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How is it any different from "one ton of gold" versus "$40 million in gold"? Surely the latter provides more useful information to the general public?

"Useful" for somebody, sure. I don't think that fact has any use for the pubic.

Gold is generally less volatile, so saying "$40mm in gold" would likely have some lasting significance. But in a month, that $40mm in Bitcoin could be worth $20mm or $60mm or something else entirely. Giving the actual value in BTC would let us know how much exactly.

The overwhelming majority of Bitcoin users are concerned with the exchange value, so it makes sense to give that rather than the "native" value.

So you're saying it's not a currency, but a speculative play?

For most buyers of bitcoin currently, yes. In the future that might change.

Article says 5500BTC.

96000 btc i believe was the figure being thrown around however I also saw 39000 btc at the every early stages and that is much closer to the $40million estimate given in OP.