Blue Hat Announces the Completion of Its Purchase of One Ton of Gold, Showcasing the Effectiveness of Its Strategic Positioning
XIAMEN, China, Jan. 31, 2025 (GLOBE NEWSWIRE) -- Blue Hat Interactive Entertainment Technology ("Blue Hat" or the "Company") (NASDAQ:BHAT) today announced the completion of its purchase of one ton of gold, pursuant to sales agreement dated October, 2023, with Rongxin Precious Metal Technology Co., Ltd ("Rongxin"). The transaction was finalized following the Company's settlement of the remaining balance through the issuance of ordinary shares.
Showcasing the Effectiveness of the Company's Strategic Positioning
Blue Hat has made a number of strategic moves over the past two years as part of its transition to focus gold and supply chain businesses:
- Driving business development: In March 2024, the Company announced its strategic shift to become an AI-driven financial services enterprise, focusing on the development of gold trading and commodity-related businesses.
- Fostering strategic alliance: In May 2024, the Company entered into letter of intent for a potential acquisition with GTC Multi Trading DMCC, further expanding its presence in the global commodity trading sector.
- Platform development: At the end of May 2024, Mr. Chen Xiaodong, chief executive officer of Blue Hat, unveiled a plan to build an intelligent gold trading platform using technological innovation to enhance the transparency and efficiency of gold trading.
- Achieving regulatory milestones: In June 2024, the Company's subsidiary successfully qualified as Category A Dealer in Precious Metals and Stones, which provides a critical foundation for the Company's long-term development of its gold and commodities business.
Notably, the gold purchase agreement with Rongxin was executed and completed at a price of RMB 473.70 per gram (about US$1,900 per ounce), which presents significant cost advantage. As the gold delivery price surpassed US$2,780 per ounce at the beginning of 2025, the Company's book assets have appreciated by nearly US$25 million, underscoring the foresight of Blue Hat's management in investment and strategic positioning.
Looking Ahead: Growth and Innovation
Mr. Xiaodong Chen, the chief executive officer of the Company, stated: "In recent years, the company's rapid expansion in gold trading and supply industry has validated our strategic focus. In 2025, we will continue to increase our gold reserves, deeply integrate upstream and downstream supply chain resources, and accelerate the development and promotion of digitalized gold trading platforms, to create a transparent and efficient gold trading ecosystem. Our goal is to create greater value for our shareholders through business model innovation."
As part of its 2025 objectives, Blue Hat plans to focus on the following three areas:
1. Increasing gold reserves: Increasing the proportion of gold assets through strategic alliances with international partners.
2. Optimizing supply chain operations: Enhancing the efficiency of the gold supply chain through the development of intelligent platform and regional expansion.
3. Promoting technological innovation: Accelerating the development of blockchain-based trading platforms to enable the digitization and global circulation of gold assets.
Blue Hat remains committed to upholding the principles of innovation and sustainable development, and will continue to leverage its robust business growth exceptional management capabilities to deliver long-term value to global shareholders and partners.
About Blue Hat
Blue Hat was formerly a provider of communication services, as well as a producer, developer, and operator of AR interactive entertainment games, toys, and educational materials in China. Leveraging years of technological accumulation and unique patented technology, Blue Hat is expanding its business to commodity trading, aiming to become a leading intelligent commodity trader worldwide. For more information, please visit the Company's investor relations website at http://ir.bluehatgroup.com. The Company routinely provides important information on its website.
Forward-Looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set in the Company's SEC filings. These risks and uncertainties could cause the Company's actual results to differ materially from those indicated in the forward-looking statements.
Contacts:
Blue Hat Interactive Entertainment Technology
Phone: +86 (592) 228-0010
Email: [email protected]
