CAPITAL B’S BITCOIN GREW 11.2% IN THE HALF — PER SHARE IT GREW 1.85% — THE €67.5 MILLION IMPAIRMENT IS THE SMALLER COST

Capital B published its first-half results at 20:00 CET on October 15, 2026. The Paris-listed bitcoin treasury company lost €69.5 million, against €1.9 million a year earlier. Of that, €67.5 million was what it calls "an additional BTC impairment charge," marked at the June 30 bitcoin price. The company says it has no cash impact.

Now the number that matters to a shareholder. The reserve grew from 2,823 bitcoin in January 2026 to 3,139 on June 30, up 11.2%. Per fully diluted share it grew from 7,210.0 to 7,343.4 sats, which the company reports as a "BTC Yield" of 1.85%. Through September 30 it reports 2.2%.

Who pays? Coins rose about six times faster than coins per share. The gap is new shares. In the half, 19,917,972 convertible bonds turned into 36,613,919 new shares. On August 17, 2026, Blockstream Capital Partners converted its last 14,195,352 bonds into 28,687,362 more, counted before the one-for-ten reverse split.

Capital B holds 3,538 bitcoin as of October 15, 2026, bought at an average €87,805 each. It raised €27.5 million in the half and €31.7 million since. The impairment is a mark on paper. The dilution is a slice of the company handed over for every coin added. At the time of this writing, bitcoin was $81,894.