Capital B posts wider H1 net loss of $78 million on bitcoin impairment charge

The loss is largely an accounting artifact of impairment rules rather than a change in Capital B's operating business, which is why the headline number overstates the damage. The real signal is structural: a treasury strategy built on holding bitcoin forces reported earnings to absorb markdowns even when no coins are sold, leaving the company's results hostage to the crypto cycle. Whether that volatility remains acceptable to its shareholders and creditors is the open question.