Company: DEFI
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001999371-25-006264
Chunk: 15

Company: Tidal Commodities Trust I
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 8
Chunk 15
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Fund held on January 3, 2024 based on the net asset value per share of the Fund being equal to the net asset value per share of
the Acquired Fund determined immediately prior to the Merger closing. The share price used for the delivery of shares of the Acquired
Fund was the net asset value per share of the Acquired Fund determined after the close of business of NYSE Arca on January 2,
2024. Consequently, the Merger resulted in a one-for-one exchange of shares between the Acquired Fund and the Fund. Upon the Merger
closing, the Fund acquired all the assets of the Acquired Fund and assumed all the liabilities of the Acquired Fund. Upon the
Merger closing, all of the Acquired Fund’s shares were cancelled and the Acquired Fund was liquidated.

On
January 3, 2024, the Fund issued 50,000 shares at net asset value of $2,708,819 for 50,000 shares the Acquired Fund, representing
$2,708,819 of net assets. The combined net assets and shares outstanding of the Fund immediately after the Merger were $2,708,819
and 50,000, respectively, representing a net asset value per share of $54.18.

Note
6 – Conversion to Spot Bitcoin ETF

On
March 26, 2024, the Sponsor announced the renaming of the Fund from the Hashdex Bitcoin Futures ETF to the Hashdex Bitcoin ETF.
The renaming of the Fund corresponds to its completion of the conversion of its investment strategy to allow the Fund to provide
spot bitcoin holdings and its tracking of a new benchmark index effective March 27, 2024.

The
Fund’s new benchmark index is the  Benchmark, which better reflects the Fund’s
new strategy of direct bitcoin investment. Going forward and under normal market conditions, the Fund’s investment policy
is 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.

F-19 

Note
7 – Segment Reporting

In
accordance with the FASB Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable
Segment Disclosures, the Fund has evaluated its business activities