Textual content measurement
Dreamstime
Shares of
Phunware
tumbled Friday after the corporate introduced it might settle for Bitcoin as a type of fee for purchases made on Lyte Expertise, its newly acquired enterprise unit providing gaming PCs.
Shares of the software program firm fell 6.7% to $4.47. The inventory has risen about 255% 12 months so far.
Phunware
(ticker: PHUN), which gives blockchain-enabled PhunCoin and PhunToken, closed the acquisition of Lyte on Oct 19. Lyte’s prospects — largely players, builders, content material creators and crypto fans — can now use bitcoins to purchase high-performance computer systems and peripherals on its web site.
The transfer to just accept Bitcoin, Phunware mentioned, aligns with its imaginative and prescient for a blockchain-enabled, decentralized information financial system.
The corporate additionally introduced the launch of Black Friday specials on 4 optimized PCs designed particularly for crypto miners, players, streamers and merchants.
Phunware, with a market cap of greater than $403 million, was based in 2009. It gained some attention in 2019 for its work with Donald Trump’s re-election marketing campaign.
As for Bitcoin, the world’s largest cryptocurrency has risen 2.73% over the previous 24 hours to $62,560, in response to CoinDesk. The second-largest foreign money, Ethereum, was at $4,433, and hit a report excessive of $4,458.27 on Friday thanks to a renewed surge in attention on digital assets. Ether costs have rallied round 50% prior to now month.
Write to Karishma Vanjani at karishma.vanjani@dowjones.com
