Company: DEFI
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001999371-25-017892
Chunk: 22

Company: Tidal Commodities Trust I
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 8
Chunk 22
---
.

    Per Share Operation Performance 

    Net asset value at beginning of period 
    $106.00 

    Income (loss) from investment operations: 

    Investment income 
     0.01 

    Net realized and unrealized gain (loss) on investments and cryptocurrency futures contracts 
     23.73 

    Total expenses 
     (0.30)

    Net increase (decrease) in net asset value 
     23.44 

    Net asset value at end of period 
    $129.44 

    Total Return 
     22.12%

    Ratios to Average Net Assets (Annualized) 

    Total expenses 
     0.35%

    Total expenses, net 
     0.35%

    Net investment income (loss) 
     (0.34)%

Market Outlook - The Bitcoin Industry

Bitcoin is a digital asset that serves
as the unit of account on an open -source, decentralized, peer-to-peer computer network. Bitcoin may be used to pay for goods and
services, stored for future use, or converted to a fiat currency. As of the date of this update, the adoption of bitcoin for these
purposes has been limited. The value of bitcoin is not backed by any government, corporation, or other identified body.

The value of bitcoin is determined in part
by the supply of (which is limited), and demand for, bitcoin in the markets for exchange that have been organized to facilitate
the trading of bitcoin. By design, the supply of bitcoin is limited to 21 million bitcoins. As of the date of this update, there
are approximately $19 million bitcoins in circulation.

F-22 

Bitcoin is maintained on the Bitcoin Network.
No single entity owns or operates the Bitcoin Network. The Bitcoin Network is accessed through software and governs bitcoin’s
creation and movement. The source code for the Bitcoin Network, often referred to as the Bitcoin Protocol, is open-source, and
anyone can contribute to its development.

Price movements for bitcoin are influenced
by, among other things, the environment, natural or man-made disasters, governmental oversight and regulation, demographics, economic
conditions, infrastructure limitations, existing and future technological developments, and a variety of other factors now known
and unknown, any and all of which can have an impact on the supply, demand, and price fluctuations in the bitcoin markets. More
generally, cryptocurrency prices may be influenced by economic and monetary events such as