You forgot FASB accounting standard change in 2024 so Bitcoin held in treasuries is treated with the fair value accounting standard instead of being classified as an indefinite intangible asset. Which makes Bitcoin much more attractive to hold for publicly traded companies as a reserve asset.

Considering public companies hold more than 4 trillion dollars in USD cash that is subject to persistent inflation, this sets up a corporate rush into Bitcoin as a logical way to avoid compounding purchasing power loss.