Company: DEFI
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001999371-25-017892
Chunk: 7

Company: Tidal Commodities Trust I
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 8
Chunk 7
---
29,680  
     —  
     —  
     29,680 

    Total 
    $29,680  
    $14,713,026  
    $—  
    $14,742,706 

Schedule of investment in bitcoin

    Bitcoin

    Fair Value
  
    Beginning balance as of January 1, 2025
     
    157.85
     
    $
    14,713,026
  
    Bitcoin contributed
     
    23.52

    2,256,022
  
    Bitcoin withdrawn
     
    (46.50)

    (4,732,281)
  
    Net change in unrealized appreciation (depreciation) from investments in bitcoin
     
    –

    2,119,470
  
    Net realized gain on investments in bitcoin
     
    –

    1,083,215
  
    Ending balance as of September 30, 2025
     
    134.87
     
    $
    15,439,452

    Bitcoin

    Fair Value
  
    Beginning balance as of January 1, 2024
     
    –
     
    $
    –
  
    Bitcoin contributed
     
    192.31

    13,520,786
  
    Bitcoin withdrawn
     
    (34.46)

    (1,892,631)
  
    Net change in unrealized appreciation (depreciation) from investments in bitcoin
     
    –

    3,613,946
  
    Net realized gain on investments in bitcoin
     
    –

    (529,076)
  
    Ending balance as of December 31, 2024
     
    157.85
     
    $
    14,713,026

For the nine
months ended September 30, 2025 and the year ended December 31, 2024, the Fund did not have any significant transfers between any
of the levels of the fair value hierarchy.

Derivative Investments

In the normal course of business,
the Fund utilizes derivative contracts in connection with its proprietary trading activities. Investments in derivative contracts
are subject to additional risks that can result in a loss of all or part of an investment. The Fund’s derivative activities
and exposure to derivative contracts are classified by the following primary underlying risks: interest rate, credit, commodity
price, and equity price risks. In addition to its