Blue Hat Interactive Entmt Tec - BHAT STOCK NEWS

Blue Hat Interactive Entertainment Technology (NASDAQ: BHAT) has executed a 1,000-kilogram gold delivery, marking the launch of its gold supply chain business. This follows a framework agreement signed in October 2023 with Macau Rongxin Precious Metals Technology. The purchase price was approximately $66.49 per gram, totaling about $66.49 million. BHAT plans to leverage this gold in its supply chain business, providing gold to refineries, wholesalers, and retailers. CEO Chen Xiaodong stated that this delivery represents a important advancement in the bulk commodity trading sector, underlining BHAT's commitment to expanding its international market presence and strengthening its financial position.

Blue Hat Interactive Entertainment Technology (NASDAQ:BHAT) is expanding into gold trading amid rising gold prices and economic optimism. The company has formed strategic partnerships with Sichuan Jinyinghe Industrial Co., in Shenzhen and GTC Group in Dubai. Blue Hat's subsidiary, Golden Alpha Strategy , has obtained a Dealers in Precious Metals and Stones Category A Registration from Hong Kong Customs and Excise Department.

Blue Hat plans to integrate artificial intelligence into its offerings, including an intelligent gold supply chain and recycling system, and a sophisticated gold derivatives trading platform. The company aims to generate revenue from various aspects of the gold supply chain, not just from buy-sell spreads. Blue Hat is targeting the Shenzhen Shuibei market, known as the 'World's Gem City,' which accounts for over 50% of China's domestic gold and jewelry wholesale market.

Blue Hat Interactive Entertainment Technology (Nasdaq: BHAT) and Sichuan Jinyinghe Industrial Co. have signed a framework cooperation agreement to establish a leading gold supply chain company. This collaboration aims to integrate industrial resources and international financial capital to address issues in the gold industry and promote innovation. With recent increases in gold reserves by central banks, the gold industry is poised for high-quality development. The new company will expand gold sourcing channels and offer leasing and consignment sales services. Blue Hat expects to capture over 10% of the Shenzhen Shuibei market within three years, achieving sales of over RMB 200 billion. The partnership will focus on business structure, operational procedures, and risk management to build a top-notch gold supply chain enterprise.

Blue Hat Interactive Entertainment Technology (NASDAQ: BHAT) announced that its subsidiary, Golden Alpha Strategy , has secured a Class A License from the Hong Kong Customs and Excise Department. This license enables the company to trade precious metals and stones, aligning with the regulatory measures to combat money laundering and terrorist financing, implemented on April 1, 2023. CEO Chen Xiaodong emphasized the significance of this license in fostering business transformation and international development. The license will also allow collaboration with Macau Rongxin Precious Metals Company to enhance the gold supply chain and recycling system. BHAT aims to leverage AI technology to optimize commodity trading, focusing on precious metals.

Blue Hat Interactive Entertainment Technology (NASDAQ: BHAT), traditionally known for its games and toys business, is undergoing a transformation towards commodity trading, focusing on precious metals like gold. The shift is due to shrinking revenues from their original business, exacerbated by COVID-19. BHAT has divested unprofitable ventures and has established partnerships with Macau Rongxin Precious Metals Company and Dubai's GTC GROUP Utilizing AI technology, BHAT aims to innovate the gold trading sector with products like an intelligent gold supply chain and a gold derivatives trading platform. The company aspires to become a leading 'Smart Gold Trading Platform' on Nasdaq.

Blue Hat Interactive Entertainment Technology (NASDAQ: BHAT) announced a Letter of Intent (LOI) to acquire 60% of GTC Multi Trading DMCC (GTCM), a fintech company in the UAE. The acquisition will be carried out through the issuance of ordinary shares and signifies a strategic movement towards AI-driven financial services. CEO Chen Xiaodong emphasized the shift towards fintech and AI innovation. GTCM's founder, Mr. Zheng, expressed enthusiasm for leveraging AI technology to advance financial transactions and customer service. This partnership aims to enhance BHAT's position in the global fintech sector.

Blue Hat Interactive Entertainment Technology (NASDAQ: BHAT) announced the appointment of an AI digital person, Aileen, as its new Chief Information Officer (CIO) on May 15, 2024. The company developed Aileen using advanced AI and gaming technologies to create a highly realistic digital persona with sophisticated language interaction capabilities. Aileen will collect industry information and support decision-making for BHAT's management team. Furthermore, Aileen will interact with investors and media on the company's website. CEO Chen Xiaodong emphasized the transformative potential of AI in business, predicting significant opportunities for small and medium-sized companies utilizing AI technologies.

Blue Hat Interactive Entertainment Technology (NASDAQ: BHAT) announced its audited financial results for the Fiscal Year 2023, with a revenue increase of 33 times compared to the previous year. The company achieved a revenue of $73.68 million in 2023, primarily driven by the robust expansion of its commodity trading business, particularly in jewelry and gold trading. Despite the significant revenue growth, Blue Hat reported a net loss of $21.72 million for Fiscal Year 2023, attributed to bad debts and asset impairment from divested businesses. However, the new business line of commodity trading contributed a profit of nearly $1.2 million. CEO Mr. Chen Xiaodong highlighted the company's strategic transition and plans for further expansion in commodity trading, online gold derivatives trading, and embracing artificial intelligence.