MicroStrategy's stock has fallen nearly 70% in the last year

MicroStrategy's stock has fallen nearly 70% in the last year, and analysts warn it could lose its place in the Nasdaq if the decline continues.

MicroStrategy holds one of the largest bitcoin positions on any public balance sheet, and the stock trades in line with bitcoin's movements more than with its underlying software business. When Bitcoin pulls back, the equity follows with larger swings.

The Nasdaq has rules around minimum size and stability. If MicroStrategy slips below those levels, funds tracking the index may be required to sell their positions, which would add more volatility to the ticker.

This doesn't change the company's long-term strategy, but it shows how exposure through an equity wrapper behaves when the underlying asset is as volatile as Bitcoin.