Interesting...
I am pretty sure if you own it in a ROTH, you are not liable for the tax regardless of their structure. That being said, this doesn't protect you from potential loss in value of the stock as a result of their pending classification (which I don't know either). BUT if you believe bitcoin will rise, the stock will never be below the value of the .092 bitcoin that each share is worth.
So if you buy today at $775, you are basically buying bitcoin at a value of $8k. Regardless of the classification, the stock will never be below $775 as long at the value continues to rise and eventually hits $8k+ (which most believe will happen by next year).
Nonetheless, like anything, it's got a lot of risk and you are right to consider the other options. It's important to research the pros and cons of investing through any means.