Every sat you stack today becomes exponentially more valuable with each halving, because it will take more energy to create the same number of sats in the future. The sats you stack today is born cheap. After each halving, it carries the weight of more energy and more value.
Sequans @Sequans just exited its Bitcoin treasury experiment. It started less than a year ago.
The company bought $BTC near the top. It used the coins as collateral for convertible debt. Eventually it had to sell into weakness to stay afloat.