Company: DEFI
Filing Date: 2025-03-27
Form Type: 424B3
Source: 0001999371-25-003249
Chunk: 134

Company: Tidal Commodities Trust I
Filing Date: 2025-03-27
Form: 424B3
Chunk 134
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 Bitcoin Protocol

The Bitcoin Protocol is an open source project
with no official company or group in control, and anyone can review the underlying code. There are, however, a number of individual
developers that regularly contribute to a specific distribution of bitcoin software known as the “bitcoin core” (“Bitcoin
Core”). Developers of the Bitcoin Core loosely oversee the development of the source code. There are many other compatible
versions of the bitcoin software, but Bitcoin Core is the most widely adopted and currently provides the de facto standard for
the Bitcoin Protocol. The core developers are able to access, and can alter, the Bitcoin Network source code and, as a result,
they are responsible for quasi-official releases of updates and other changes to the Bitcoin Network’s source code.

However, because bitcoin has no central
authority, the release of updates to the Bitcoin Network’s source code by the core developers does not guarantee that the
updates will be automatically adopted by the other purchasers. Users and miners must accept any changes made to the source code
by downloading the proposed modification and that modification is effective only with respect to those bitcoin users and miners
who choose to download it. As a practical matter, a modification to the source code becomes part of the Bitcoin Network only if
it is accepted by purchasers that collectively have a majority of the processing power on the Bitcoin Network. If a modification
is accepted by only a percentage of users and miners, a division will occur such that one network will run the pre-modification
source code and the other network will run the modified source code. Such a division is known as a “fork.”

The Fund’s Service Providers

Contractual Arrangements with the Sponsor and Third-Party Service Providers

Sponsor

The Sponsor is responsible for investing
the assets of the Fund in accordance with the objectives and policies of the Fund. In addition, the Sponsor arranges for one or
more third parties to provide administrative, custodial, accounting, transfer agency and other necessary services to the Fund.
For these third-party services, the Fund pays the fees set forth in the table below entitled “Contractual Fees and Compensation
Arrangements with the Sponsor and Third-Party Service Providers.” For the Sponsor’s services, the Fund is contractually
obligated to pay a monthly management fee to the Sponsor, based on average daily net assets, at a rate equal to 0.90% per annum.

The Sponsor acts as the Fund’s sponsor
pursuant to the terms of the First Amended and Restated Declaration