Phunware stock slides 4% as it buys 100 more Bitcoins

Phunware (NASDAQ:PHUN) buys an additional 100 Bitcoins (BTC-USD) for approximately $4.8M in cash at an average price of $49,750 per BTC. Still, shares of PHUN declines 4% in pre-market trading, erasing most of its gains made during after-hours on Wednesday. The company now holds an aggregate of 630 Bitcoins (BTC-USD), which were bought at an average price of ~$36.8M and $58,513 per BTC, the company says. Meanwhile, Bitcoin (BTC-USD -2.6%) declines below the $50K level, now changing hands at $49.3K per BTC. Recall the company bought nearly 400 Bitcoins towards the end of November.