Company: DEFI
Filing Date: 2025-03-17
Form Type: S-1/A
Source: 0001387131-25-000058
Chunk: 31

Company: Tidal Commodities Trust I
Filing Date: 2025-03-17
Form: S-1/A
Chunk 31
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 authorities. These events are continuing to develop and the full facts are continuing to emerge. It is not possible to predict at this time all of the risks that they may pose to the Fund, its service providers or to the digital asset industry as a whole.

Extreme volatility in the future, including further declines in the trading prices of bitcoin, could have a material adverse effect on the value of the Shares and the Shares could lose a material amount of their value.

Digital assets represent a new and rapidly evolving industry, and the value of the Shares in part depends on the acceptance of bitcoin.

The Bitcoin Network was first launched in 2009 and bitcoin was the first cryptographic digital assets created to gain global adoption and critical mass. Although the Bitcoin Network is the most established digital asset network, the Bitcoin Network and other cryptographic and algorithmic protocols governing the issuance of digital assets represent a new and rapidly evolving industry that is subject to a variety of factors that are difficult to evaluate. For example, the realization of one or more of the following risks could materially adversely affect the price of bitcoin and therefore the value of Shares:

| ● | Bitcoin                                                                                      
 has only recently become selectively accepted as a means of payment by retail and commercial 
 outlets, and use of bitcoin by consumers to pay such retail and commercial outlets remains   
 limited. Banks and other established financial institutions may refuse to process funds      
 for bitcoin transactions; process wire transfers to or from digital asset exchanges,         
 bitcoin-related companies or service providers; or maintain accounts for persons or entities 
 transacting in bitcoin. As a result, the prices of bitcoin may be primarily determined       
 by speculators and miners, thus contributing to price volatility that makes retailers        
 less likely to accept it as a form of payment in the future.                                 |

| ● | Banks                                                                                         
 may not provide banking services, or may cut off banking services, to businesses that         
 provide digital asset-related services or that accept digital assets as payment, which        
 could dampen liquidity in the market and damage the public perception of digital assets       
 generally or any one digital asset in particular, such as bitcoin, and its utility as         
 a payment system, which could decrease the price of digital assets generally or individually. 
 Further, the lack of availability of banking services could prevent the Fund from being       
 able to complete the timely liquidation of bitcoin and withdrawal of bitcoin from the         
 Bitcoin Custodian even if the Sponsor determined that such liquidation were appropriate       
 or suitable.                                                                                  |

| ● | Certain                                                                                         
 privacy-preserving features have been or are expected to be introduced to