The California Public Employees’ Retirement System (CalPERS) has incurred a $64 million loss on its investment in MicroStrategy, as the company's stock value plummeted from $144 million to approximately $80 million. This decline is largely due to the downturn in Bitcoin prices and a broader market risk-off sentiment. JPMorgan has issued a warning that MicroStrategy's significant exposure to Bitcoin could result in its removal from major indices such as the MSCI USA Index and Nasdaq 100. Such an exclusion could potentially lead to up to $8.8 billion in passive fund outflows, further impacting the stock's performance.