Company: DEFI
Filing Date: 2025-03-27
Form Type: 424B3
Source: 0001999371-25-003249
Chunk: 9

Company: Tidal Commodities Trust I
Filing Date: 2025-03-27
Form: 424B3
Chunk 9
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 ClearPort ticker symbol “BTC” and are cash settled in U.S. dollars. MBT Contracts began trading on the CME Globex trading platform on May 3, 2021 under the CME ClearPort ticker symbol “MBT” and are also cash settled in U.S. dollars. The daily settlement prices for MBT Contracts are derived directly from the settlements in the BTC Contracts. BTC Contracts and MBT Contracts are listed for trading in serial months of six (6), quarterly in serial quarters of four (4). Additionally, when the listing schedule includes only a single futures contract set to expire in December, an extra December contract will be listed for the subsequent year. This ensures that at any given time, there are at least two December contracts available for trading.

Because BTC Contracts and MBT Contracts are exchange-listed, they allow investors to gain price exposure to bitcoin without having to hold the underlying cryptocurrency. Like a futures contract on a commodity or stock index, BTC Contracts and MBT Contracts provide a means for investors to hedge investment positions or speculate on the future price of bitcoin.

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The Bitcoin Futures Contracts are cash-settled to the CME CF Bitcoin Reference Rate (BRR). The BRR is a daily reference rate of the U.S. dollar price of one bitcoin calculated daily as of 4:00 p.m. London time provided by CF Benchmarks. It is calculated based on the bitcoin trading activity on specified spot bitcoin trading platforms (“Constituent Exchanges”) during an observation window between 3:00 p.m. and 4:00 p.m. London time, which currently include Bitstamp, Coinbase, Gemini, itBit Kraken, LMAX Digital and Bullish Exchange but may change from time to time.

Constituent exchanges for the BRR are selected on the basis of the following criteria, which each must demonstrate that it continues to fulfill on an ongoing basis:

| ● | The                                                                                     
 exchange has policies to ensure fair and transparent market conditions at all times and 
 has processes in place to identify and impede illegal, unfair or manipulative trading   
 practices.                                                                              |

| ● | The                                                                                           
 exchange does not impose undue barriers to entry or restrictions on market participants,      
 and utilizing the venue does not expose market participants to undue credit risk, operational 
 risk, legal risk or other risks.                                                              |

| ● | The                                                                                         
 exchange complies with applicable law and regulation, including, but not limited to capital 
 markets regulations, money transmission regulations