During the same price decline cycle, the book reality of Bitcoin treasury companies is diverging from their financing actions. In the first half of 2026, French Bitcoin treasury company Capital B reported a revenue of approximately 5.846 million euros, with a year-on-year growth of about 3.5%, but the semi-annual report recorded a net loss of about 69.5 million euros, far exceeding the previous year’s loss level of about 1.86 million euros. The core reason is that as of June 30, it recognized an impairment of approximately 67.5 million euros due to the decline in Bitcoin prices, and this loss is clearly marked as a non-cash accounting impairment that does not involve cash outflows. However, after confirming the substantial impairment, Capital B did not choose to reduce its position but continued to increase its holdings against the trend. As of September 30, 2026, its Bitcoin reserves increased to 3,538 coins, further amplifying the treasury's exposure to Bitcoin against the backdrop of significant book losses. Parallel to this, another company focused on Bitcoin treasury and asset management, Strive, announced on October 16, 2026, that it would raise the IPO size of its perpetual preferred stock SATS to 700 million dollars, with an issue price of 90 dollars per share, expecting to complete the settlement and delivery by the following Tuesday after the announcement. This product was previously planned with a fixed annual dividend of 15% at a par value of 100 dollars per share. One company is bearing the impairment and increasing its Bitcoin holdings, while the other is expanding its treasury scale through an offering of perpetual preferred stock. These two paths outline the main line of discussion in this article: how Bitcoin treasury companies make bets between funding sources and position choices in an environment of declining and volatile coin prices.
Capital B's Book Losses and Bitcoin Pressure
From the semi-annual report data, Capital B's operational performance did not stall. In the first half of 2026, the company recorded approximately 5.846 million euros in revenue, still showing about 3.5% growth year-on-year, indicating that the treasury allocation business around Bitcoin has maintained certain continuity among clients. However, this volume of revenue is completely overshadowed by another set of numbers on the report—during the same period, net losses ballooned to about 69.5 million euros, while the previous year's losses were only about 1.86 million euros, with the loss amount expanding several dozen times within a year, and the main theme of the profit and loss statement has shifted from operational profits and losses to fluctuations in asset values.
The core reason for the massive increase in losses is not the deterioration of operating cash flow, but rather the accounting impairment test due to the decline in Bitcoin prices: as of June 30, 2026, the company conducted a valuation adjustment on the Bitcoin held based on the market price at the end of the period, resulting in an impairment of approximately 67.5 million euros. This impairment is clearly designated as a non-cash accounting loss, but in the net profit measurement, it almost singularly determines the conclusion of the semi-annual report, drowning the small increase in revenue and relatively controllable operating conditions in substantial book losses. For companies where Bitcoin is a core treasury asset, this report clearly exposes a structural pressure: the sensitivity of the balance sheet to coin prices is far higher than that of the income side, and the passive pressure from the decline in Bitcoin prices has become a core variable that treasury models must confront.
Impairment Loss: Loss Does Not Equal Cash Flow Exhaustion
To clearly understand Capital B's massive book loss, it is essential to separate "accounting profit and loss" from "cash inflows and outflows." In the first half of 2026, the decline in Bitcoin prices triggered impairment tests, and the company conducted an impairment of about 67.5 million euros on its held Bitcoin, which is purely an asset value revaluation: the asset value previously recognized at a higher price is marked down to the current recoverable amount on the books, rather than actually selling Bitcoin for cash. Thus, while this 67.5 million euros almost "covers" the net loss of about 69.5 million euros for the first half of the year, the company clearly labels it as a non-cash loss that does not directly reduce the monetary funds in the bank account, nor does it reflect the cash flow situation of the operating business during the current period.
Unlike asset impairments, operational cash flow arises from actual business activities—Income generated from sales, costs paid to employees and suppliers, etc. From the data disclosed in the semi-annual report, Capital B had approximately 5.846 million euros in revenue for the first half of 2026, with a small year-on-year growth of about 3.5%, and did not experience a cliff-like drop in revenue. This means that if looking only at the operational aspect, the company's business is still running and slightly expanding, while the enormous losses on the report are primarily the result of valuation adjustments passively borne by the Bitcoin treasury under the current price decline. For investors, the risk lies in equating such impairment losses with cash flow exhaustion or operational deterioration: when the reports are consolidated, non-cash Bitcoin impairments obscure gentle changes in operational metrics. Only by splitting the reading of asset impairments and operational cash flows can one determine whether a Bitcoin treasury company is depleting cash to survive or undergoing a cyclical revaluation of book value.
Capital B's Contrarian Increase of 3,538 Bitcoins
In the context of substantial impairment that has plunged the semi-annual report into deep losses, Capital B did not choose to reduce its Bitcoin exposure. In the first half of 2026, the company recognized an impairment of about 67.5 million euros due to the decline in Bitcoin prices, causing the net loss to enlarge to about 69.5 million euros; however, as of September 30, 2026, its Bitcoin reserves "increased" to 3,538 coins. The increase in reserve size indicates that after the impairment losses were confirmed in the report, management continued to allocate Bitcoin rather than reducing positions by selling to lessen the impact of future volatility on the profit and loss statement.
This data directly reflects Capital B’s position strategy: since Bitcoin is set as the core treasury asset, then changes in positions become the key leverage for future sensitivity to profits and losses. Increasing positions against the current trend will amplify book losses in the short term if prices continue to decline, but once entering the next price reversal range, a larger reserve size will significantly enhance profit elasticity, making net profits more sensitive to the upward movements of Bitcoin prices. From a treasury management perspective, Capital B is engaging in typical betting logic of exchanging current report pressures for future asset price elasticity.
Strive's 700 Million Dollar SATS Perpetual Preferred Stock Increase
In contrast to Capital B's choice to increase its holdings under pressure on its own asset side, Strive signals its adjustments through its debt and equity structure during the same round of price volatility. On October 16, 2026, Strive announced it would raise the nominal size of its IPO for perpetual preferred stock SATS to 700 million dollars, setting the issue price at 90 dollars per share and expecting to complete the settlement and delivery by the Tuesday following the announcement. This structure essentially introduces high dividends and long-term capital to the Bitcoin treasury: SATS was previously designed to pay a fixed annual dividend of 15% at a par value of 100 dollars per share. With the 90-dollar issue price, the implied dividend yield of the subscription funds has risen to nearly 16.7%, but it does not include commitments for the repayment of principal upon maturity.
Perpetual preferred stock means SATS has no maturity date, and investors mainly rely on Strive's continuous distribution of agreed dividends to earn returns, with long-term risk exposure concentrated on Strive's ability to manage a treasury and assets around Bitcoin and the cyclical fluctuations in Bitcoin prices themselves. In the current environment, where Bitcoin prices have just undergone a decline and volatility remains high, Strive not only did not reduce the issuance scale but also raised the nominal size of the IPO to 700 million dollars. This indicates that the funding has not significantly downgraded its risk appetite for the "high dividend + Bitcoin treasury" combination, and is more willing to lock in rights to earnings and secure long-term indirect exposure to Bitcoin treasury assets through a perpetual structure.
Betting Signals from Bitcoin Treasuries in a Bear Market
By juxtaposing Capital B's ballooning book losses with Strive's counter-cyclical increase, one can observe two types of signals from the Bitcoin treasury sector during the same down cycle: on one side is Capital B, which reported an impairment of about 67.5 million euros due to the decline in Bitcoin prices in the first half of 2026, leading to a net loss of about 69.5 million euros, but as of September 30, its Bitcoin reserves still increased to 3,538 coins, choosing to continue increasing its core treasury asset despite the book pressure; on the other side is Strive, which on October 16, 2026, still within a volatile environment, increased the IPO size of its perpetual preferred stock SATS to 700 million dollars, issuing at 90 dollars per share and maintaining a high dividend commitment structure, reflecting that capital markets still have funds willing to bear the long-term risks associated with Bitcoin treasuries. For investors reading such company reports, it is essential to first clearly differentiate at the data level: the substantial losses currently faced by Capital B are primarily accounting impairments not involving cash flows, rather than a rupture in operational cash flow. Such non-cash losses are not equivalent to cash safety boundaries or the capability for debt and dividend payments. Secondly, in models like Strive's financing through perpetual preferred stock, the future trajectory of Bitcoin prices will directly impact the market value of treasury assets and refinancing conditions, indirectly affecting the pressure on dividend commitments and overall funding costs, requiring investors to continuously observe how Bitcoin price fluctuations transmit through valuation, reports, and financing structures to the risk-return profiles of these Bitcoin treasury companies.
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