Company: DEFI
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001999371-25-017892
Chunk: 9

Company: Tidal Commodities Trust I
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 8
Chunk 9
---
/

    (Loss) on

    Depreciation on

    Commodity

    Commodity Futures

    Futures
    Contracts
      
    Contracts

    Cryptocurrency Price 

    Bitcoin
    futures contracts 
    $
    (4,173
    ) 
     
    —

Three months ended September 30, 2025.

    Net Change in

    Unrealized

    Realized Gain

    Appreciation/

    (Loss) on

    Depreciation on

    Commodity

    Commodity Futures

    Futures
    Contracts
      
    Contracts

    Cryptocurrency Price 

    Bitcoin
    futures contracts 
    $
    —
      
     $
    —

As of September 30, 2025 and December 31, 2024, there were no
derivative instruments included in the Combined Statements of Assets and Liabilities.

Volume of Monthly Derivative Activities

The average notional market value categorized by primary
underlying risk for futures contracts held was $0 and $0 million respectively for the three and nine months ended
September 30, 2025. and $109.5 thousand and $4.5 million respectively for the three and nine months ended September 30, 2024.

Basis of Presentation

The preparation of these financial statements
in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect
the reported amount of net assets and liabilities and disclosure of contingent assets and liabilities at the balance sheet date.
Actual results could differ from those estimates.

    F-16 

Organizational and Offering Costs

All organizational and initial
offering costs for the Trust and the Fund were borne directly by the Sponsor. The Trust and the Fund do not have an obligation
to reimburse the Sponsor for organization and offering costs paid on their behalf.

Revenue Recognition

Investment transactions are accounted for
on a trade-date basis. All such transactions are recorded on the identified cost basis and marked to market daily. Unrealized appreciation
or depreciation on investments are reflected in the statements of operations as the difference between the original amount and
the fair market value as of the last business day of the year or as of the last date of the financial statements. Changes in the
appreciation or depreciation between periods are reflected in the statements of operations.

Brokerage Commissions

The Sponsor recognizes the expense for
brokerage commissions for futures contract trades on a per-trade basis. The below table shows the amounts included