Company: DEFI
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001999371-25-011381
Chunk: 21

Company: Tidal Commodities Trust I
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 8
Chunk 21
---
2024, the Trust announced that the Fund would be permitted to have spot bitcoin holdings, and that it would track the
Benchmark effective March 27, 2024. The Predecessor Fund’s name was the Hashdex Bitcoin Futures ETF, and the Fund’s
name is the Hashdex Bitcoin ETF. Effective as of March 27, the Fund has a policy to maximize its holdings of physical bitcoin
such that it is expected that at least 95% of the Fund’s assets will be invested in spot bitcoin. Up to 5% of the Fund’s
remaining assets may be invested in CME-traded bitcoin futures contracts and in cash and cash equivalents.

Performance
Summary

This
report covers the periods from January 1, 2025 to June 30, 2025 for DEFI.

    Per
    Share Operation Performance 

    Net
    asset value at beginning of period 
    $106.00 

    Income
    (loss) from investment operations: 

    Investment
    income 
     0.00 

    Net
    realized and unrealized gain (loss) on investments and cryptocurrency futures contracts 
     16.09 

    Total
    expenses 
     (0.21)

    Net
    increase (decrease) in net asset value 
     15.88 

    Net
    asset value at end of period 
    $121.88 

    Total
    Return 
     14.98%

    Ratios
    to Average Net Assets (Annualized) 

    Total
    expenses 
     0.41%

    Total
    expenses, net 
     0.41%

    Net
    investment income (loss) 
     -0.40%

Market
Outlook - The Bitcoin Industry

Bitcoin
is a digital asset that serves as the unit of account on an open-source, decentralized, peer-to-peer computer network. Bitcoin
may be used to pay for goods and services, stored for future use, or converted to a fiat currency. As of the date of this update,
the adoption of bitcoin for these purposes has been limited. The value of bitcoin is not backed by any government, corporation,
or other identified body.

The
value of bitcoin is determined in part by the supply of (which is limited), and demand for, bitcoin in the markets for exchange
that have been organized to facilitate the trading of bitcoin. By design, the supply of bitcoin is limited