MSCI is reviewing whether to remove public companies that hold large amounts of crypto on their balance sheets from its major stock indices.

If this change goes through, some funds that track these indices may be forced to sell crypto-related holdings, with estimates ranging from $10B to $15B.

The discussion started in October, when MSCI proposed excluding companies with over 50% of their assets in digital assets from benchmarks like the MSCI USA Index.

This matters because these indices guide how many institutional portfolios are built and managed.