Company: DEFI
Filing Date: 2025-03-17
Form Type: S-1/A
Source: 0001387131-25-000058
Chunk: 29

Company: Tidal Commodities Trust I
Filing Date: 2025-03-17
Form: S-1/A
Chunk 29
---
 LLC and Goldman Sachs & Co. LLC, as Authorized Purchasers.      
 Additional Authorized Purchasers may be added at any time, subject to the discretion of the Sponsor.                           |
| Clearance       
 and settlement: | Individual                                                                                                                     
 certificates are not issued for the Shares.  Rather, Shares are represented by one or more global certificates,                
 which are deposited by the Transfer Agent with the DTC and registered in the name of Cede & Co., as nominee for DTC.  The      
 global certificates evidence all of the Shares outstanding at any time.  Beneficial interests in Shares are held               
 through DTC’s book-entry system.  Accordingly, Shareholders are limited to: (1) purchasers in DTC such as                      
 banks, brokers, dealers and trust companies, (2) those who maintain, either directly or indirectly, a custodial relationship   
 with a DTC purchaser, and (3) those who hold interests in the Shares through DTC purchasers or indirect purchasers, in each    
 case who satisfy the requirements for transfers of Shares. DTC purchasers acting on behalf of investors holding Shares through 
 such DTC purchasers’ accounts in DTC will follow the delivery practice applicable to securities eligible for DTC’s             
 Same-Day Funds Settlement System.  Shares are credited to DTC purchasers’ securities accounts following confirmation           
 of receipt of payment.                                                                                                         |

<div align='center'>13

RISK FACTORS</div>

You should consider carefully the risks described below before making an investment decision. You should also refer to the other information included in this prospectus, including the Trust’s financial statements and related notes thereto.

Risks Related to Bitcoin, the Bitcoin Network, and Bitcoin Trading Markets

The trading prices of many digital assets, including bitcoin, have experienced extreme volatility in recent periods and may continue to do so. Extreme volatility in the future, including further declines in the trading prices of bitcoin, could have a material adverse effect on the value of the Shares and the Shares could lose significant value.

The trading prices of many digital assets, including bitcoin, have experienced extreme volatility in recent periods and may continue to do so. For instance, there were steep increases in the value of certain digital assets, including bitcoin, over the course of 2021, and multiple market observers asserted that digital assets were experiencing a “bubble.” These increases were followed by steep drawdowns throughout 2022 in digital asset trading prices, including for bitcoin. These episodes of rapid price appreciation followed by steep drawdowns have occurred multiple times throughout bitcoin’s