Cloud Software Firm Phunware Buys Additional $24M Bitcoin (BTC)

Yesterday, Phunware announced the purchase of $23.8 million worth of bitcoin, and now holds over $31 million in the flagship cryptocurrency. The move comes after they recently began accepting bitcoin as a means of payment. 

Phunware Purchase $23.8 Million Bitcoin

Phunware intends to take part in blockchain-centered financial decentralization and future disruption. The startup is an enterprise cloud network that provides mobile phone applications both in android and iPhone.  According to recent reports, Phunware bought 398 additional bitcoin at a total cost of $23.8 million. They paid an average price of $59917 per bitcoin, which is inclusive of the fee. 

On November 5th, Phunware purchased around 100 bitcoin at the cost of about $6.2 million.  At that time, bitcoin was trading at just about $62k. 

Phunware now holds a total of 529 bitcoin, costing $31.8 million, including fees. The platform aims to benefit from bitcoin while offering premium services for the users. However, the move to purchase bitcoin led to tumbling prices in Phunware shares. According to some sources, the shares plunged by about 3% earlier this morning.  

Phunware’s Interest in Bitcoin

In recent weeks, Phunware has shown vast interest in the crypto space, and especially bitcoin. Aside from purchasing the coin, the platform announced that it would start accepting bitcoin payments. 

Phunware announced its bitcoin adoption plans soon after purchasing a technology network called Lyte. Lyte is a technology network that sells optimized PCs for gamers, developers, content creators, and others. 

Phunware began accepting bitcoin since the move aligns with their future vision of a blockchain-centered decentralized economy. The firm has created Phuntoken and Phuncoin, which work on the same concept of decentralization. The bitcoin that the startup purchased will help in the payment works. 

Increasing Institutional Adoption for Bitcoin

The move by Phuware to not only accept but also own bitcoin will be very instrumental in bitcoins growth. Institutional adoption has always been the key to the development of Bitcoin. Of course, several companies have been adopting bitcoin as their payment tool. Earlier this year, Tesla, one of the popular worldwide electric car manufactures, began accepting bitcoin as a payment currency. The move led bitcoin to serious price surges.

Although companies like Phunware have purchased a small amount of BTC, the adoption and support are also good for the coin’s future.