Strategy (MSTR), the largest public holder of bitcoin BTC$92,965.32, is in talks with index provider MSCI over a possible decision to remove the company from major equity benchmarks.

A decision is expected by Jan. 15, Reuters reported. The outcome could carry significant consequences for the Tysons Corner, Virginia-based company.

JPMorgan analysts estimated last month that a removal could spark outflows of up to $8.8 billion if other index providers follow MSCI’s lead. That’s because Strategy’s inclusion in indices like MSCI USA and MSCI World makes it a part of many passive investment products.

“We're engaging in that process,” Saylor told Reuters when asked about MSCI, and added that he “was not sure” about the accuracy of JPMorgan’s estimates.

Strategy, which has 650,000 BTC on its balance sheet, has been under fire over the last few weeks after the price of the leading cryptocurrency plummeted from an all-time high over $120,000 to as low as $82,000.

While the bitcoin price has recovered to $93,000, still about 26% below the record, critics argue Strategy’s debt and equity issuance to accumulate BTC isn’t sustainable. The company's shares have dropped 37% this year.

UPDATE (Dec. 3, 10:40 UTC): Adds dropped attribution to headline.