On August 15th, 2023, Blue Hat Interactive Entertainment Technology (Nasdaq: BHAT), a Nasdaq listed company, announced the completion of an issuance of a total of $29.8 million US of ordinary shares.
“The completion of this issuance marks a significant development for BHAT, continuing the company’s transformation to commodity trading since the third quarter of 2022.” Said Mr. Xiaodong Chen, the CEO of BHAT. He also pointed out that BHAT will keep developing the commodities trading business, especially in trading gold and jewelry, which will create sustainable values for global shareholders.
Regarding the future development of BHAT, Mr. Chen said: “The company has appointed Mr. Pan Weicheng as the CSO in May 2023. Under the leadership of Mr. Pan, a new business system was established –—— commodity trading with artificial intelligence analysis. At the same time, BHAT has also divested its Variable Interest Entity (VIE) structure within mainland China. These adjustments are strategic and enduring. BHAT will gradually shift towards international growth. In the future, BHAT plans to expand and shift its business’s focus to Southeast Asia and the United States.”
“The presence and development of Artificial Intelligence (AI) is inevitable. Thus, utilizing AI technology to influence the existing commodity trading framework is at the core of our new strategy. We are enthusiastic about this forward-thinking endeavor. We envision a working model that is fully implemented and results in positive outcomes, which we have already begun to achieve in the past three quarters.” Mr. Chen emphasized.
