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Market Daily Report: Bursa Malaysia's Key Index Ends At Intraday High

KUALA LUMPUR, July 30 (Bernama) -- Bursa Malaysia's key index closed at an intraday high today, supported by continued buying interest even as renewed geopolitical tensions and a weaker overnight lead from Wall Street following the US Federal Reserve's (Fed) decision to stand pat on interest rates weighed on broader sentiment. The Fed has decided to hold rates steady for the fifth consecutive meeting, with the Federal Funds Rate unchanged between 3.50 per cent and 3.75 per cent. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 4.84 points to 1,720.40 from yesterday’s close of 1,715.56. The benchmark index, which opened 1.14 points lower at 1,714.42, hit its lowest level of 1,710.69 in early trade before gaining momentum for the rest of the day. However, the broader market was negative with losers outpacing gainers 581 to 411, while 612 counters were unchanged, 1,173 untraded, and 87 suspended. Turnover declined to 2.49 billion units valued at RM2.25 billion from ...
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SharpLink Shares Slide on Q2 Loss and ETH Impairment

Stock Reaction

SharpLink Gaming (SBET.US) dropped 15.5% Friday after weak Q2 results and a heavy non-cash hit tied to its Ethereum holdings.

Earnings Snapshot

  • Revenue: $0.7M (↓ from $1.0M YoY)

  • Gross Profit: $0.2M

  • Net Loss: $103.4M, mainly due to:

    • $87.8M non-cash impairment on liquid staked Ethereum (ETH)

    • $16.4M non-cash stock-based compensation (linked to a strategic advisory deal with Consensys)

Treasury Strategy: Big Bet on ETH

Q2 marked SharpLink’s pivot to Ethereum as its primary reserve asset.

  • Raised $2.6B via capital offerings

  • Acquired 728,804 ETH, nearly all staked

  • Earned ~1,326 ETH in staking rewards to date

  • Boosted its ETH Concentration metric by 98% in weeks

Co-CEO Joseph Chalom said this strategy positions SharpLink “at the center of a transformational opportunity in global finance and technology.”

Investor Takeaway

  • Core business weak: declining sales and shrinking gross profit

  • ETH strategy dominates: balance sheet now highly tied to crypto market swings

  • Volatility risk: large non-cash impairments show how earnings could remain erratic

  • Long-term play: management pitching ETH pivot as a transformational bet

Quick Read for Investors:

  • Q2 sales down, big net loss

  • ETH impairment + stock comp drove losses

  • Company doubling down on Ethereum as treasury backbone

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