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]