I'll chime in just so y'all can stop speculating

The 20th anniversary bag tags will be sent to those who qualify for or maintain Ultimate in 2025, on top of the regular Ulti tags. We waited until our actual 20th birthday (June 6) to send out the first batch (i.e. for those who qualified from Jan-June), and the rest will sent out over the course of 2025 as you reach your qualification date.