- The stock price of Phunware Inc (NASDAQ: PHUN) fell by 14.58% today. This is why it happened.
The stock price of Phunware Inc (NASDAQ: PHUN) – a fully-integrated enterprise cloud platform for mobile that provides products, solutions, data, and services for brands worldwide – fell by 14.58% today. Investors are responding negatively to Phunware announcing that it has purchased an additional 100 bitcoin for approximately $4.975 million in cash at an average price of approximately $49,750 per Bitcoin, inclusive of fees and expenses.
As of December 9, 2021, Phunware now holds an aggregate of approximately 630 bitcoin — which were acquired at an aggregate purchase price of approximately $36.8 million and an average purchase price of approximately $58,513 per bitcoin, inclusive of fees and expenses.
The current Bitcoin price is $48,424.36 — which means that Phunware owns 630 Bitcoin at a loss of about $10,000 each.
When the price of Bitcoin goes up, then the price of Phunware should also increase going forward.
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.