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Investing.com — Heading into the close on Thursday, Phunware Inc (NASDAQ:PHUN) shares are down 15% at $3.31 after it announced the purchase of additional Bitcoins for approximately $4.975 million.
Phunware, which now holds around 630 Bitcoin said it purchased 100 Bitcoin at an average price of approximately $49,750 each.
It means the average price paid for the approximately 630 BTC now stands at around $36.8 million and an average purchase price of approximately $58,513 per Bitcoin.
Phunware shares experienced a monster rally in October, hitting over $24 per share after being linked with former President Trump’s potential social media company SPAC merger. However, since that high, its trajectory has been mostly downwards, today giving up the majority of Wednesday’s 21% gains, which were again linked to the SPAC.
Bitcoin has also declined Thursday, down roughly 6%, trading around the $47,493 mark.
