Phunware Stock Price Increased Over 30% Pre-Market: Why It Happened

By Amit Chowdhry ● Apr 6, 2021
  • The stock price of Phunware Inc (NASDAQ: PHUN) increased by over 30% pre-market. 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 – increased by over 30% pre-market. Investors are responding to the company announcing that its board of directors authorized bitcoin purchases in preparation for the commercial launch of its blockchain-enabled MaaS Customer Data Platform and MaaS Mobile Loyalty Ecosystem.
And Phunware plans to release PhunWallet on iOS and Android later this month, subject to application approvals by Apple App Store and Google Play, respectively. Plus PhunWallet will manage the issuance of not only PhunCoin to reward consumers for the value of their data, but also PhunToken to reward consumers for the value of their engagement.

Phunware has also recently partnered with BitPay to expand its corporate benefits package to provide cryptocurrency payroll options for employees, including bitcoin.

KEY QUOTE:

“We recently completed an initial purchase of 25.8 bitcoin at an average price of $58,133 per bitcoin and are thrilled to actively participate in such a vibrant global market and community alongside Tesla, MicroStrategy, Square and many other corporations and funds worldwide. We expect to leverage more than a decade of our mobile experience to drive the mainstream adoption of cryptocurrencies, while simultaneously offering enterprises and governments the opportunity to leverage the benefits of blockchain to drive profitable behavior without the complexity of designing and maintaining their own infrastructure or ecosystem.”

— Alan S. Knitowski, President, CEO and Co-Founder of Phunware

Disclaimer: This article is intended for informational purposes. Prior to making any investment, you should conduct your own analysis and financial strategy.