Cloud Software Firm, Phunware Parts With $24M to Add More Bitcoin to Treasury


Phunware recently acquired 398 more Bitcoins. Hence, this brings the total number of Bitcoins owned by the cloud software firm to about 529 Bitcoins. As a result of this recent purchase, the company parted with around $24 million. Inclusive of expenses and fees, this brings the average cost of each Bitcoin acquired to $59,917. 

The recent Bitcoin purchase is not the only crypto activity the company is involved in. In fact, Phunware recently announced that its crypto coin, PhunCoin, would soon begin trading.

Phunware Casts its Net into the Crypto Waters

 The company’s CEO and co-founder, Alan Knitowaki, shares that the token is the world’s;

“first regulated crypto designed for mainstream adoption.” 

The token PHCN would also exclusively trade on Securitize. As a matter of fact, Securitize is the first blockchain-enabled transfer agent. It is registered with the United States Securities and Exchange Commission (SEC). 

The company announced that it would reserve almost 72% of the maximum supply. This supply is equivalent to 100 billion PhunCoin and is currently trading at $0.008.

The announcement of the issuance of the initial PHCN tokens had a positive impact on the value of the company’s shares; With the shares consequentially experiencing a 4.8% increase after this announcement.

The PhunWallet, which is available in both Apple App Store and Google Play Store, manages the token. PhunCoin will also work alongside PhunToken to blockchain-enabled Phunware’s customer data platform. You can purchase the PhunToken here. PhunCoin will only be available according to approved regulatory exemptions. 

However, individuals who had invested in PHCN through previous exemptions will receive specific instructions. These previous exemptions include Regulation CF and Regulation D. The instructions will guide how to receive PhunCoin and set up a Securitize account.

The instructions will also include specific instructions on how to complete requisite screening requirements. On top of that, investors will get direction on how to consent to the issuance of their PhunCoin.

The release of the token is not Phunware’s only dance with crypto. In late October, the company also announced that it would begin accepting Bitcoin payments. The company will accept‘ digital gold’ for purchases on Lyte Technology. Phunware recently acquired Lyte Technology as its business unit. It offers gaming PCs.

More on Phunware

Phunware is a blockchain and mobile software company that is based in Austin, Texas. The company produces mobile applications that companies use in marketing and advertising. These applications aid companies in location tracking, personalized ad targeting, and crypto brand loyalty programs. 

This company has worked with a couple of some of the world’s most recognizable brands. Consequentially, developing mobile ecosystems for them. The company’s customer data platform manages almost one billion active monthly devices. The company also boasts of having generated over 15 billion Phunware IDs tied to consumers across the globe.

Currently, as per the time of writing, the company’s shares are trading at $3.36, a 9.45% decrease within 24 hours. In a 52-week period, the company’s shares have traded as high as $24.04 and as low as 60 cents. The company has a market cap of $356.17 million.