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Do ETF providers such as blackrock or fidelity pay capital gains tax when they rebalance ?

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Rebalance what? It's just Bitcoin in there??

I didn't say #bitcoun ETF though :-)

Sorry I'm bit tired 😫 😂 😂

No worries .. but in case of bitcoin too ..they do need to sell ..so they need to book profit ..so

The gain is realised by the shareholder.

I see ..that makes sense ..

I still have the answer though. If they just want to rebalance, they can do in-kind transactions that are not taxeable, since no gain is realised.

I thought in-kind was not permitted ..I could be wrong