Absolutely
Nobody has even talked about the management fees either. Surely if you are looking for a tax efficient wrapper, you are considering it for the long-term. Maybe > 10 years. Maybe even 20 years.

IIRC fees are 2% annually and collected in BTC, assuming you start with 100BTC of exposure,

after 10 years, it is reduced to 81.7 BTC
after 20 years this becomes 66.76 BTC

JUST FROM THE DEDUCTION OF FEES !!

Now tell me why anyone would pay a premium to hold this product for the long term for tax reasons.
It makes no sense whatsoever

There is only one winner in the long run with this product, and it ain't Joe Public