My thought was that I would have to close this account, pay the 10% penalty, pay other fees/taxes, then buy BTC outright. Someone mention that I may be able to transfer this IRA $ from said institution to another institution who offers/participates in BTC, not have to pay penalty, taxes etc....; but his knowledge was only slightly greater than mine.
I know that you can transfer funds and assets from one IRA account to another IRA account without penalty, but I don't know the details.
I know of two ways to investing in BTC in an IRA. You can go to a company that specifically deals with IRA accounts that hold bitcoins, or you can buy shares of GBTC in an IRA that allows you to pick your own stocks.