Why did BMNR plummet?

The stock price of BMNR has experienced a significant decrease on June 30. The decline of BMNR can be attributed to the following factors:

1. Regulatory Risks: The company is undergoing a private placement and treasury strategy pivot, which could be perceived as risky by the market. The announcement of a $250 million private placement linked to Ethereum may introduce regulatory uncertainties, especially considering the volatile nature of the cryptocurrency market.
2. Market Overreaction: The market may have overreacted to the news of the private placement and treasury strategy pivot. Such a significant capital raise and shift in strategy can lead to a dilution of existing shares and may raise concerns about the company's financial health and long-term viability.

In conclusion, the decline of BMNR can be attributed to a combination of regulatory risks and market overreaction to the news of the private placement and treasury strategy pivot.