The California Public Employees' Retirement System (CalPERS), the largest US public pension fund, has seen the value of its investment in MicroStrategy fall from over $144 million to approximately $80 million. This decline is attributed to Bitcoin's price volatility and a broader risk-off market sentiment. MSTR's stock has dropped about 45% in the current quarter, reflecting its strong correlation with the cryptocurrency's performance and concerns over potential exclusion from major indices like the MSCI. Despite the stock's 40% drop over the past month, some analysts see a buying opportunity. TD Cowen maintained a buy rating on MSTR with a $535 price target, noting the company's strategy extends beyond simply holding Bitcoin to creating new securities. Technical indicators also suggest the stock has entered an RSI buy zone, leading some market watchers to believe both MSTR and Bitcoin could be nearing a bottom. The company has expressed confidence it can withstand a significant Bitcoin price drop.