Here's what really changed the game: passive money.

Index funds and ETFs now represent roughly 52% of US long-term fund assets—that's over $19 trillion in play. Think about that scale for a moment.

Had regulators blocked digital asset treasury companies from this space, they'd effectively lock themselves out of more than half the entire US investable market. Billions in capital flows would've faced barriers. The math doesn't work for institutional players considering such restrictions.