Home News Phunware buys an additional 398 BTC for about $24M

Phunware buys an additional 398 BTC for about $24M

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Nasdaq-listed developer of enterprise software for mobile devices Phunware announced an additional purchase of 398 Bitcoin (BTC) worth ~ $23.8 million at an average price of $59,917.

According to the press release, as of November 22, the company owns approximately 529 BTC (~ $31.8 million was spent on them, based on the average purchase price of about $60,191).

Phunware created an application to support the presidential campaign of Donald Trump in 2020. According to Fortune, it allowed tracking the movements of his supporters and offered personal access to their social networks.

Investing in Bitcoin

Earlier in November, the developer announced the purchase of 100 BTC for about $6.2 million at an average price of ~ $62,030. At that time, Phunware reported that it owns 127 BTC worth $7.75 million.

In August 2020, MicroStrategy was the first public company to invest part of its own capital ($250 million) in Bitcoin. Later, the board of directors approved a policy of increasing investments in digital gold at the expense of cash reserves.

After that, MicroStrategy CEO Michael Saylor expressed confidence that other private firms would follow the company’s example. In the United States, Jack Dorsey’s Square and Elon Musk’s Tesla decided on such investments.

MicroStrategy acquisitions

In December 2020, MicroStrategy placed $650 million worth of convertible bonds to buy bitcoin. The maturity date is December 15, 2025, unless the company repurchases or converts the securities earlier.

In February, the software provider additionally issued debt securities for more than $1 billion and again invested the funds raised in cryptocurrency. After February 20, 2024, MicroStrategy may redeem all or part of the notes.

Recall that in September MicroStrategy acquired an additional 5050 BTC. The average purchase price was $48,099 per coin. As of September 12, MicroStrategy owns 114,042 BTC. Approximately $3.16 billion was spent on them, based on the average purchase price of $27,713.

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