Yes, I completely disagree. You haven't sold any "shares" of GBTC yet. Now maybe when you do sell the GBTC, you will check that box to alter the purchase basis because you have been actually selling the underlying asset (fractionally) all along (eg, you do need to alter the basis—I am just not sure that box would need to be checked because again, it isn't due to selling fees). If you look at what I posted above and check this link, I think you will see that these must be treated like capital gains.
Widely Held Fixed Investment Trust Guide
Note the link won't work because the system keeps removing the pdf document from the link. Just google it as I described above. Sigh...it isn't really a product in the link!
