Boostheat abandons bitcoin, halves half-year loss to €530k in first half 2026
Boostheat published its first half 2026 results on October 21, 2026 and confirmed the abandonment of the bitcoin treasury reserve strategy launched in 2025. With no revenue, the company is relying on its financing line, whose remaining mobilizable capacity reached approximately €3,300k as of June 30, 2026, to ensure its operational continuity over the next twelve months.
The publication marks a change in course by the current management. The Bitcoin Hold France subsidiary disposed of all its holdings in two stages, generating gross proceeds of €144k and then €96k. Over the half-year, the net loss came to €530k, compared to €14,132k a year earlier, a period weighed down by the accounting treatment of conversion penalties on the financing contract.
The operating loss increased from €219k to €270k, while the company emphasizes the continuation of its cost control policy.
Bitcoin portfolio entirely liquidated in two stages
In 2025, Boostheat had undertaken, through its 100% owned subsidiary Bitcoin Hold France, a diversification strategy consisting of building a bitcoin treasury reserve. As of December 31, 2025, this subsidiary held 3.49 bitcoin, valued at approximately €260k. The group indicates that this strategy had been initiated "at the instigation of the former Chief Executive Officer".
During the first half of 2026, 2.17 bitcoin were sold, generating gross proceeds of €144k. In its communication dated September 23, 2026, the company had indicated considering the sale of the balance in order to limit dilution. This disposal was completed after the close of the period: approximately 1.27 bitcoin were sold, generating gross proceeds of €96k.
Boostheat therefore no longer holds any bitcoin. According to the company, this decision eliminates its direct exposure to cryptocurrency price fluctuations and allows it to refocus its resources on its operations, the execution of its restructuring plan and the search for new strategic opportunities.
Net loss of €530k, impacted by bitcoin depreciation
In the absence of commercial activity, Boostheat recorded no revenue or operating income in the first half of 2026. The operating result came to −€270k as of June 30, 2026, compared to −€219k a year earlier.
The financial result amounts to −€283k. It consists essentially of the loss in value of the bitcoin portfolio, making it the principal item of the half-year loss. Following a positive exceptional result of €23k, the net result came to −€530k.
The comparison with the first half of 2025, which closed with a net loss of €14,132k, primarily reflects the weight of non-recurring items from the prior period. The press release attributes these losses mainly to the accounting treatment of conversion penalties on the financing contract.
Negative equity and reliance on a dilutive financing line
As of June 30, 2026, the balance sheet shows negative equity of −€17,056k and quasi-equity of €14,287k. The latter consists of the protocolarized liability carried by HBR Investment Group and the balance of unconverted bonds, amounting to €1,100k.
During the half-year, the company made a drawdown of €125k on its financing contract. These resources, added to the proceeds from bitcoin sales, allowed it to settle the annual maturity of the debt restructuring plan. Boostheat indicates it is current on its commitments under its restructuring plan as of June 30, 2026.
The line in question takes the form of OCEANE-BSA subscribed by Impact Tech Turnaround Opportunities (ITTO). The company itself notes that the shares issued from these instruments are generally sold on the market very shortly after, which may exert downward pressure on the share price and result in significant dilution. It recalls that this dilutive financing is not the first it has implemented.
Looking ahead, Boostheat considers the environment unfavorable for short-term redeployment of its activities in hybrid thermal compression. The company intends to concentrate its resources on stabilizing its financial situation and seeking relaunch opportunities. According to CEO Hugo Brugière, operational continuity over twelve months must be ensured by the financing line, "subject to its proper execution". As of June 30, 2026, the remaining mobilizable capacity of this line was approximately €3,300k.
