Company: DEFI
Filing Date: 2025-03-27
Form Type: 424B3
Source: 0001999371-25-003249
Chunk: 155

Company: Tidal Commodities Trust I
Filing Date: 2025-03-27
Form: 424B3
Chunk 155
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 that would render them statutory underwriters and subject
them to the prospectus delivery and liability provisions of the 1933 Act. For example, an Authorized Purchaser, other broker-dealer
firm or its client will be deemed a statutory underwriter if it purchases a basket from the Fund, breaks the basket down into the
constituent Shares and sells the Shares to its customers; or if it chooses to couple the creation of a supply of new Shares with
an active selling effort involving solicitation of secondary market demand for the Shares. In contrast, Authorized Purchasers may
engage in secondary market or other transactions in Shares that would not be deemed “underwriting.” For example, an
Authorized Purchaser may act in the capacity of a broker or dealer with respect to Shares that were previously distributed by other
Authorized Purchasers. A determination of whether a particular market purchaser is an underwriter must take into account all the
facts and circumstances pertaining to the activities of the broker-dealer or its client in the particular case, and the examples
mentioned above should not be considered a complete description of all the activities that would lead to designation as an underwriter
and subject them to the prospectus delivery and liability provisions of the 1933 Act.

<div align='center'>93</div>

Dealers who are neither Authorized Purchasers
nor “underwriters” but are nonetheless participating in a distribution (as contrasted to ordinary secondary trading
transactions), and thus dealing with Shares that are part of an “unsold allotment” within the meaning of Section 4(a)(3)(C)
of the 1933 Act, would be unable to take advantage of the prospectus delivery exemption provided by Section 4(a)(3) of the 1933
Act.

Investors are cautioned that they might
not be able to buy or sell Shares of the Fund through their current brokerages. Moreover, even if an investor were able to purchase
Shares through their current brokerage, that brokerage might decide to stop trading in bitcoin-linked securities and the investor
would potentially face restrictions on when and or how they could trade their existing bitcoin position.

The Sponsor expects that any broker-dealers
selling Shares will be members of FINRA. Investors intending to create or redeem baskets through Authorized Purchasers in transactions
not involving a broker-dealer registered in such investor’s state of domicile or residence should consult their legal advisor
regarding applicable broker-dealer regulatory requirements under the state securities laws prior to such creation or redemption.

While the Authorized Purchasers may