Company: DEFI
Filing Date: 2025-03-27
Form Type: 424B3
Source: 0001999371-25-003249
Chunk: 131

Company: Tidal Commodities Trust I
Filing Date: 2025-03-27
Form: 424B3
Chunk 131
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 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                       | 0.68% | 9.78%        | 6.63%    | 47.65%   | 2.16%  | 9.05%  | N/A      | 24.05%   |
| 2024 Q2                       | 0.69% | 7.05%        | 7.97%    | 51.17%   | 2.79%  | 9.96%  | N/A      | 20.37%   |
| 2024 Q3                       | 0.46% | 4.73%        | 7.26%    | 36.01%   | 2.06%  | 6.74%  | N/A      | 42.75%   |
| 2024 Q4                       | 0.33% | 4.39%        | 5.33%    | 29.95%   | 2.17%  | 5.33%  | 0.05%*   | 52.44%   |

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

** Comprises Bitfinex, Crypto.com

*** Source: CF Benchmarks

Benchmark Contingency Measures

Where it is not possible to calculate the settlement price for