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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:
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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.
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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.
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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.
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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."