Phunware buys more bitcoin at an average price of about $62,000

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Shares of Phunware Inc. PHUN, +0.72% edged up 0.2% in premarket trading Friday, after the developer of a multiscreen-as-a-service platform said it bought a additionl $6.2 million worth of bitcoin. The company said it bought 100 bitcoin BTCUSD, +0.54% at an average price of $62,030 per bitcoin, including fees and expenses. Meanwhile, continuous bitcoin futures were up 0.7% at $61.805, according to FactSet data. Phunware said as of Nov. 4 it owned about 127 bitcoin, which were acquired for $7.75 million at an average price of $61,238. Phunware’s stock had skyrocketed last month, just as special-purpose acquisition company (SPAC) Digital World Acquisition Corp. DWAC, -3.87% was revealed to be merging with an entity called Trump Media & Technology Group. It has rallied 299.1% over the past three months through Thursday, while the S&P 500 SPX, +0.37% has gained 5.7%.

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