Grayscale stated in its official blog that unlike mutual funds and many other ETFs, spot commodity ETFs (for example, gold) belong to the grantor trust. The tax regime for grantor trusts differs from that of mutual funds, where capital gains or losses may affect the remaining shareholders in the fund. Any Bitcoin spot ETF that qualifies as a grantor trust will not be at a tax disadvantage on redemptions due to changes in the book value of the ETF assets.
