Cloud Software Firm Phunware Buys 398 More Bitcoins for About $24M

Mobile cloud software company Phunware (PHUN) announced Monday that it has bought an additional 398 bitcoins for about $23.8 million in cash at an average price of about $59,917 per bitcoin, including fees.

The Austin, Texas-based firm says it now holds about 529 bitcoin at an average purchase price of approximately $60,191 per bitcoin, according to a statement Monday.Phunware said last week it would start processing initial issuances of PhunCoin, available for trading on Securitize. In late October, the company said it would begin accepting bitcoin as a form of payment.Shares of Phunware were down more than 3% to $3.57 in early trading on Monday.

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