Company: DEFI
Filing Date: 2025-02-21
Form Type: POS AM
Source: 0001839882-25-010345
Chunk: 121

Company: Tidal Commodities Trust I
Filing Date: 2025-02-21
Form: POS AM
Chunk 121
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ity of each transaction. Please refer to the “Purchases
and Sales of Spot Bitcoin” section for more details regarding EFP transactions.

<div align='center'>71</div>

The Sponsor has not provided any instructions
to the Bitcoin Custodian regarding forks and airdrops, and any decisions or actions related to airdrops or forks involving the
Fund’s assets will align with the guidelines set forth by the CME and/or the Bitcoin Custodian. This means that any decisions
or actions related to airdrops or forks involving the Fund’s assets will align with the guidelines set forth by the Bitcoin
Custodian, by which the Bitcoin Custodian may not support forks and airdrops and assumes no liability in respect of an unsupported
branch of a forked protocol or its determination whether or not to support a forked protocol. The Fund will also adhere to CME’s
fork policy, by which Bitcoin Futures Contracts shall continue to settle to the underlying CME reference rate corresponding to
the original token pair. CME may, in its sole discretion, take alternative action with respect to hard forks in consultation with
market participants. The Fund is committed to maintaining transparency and ensuring that its approach aligns with industry best
practices in managing these events. However, unforeseen circumstances may arise, and there is no guarantee that it will be possible
to support the protocol under all possible scenarios. In the occurrence of a fork, airdrop or similar event, the Sponsor
will cause the Fund to irrevocably abandon the Incidental Rights and any IR Virtual Currency associated with such event and the
only crypto asset to be held by the Fund will be bitcoin.

The Sponsor will periodically
check the existence of the bitcoin held by the Fund by analyzing the blockchain.

The Bitcoin Custodian

The “Bitcoin Custodian” for
the Fund’s bitcoin holdings is BitGo Trust Company, Inc. The Sponsor has entered into a custodial services agreement with
the Bitcoin Custodian. The Sponsor may, in its sole discretion, add or terminate bitcoin custodians at any time.

In designating a custodian as a Bitcoin
Custodian for the Fund, the Sponsor considers whether the custodian provides protection against theft and loss and ensures that
the transactions and trades are secure. The Sponsor may consider whether a custodian:

| 1. | Provides custody accounts whose holders are the legal beneficiaries of the assets held in the account. In case of bankruptcy 
 or insolvency of a Bitcoin Custodian, creditors or