While I agree with @Critter-3 you don't need to "report" the transaction, there is a question on the 1040 that needs to be answered by every taxpayer regarding virtual currency transactions. See the following discussion from the 1040 instructions on page 17:
A transaction involving virtual currency does not include the holding of virtual currency in a wallet or account, or the transfer of virtual currency from one wallet or account you own or control to another that you own or control. If your only transactions involving virtual currency during 2021 were purchases of virtual currency for real currency, including the use of real currency electronic platforms such as PayPal and Venmo, you are not required to check the “Yes” box next to the virtual currency question.
So based on your limited facts, you should answer this question "no".
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
