kinda the bottom of the sleeve AND the bottom of the seatpost, but it's not even that straightforward...
Essentially, in a standard setup, it would be the bottom of the seatpost; Both for the seatpost and the frame.
In your setup, For the seatpost, it's the bottom of the seatpost, but for the frame, it's the bottom of the shim. ish. But what about the shim...?
...with a thin shim, that is split down one side for clamping, it gets really messy. The shim may splay out/deform where the seatpost ends, as it's neither an interference fit, nor clamped it's whole length. meaning that the point moves again to the end of the seatpost.
So, best assume it's the end of the seatpost TBH. Personally, I'd find a post that goes all the way through the shim.