Grayscale has issued a statement explaining the potential tax issues for investors in spot Bitcoin ETFs. Unlike mutual funds and many other ETFs, almost all spot commodity ETFs (such as gold) are constructed as trusts for tax purposes. The tax treatment of trusts is different from that of mutual funds, and capital gains or losses in mutual funds may affect the remaining shareholders in the fund. This means that, compared to other types of spot Bitcoin ETFs, any spot Bitcoin ETF that qualifies as a grantor trust will not be at a tax disadvantage in terms of cash redemption based on the book value of ETF assets.