diluted bitcoins per share rose from 7,210.0 to 7,343.4 satoshis, on a post-share consolidation basis. This resulted in a BTC Yield of 1.85%, which increased to 2.2% from the beginning of the year to September 30, 2026.

The BTC Yield measures the percentage change in bitcoins held relative to fully diluted shares. The BTC Gain applies that yield to the initial quantities, while the BTC € Gain expresses the result in euros. For the company, these are accumulation indicators, not measures of financial, operational, or liquidity performance.

Capital raise, cash, and changes to shares

Available cash has doubled, from €2.3 million as of June 30, 2026, to €4.6 million as of September 30, 2026. To these figures, 61 BTC intended for operations are added, valued at €3.2 million and €4.5 million on the two dates. They remain outside the strategic reserve and its indicators.

Fundraising announcements totaled €27.5 million in the first semester and €31.7 million afterward. Of the latter, €28,652,058, or 90.4%, came from Equity + Warrants (ABSA), and €3,027,405 from ATM-type equity.

In the semester, 19,917,972 OCA B-01 were converted into 36,613,919 shares prior to the consolidation. The conversion of 14,195,352 OCA B-01 held by Blockstream Capital Partners had already been disclosed in a French statement on August 3, 2026.

The board approved a one-for-ten share consolidation on July 17, 2026. Previously, the nominal value of the shares was doubled, from €0.04 to €0.08, through capitalization of the premium.

The operation became effective on September 8, 2026, raising the nominal value to €0.80. The exercise ratios of the warrants and the conversion prices of the convertible bonds were also adjusted.

Audit and business continuity

The consolidated accounts were subject to a limited review by legal auditors and prepared on the assumption of business continuity. The company's forecasts for the twelve months following the closure indicate cash consistent with the liquidity needs of the period.

According to Capital B, the increase in cash and bitcoin reserves provides additional funding sources and reduces dependence on the operating results of subsidiaries. The semiannual financial report has been publicly available since October 15, 2026.