According to Foresight News , Arca's Chief Investment Officer, Jeff Dorman, tweeted, "People are worried about the wrong strategy risk. Being delisted from MSCI is no big deal (slightly negative impact on stocks, unrelated to BTC), and the Bitcoin crash is irrelevant to MSTR (they will never be forced to sell. They have over 2 years of cash reserves and no contractual clauses forcing a sale).
The biggest risk is actually a surge in Bitcoin's price while MSTR's price remains stagnant. If it stops tracking Bitcoin's price and trades well below mNAV, then it's all over. If mNAV is well below $0, it won't be able to raise funds through ATMs, and the only option will be to sell Bitcoin to buy back shares.
