Strategy is facing a potential liquidity crisis. According to a Reuters report, the company’s CEO Saylor revealed that they are in discussions with MSCI regarding the possibility of being removed from the index, with a final decision to be announced on January 15.

This is no small matter. JPMorgan’s analyst team has provided a startling estimate—if Strategy is indeed removed from the MSCI index system, funds that passively track the index would be forced to sell, potentially triggering sell pressure of up to $8.8 billion.

Given Strategy’s unique position as a publicly listed company holding a large amount of Bitcoin assets, an outflow of this magnitude would not only impact its stock price, but the ripple effect could likely spread to the entire cryptocurrency market. With only a few days left until January 15, the market is holding its breath for this potentially game-changing decision.