Bitcoin can transfer in and out of a spot bitcoin ETF just like a gold bullion ETF.

There are details!

Thankfully Cliff Cornell (Bona Fide Wealth) and Teddy Fusaro (Bitwise Asset Management) walked me through it.

Bitcoin made many investors rich. Now, they're wondering how to hedge and monetize, and transfer to charities, non-financial spouses, and kids. Transferring to an ETF might help.

Part 1 of this 2-parter is a conversation with President of Bitwise Asset Management, Teddy Fusaro, and Bona Fide Wealth financial adviser, Cliff Cornell.

Part 1: Why transfer BTC into an ETF?

Part 2: How to transfer BTC into an ETF (mechanics, tax)

For tax-aware long/short strategies, some see the leverage as cost-effective, amplified exposure to the underlying manager, while others need to have a plan to land the plane, or to remove the leverage, thoughtfully and without making a costly risk or tax error.

BlackRock's Taotao Cai joins The Albatross to talk about end-to-end planning with long/short strategies.

He reminds us along the way that long/short is a powerful tool, but it is not the only tool.

Last week, Treasury released Notice 2026-62 and Rev. Rul. 2026-20 concerning IRC §351 transactions, nowadays popularly used to seed new exchange-traded funds (ETFs) in-kind.

Bob Elwood is the founder of Practus and he and his partners, including Ray Holst, have collectively structured more than 100 §351 transfers over the past several years.

In this episode, Bob and Ray talk about the difference between routine and aggressive planning using §351, and the nuances of some of the key words in the new revenue ruling.

Bob and Ray are tax attorneys, but they are not your tax attorneys. For specific and personalized guidance, hire tax counsel. This content is education only.

There's a flavor of financial adviser that understands how powerful tax alpha sounds to prospects and clients, but who hasn't thought too much about what could go wrong.

Steve Curley has seen this before with the hype around market timing strategies, private investments, crypto and now... tax alpha.

His point is NOT that these things are bad, only that they require increasing levels of diligence, and he cautions that some folks recommending these products simply haven't done the work.

For the last few years, the ETF industry has used Section 351 of the Internal Revenue Code to let investors seed new exchange traded funds with appreciated securities, mostly stocks and other ETFs, without recognizing the gains.

On Monday, September 28, 2026, Treasury and the IRS threw cold water on the most egregious uses of 351 with Notice 2026-62 and Revenue Ruling 2026-20.

While some folks are nervous about this, others are exuberant. In their minds, finally, Treausury has provided a little clarity around what routine usage of section 351 looks like.

The key thing is knowing the difference.

Exchange fund replication is a hidden gem in the concentrated public stock de-risking toolkit.

Exchange fund replication is a 4-legged options trade that collars a single stock for risk management (2 options), and creates index-like exposure with a synthetic long position (another 2 options).

Eric Metz, CIO of SpiderRock, a BlackRock company joins The Albatross to explain how it works, why no one has heard of it despite its relative simplicity, and how it could pair nicely with other risk and tax management strategies like tax-aware long/short.