Company: DEFI
Filing Date: 2025-03-25
Form Type: POS AM
Source: 0001999371-25-003118
Chunk: 133

Company: Tidal Commodities Trust I
Filing Date: 2025-03-25
Form: POS AM
Chunk 133
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 to the Benchmark. It includes the aggregate volumes traded on their respective Bitcoin –
US Dollar markets over the preceding four calendar quarters.

| Period  |                       Aggregate Trading Volume of 
 BTC-USD Markets of CME CF Constituent Platforms** |                |                |                 |               |                |              |
|         |                                             itBit |   LMAX Digital |       Bitstamp |        Coinbase |        Gemini |         Kraken | Bullish*     |
| 2024 Q1 |                                     1,300,217,284 | 18,606,590,980 | 12,614,344,809 |  90,691,419,596 | 4,117,487,659 | 17,217,440,706 | N/A          |
| 2024 Q2 |                                     1,103,291,739 | 11,280,822,955 | 12,745,481,874 |  81,871,129,923 | 4,460,975,011 | 15,942,525,422 | N/A          |
| 2024 Q3 |                                       742,961,240 |  7,674,154,200 | 11,788,598,149 |  58,463,571,028 | 3,343,922,945 | 10,944,408,968 | N/A          |
| 2024 Q4 |                                     1,196,003,201 | 15,679,729,421 | 19,041,512,220 | 106,998,253,547 | 7,762,251,106 | 19,039,509,976 | 171,943,974* |

* Bullish became a CME CF Constituent Platform on December
30th, 2024, and thus its aggregate volume is that observed for 2 days (December 30th and 31st, 2024).

** Source: CF Benchmarks

The market share for BTC-USD trading of
the Core Exchanges over the past four calendar quarters is shown in the table below:

| Spot Trading Platforms Market 
 Share of BTC-USD Trading***   |       |              |          |          |        |        |          |          |
| Period                        | itBit | LMAX Digital | Bitstamp | Coinbase | Gemini | Kraken | Bullish* | Others** |
| 2024 Q1                       | 0