Core Viewpoint - Blue Hat Interactive Entertainment Technology has announced a public offering of 32,000,000 Units at a price of US$0.20 per Unit, aiming to raise approximately US$6.4 million before expenses [1][3]. Offering Details - Each Unit consists of one ordinary share and one warrant, with the warrant initially exercisable for one ordinary share at an exercise price of US$0.20 [1][2]. - The warrants will expire one year from issuance and can be exercised immediately, with adjustments to the exercise price occurring on the 2nd and 5th trading days post-offering [2]. - The offering is expected to close on February 23, 2026, subject to customary closing conditions [3]. Underwriter Information - Maxim Group LLC is acting as the sole underwriter for the offering [5]. - The underwriter has a 15-day option to purchase up to 4,800,000 additional Units, which may include ordinary shares and/or warrants [4]. Company Background - Blue Hat was previously involved in communication services and is now expanding into commodity trading, aiming to become a leading intelligent commodity trader globally [8].

XIAMEN, China, Feb. 19, 2026 (GLOBE NEWSWIRE) -- The annual growth rate of the price of gold in 2025 is known as one of the "strongest years in the history of gold" in the industry. Analysts generally believe that under the background of geopolitical tensions, the downward shift of the global interest rate center and the increasing effort from national central banks of gold purchase, gold will maintain a strong shock in 2026. Some Wall Street investment banks even raised their year-end target price to US$5, ...

As filed with the Securities and Exchange Commission on February 9, 2026 Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 BLUE HAT INTERACTIVE ENTERTAINMENT TECHNOLOGY (Exact name of registrant as specified in its charter) Cayman Islands 3942 Not Applicable (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) (IRS Employer Identifica ...

Group 1 - The core viewpoint of the article highlights the financial performance and market position of Blue Hat Interactive Entertainment Technology, indicating a significant decline in revenue but an improvement in net profit [1] Group 2 - As of December 15, Blue Hat's stock opened at $1.425 per share, reflecting a 2.52% increase, with a total market capitalization of $52.62 million [1] - The company's total revenue for the year ending December 31, 2024, is reported at $18.72 million, representing a year-on-year decrease of 74.59% [1] - Blue Hat's net profit attributable to shareholders is reported at -$9.52 million, showing a year-on-year increase of 50.64% [1] - Blue Hat is identified as a leading provider and developer of communication services and Internet Data Center (IDC) operations in China, also involved in mobile gaming and augmented reality (AR) educational products [1] - The company aims to create an engaging, interactive, and immersive community for users through its proprietary technology [1]

Core Insights - Blue Hat Interactive Entertainment Technology has established a subsidiary in Malaysia, marking its entry into the Southeast Asian gold market, with Malaysia as the focal point [1][4] - The Malaysian gold market has shown significant growth, with demand for gold bars and coins increasing by over 38% from Q3 2024 to Q3 2025, and gold investment demand reaching 2.5 tonnes in Q1 2025, a year-on-year increase of 34% [1][2] Market Demand and Growth - Malaysia's gold jewelry retail market is projected to grow at a compound annual growth rate (CAGR) of 6.3%, increasing from RM 18.3 billion in 2025 to RM 23.4 billion in 2029 [2] - The rise of digital investment channels, such as bank gold savings accounts and gold ETFs, is attracting younger investors, contributing to market growth alongside traditional retail [2] Industrial Foundation - Malaysia is a significant global hub for gold processing and manufacturing, with Penang contributing approximately 80% of the country's gold jewelry production [2] - The complete industry chain from production to retail enhances Malaysia's position in the global gold market [2] Policy Environment - Malaysia offers a favorable business environment for the gold market, with no import or export tariffs on gold bars and jewelry, and tax exemptions for products meeting the "Investment Precious Metals (IPM)" standard [3] - These policies reduce transaction costs and enhance Malaysia's competitiveness as a global gold trade and investment hub [3] Company Strategy - Blue Hat aims to expand its gold trade business in Southeast Asia, leveraging Penang's industrial ecosystem and regional influence [4] - The company has completed transactions of 200,000 grams of gold since commencing its gold trade business, focusing on integrating channel resources to solidify its business position [5]

Industry Overview - Gold futures prices on the New York Commodity Exchange reached over $4,300 per ounce in October 2025, marking a historical record with over 35 new all-time highs achieved since the beginning of the year [1] - Gold prices have surged over 61% in 2025, representing the strongest annual performance since the 1970s, primarily driven by Asian markets and central bank purchases [2] - Global gold ETF holdings increased by more than 450 tons, indicating the strongest annual inflow since 2020 [2] Market Forecasts - Bank of America has raised its 2026 gold price target to $5,000 per ounce, with an average price expectation of $4,400, suggesting that if investment demand grows at 14%, prices could reach $5,000, and under an optimistic scenario of 28% growth, prices might challenge $6,000 [3] - HSBC also emphasized that the gold market is expected to remain strong in 2026 due to continued official sector purchases and institutional diversification needs [3] Company Performance - Blue Hat Interactive Entertainment Technology sold 123 kilograms of gold in the first half of 2025, generating profits of approximately $4.87 million [4] - The company's gold holdings now exceed 1 ton, with unrealized gains surpassing $25 million since initiating its gold investment plan in August 2024 [4] - The CEO of Blue Hat highlighted the importance of gold as a safe-haven asset amid global economic uncertainty and noted that the company's gold investments are a crucial part of its diversification strategy [4]

Core Insights - Blue Hat Interactive Entertainment Technology Inc. (BHAT) has completed over 123KG (US$13,326,754) in gold trading during the first half of 2025 and projects a potential trading volume of 550KG for the fiscal year 2025, depending on market conditions [1][2] - The company is undergoing a strategic transformation towards gold-focused commodity trading, with a significant portion of global gold consumption demand coming from China and India, which together account for over 50% of the market [1][2] - The company currently holds approximately 1,200KG of gold inventory and aims to continue building its position based on expected gold price trends, subject to market conditions and board approval [2] Industry Context - The gold trading chain has historically generated annualized returns, and gold prices have appreciated significantly year-to-date in 2025, indicating that expanding trading volume or increasing physical gold holdings may be viable strategies for companies in this sector [2] - Global jewelry demand has been a significant portion of total gold market demand, with substantial contributions from China and India, highlighting the importance of these markets for gold consumption [1]

Industry Overview - The gold market has entered a strong upward cycle driven by both technical and fundamental factors, with significant net inflows into global gold ETFs and central bank purchases exceeding 1,000 tons for the fourth consecutive year [1] - By mid-July 2025, various technical indicators have shown positive signals for gold prices [1] Company Performance - Blue Hat acquired 1 ton of gold in August 2024 at approximately $1,990 per ounce, totaling around $64 million, and has since generated unrealized gains of approximately $42 million, representing a 65% gain [2] - The company completed 123 kilograms in gold trading volume in the first half of the year, aiming to generate cash flow through trading activities and related services [2] - Blue Hat has established a gold trading network across Hong Kong and Southeast Asia, benefiting from increased liquidity due to central bank purchases [2] Strategic Focus - The company's strategy combines physical precious metals holdings with trading operations, designed to support business objectives while managing volatility through diversified activities [3] - Management is exploring opportunities in the gold trading sector, subject to market conditions, regulatory requirements, and board approval [3]

Core Viewpoint - Blue Hat Interactive Entertainment Technology has undergone a significant strategic transformation, focusing on the gold industry, which has resulted in a substantial decrease in revenues but notable improvements in asset growth and operational efficiency [1][2]. Financial Performance - Total revenues decreased by 74.59% to $18.72 million in 2024 from $73.69 million in 2023 due to the strategic business transformation [1]. - Total assets grew by 53%, with current assets increasing by 78%, primarily driven by the acquisition of 1 ton of physical gold for approximately $66.49 million [1]. - The net loss was reduced by 56%, from $21.72 million in 2023 to $9.52 million in 2024, indicating improved operational quality [1]. - Gross margin increased from 1.6% in 2023 to 8.3% in 2024, reflecting a significant breakthrough in profit quality [2]. - Net cash outflow from operating activities decreased by 91%, from $9.77 million to $880,000, showcasing enhanced operational efficiency [2]. Strategic Focus - In 2025, the company aims to deepen its presence in the gold industry with three strategic priorities: managing and potentially expanding physical gold reserves, integrating supply chain resources, and developing a digital gold trading platform [3]. - The company seeks to create a transparent and efficient paradigm for gold trading through technology empowerment and business model innovation [3]. Company Background - Blue Hat was previously involved in communication services and AR interactive entertainment but is now transitioning to become a leading intelligent commodity trader, focusing on commodity trading [4].

Revenue Performance - Total revenues decreased by $54,962,543, or 74.59%, to $18,724,190 for the year ended December 31, 2024, compared to $73,686,733 for the year ended December 31, 2023[338]. - Total revenues increased by $71,490,779, or 3,255.57%, to $73,686,733 for the year ended December 31, 2023, compared to $2,195,954 for 2022, primarily due to expansion in diamond trading and commodity trading[359]. - Revenue from diamond trading reached $15,152,777 for the year ended December 31, 2023, a new business initiated in Q3 2023[364]. - The diamond trading business increased from $15,152,777 for the year ended December 31, 2023, to $18,724,190 for the year ended December 31, 2024, representing a growth of 23.57%[339]. - The company discontinued its information services and commodity trading businesses during the year, leading to a 100% decrease in revenues from these segments[340][341]. Operating Expenses and Profitability - Total operating expenses decreased by $24,034,595, or 80.01%, from $30,037,627 for the year ended December 31, 2023, to $6,003,032 for the year ended December 31, 2024[352]. - Gross profit increased by $392,098, or 33.98%, to $1,545,949 for the year ended December 31, 2024, from $1,153,851 for the year ended December 31, 2023[348]. - Gross profit decreased by $83,665, or 6.76%, to $1,153,851 for the year ended December 31, 2023, with a gross margin of 1.57% compared to 56.35% in 2022[369]. - Operating expenses increased by $20,888,000, or 228.17%, from $9,150,000 in 2022 to $30,040,000 in 2023, mainly due to a rise in general and administrative expenses[373]. - Other expenses increased by $4,849,830, or 2226.02%, from $217,870 for the year ended December 31, 2023, to $5,067,700 for the year ended December 31, 2024, primarily due to investment write-offs and increased foreign currency charges[354]. Net Loss and Financial Position - Net loss decreased by $19,580,634, or 67.28%, from a net loss of $29,110,417 for the year ended December 31, 2023, to a net loss of $9,524,783 for the year ended December 31, 2024[356]. - Net loss increased by $12,313,336, or 130.92%, to $21,718,417 for the year ended December 31, 2023, compared to a net loss of $9,405,081 in 2022[358]. - As of December 31, 2024, the company had working capital of $29.42 million and cash equivalents of $14,300, indicating sufficient liquidity to support operations for the next twelve months[380]. - The company reported a net cash used in operating activities of $9.77 million for the year ended December 31, 2023, with a net loss from continued operations of $29.11 million[386]. - Net cash used in operating activities from continued operations was $884,952 for the year ended December 31, 2024, primarily due to a net loss of $9.5 million[385]. Future Outlook and Strategic Plans - The company expects to begin monetizing its gold holdings, which appreciated by approximately $25 million in value, through strategic sales and financing arrangements in 2025[343]. - The gold market is projected to remain strong, with prices expected to reach between $3,100 and $3,500 per ounce throughout 2025, validating the company's strategic acquisition of 1,000 kilograms of gold in 2024[395]. - The company plans to use retained earnings for business growth, with no current plans to declare dividends[383]. - The company is actively pursuing patent, trademark, and copyright protection for its proprietary technologies to secure its competitive advantages[394]. Debt and Obligations - As of December 31, 2024, the outstanding balance on short-term bank loans was $146,341, with an interest rate of 6.58%[381]. - Future minimum payments under contractual obligations total $2,753,969, with $146,341 due within one year[398]. - The company has no off-balance sheet arrangements that would affect liquidity or capital resources[397].