Redeeming warrants starts the one year clock for L

Redeeming warrants starts the one year clock for LTCG's and preferential tax treatment of such gains.

From Investopedia:

Long-term capital gains are derived from investments held for more than one year and are taxed according to graduated thresholds for taxable income at 0%, 15%, or 20%. A short-term capital gain results from an asset owned for a year or less and is taxed as though it were ordinary income.

The tax on a long-term capital gain is almost always lower than if the same asset were sold (and the gain realized) in less than a year. Here's why: As income, short-term gains get hit with one of seven tax rates that correspond to the seven tax brackets. Five of those rates exceed the highest possible rate (of 20%) you'll pay on a long-term capital gain. And only taxpayers with a taxable income that's upwards of $434,550 (single, or married and filing jointly) are subject to that highest long-term rate.

In other words, tax policy encourages you to hold assets subject to capital gains for a year or more. These taxable assets include stocks, bonds, precious metals, and real estate.

Key Takeaways
Short-term gains are taxed as regular income according to tax brackets up to 37% as of 2019.
Long-term gains are subject to special, more favorable tax rates of 0%, 15%, and 20%, also based on income.
One year of ownership is the deciding factor. Short-term gains result from selling property owned for one year or less.