Company: DEFI
Filing Date: 2025-02-21
Form Type: POS AM
Source: 0001839882-25-010345
Chunk: 126

Company: Tidal Commodities Trust I
Filing Date: 2025-02-21
Form: POS AM
Chunk 126
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 digital asset network fork or airdrop, the
Bitcoin Custodian will use best commercial efforts to provide the value of the forked digital asset. For further information, the
Bitcoin Custodian’s fork policy is available at: https://www.bitgo.com/resources/fork-policy/. In addition to the Bitcoin
Custodian’s fork policy, BitGo adheres to the fork policy outlined by the CME. BitGo may not support airdrops, side chains,
or other derivative, enhanced, or forked protocols, tokens, or coins which supplement or interact with an asset supported by Bitcoin
Custodian and assumes absolutely no responsibility in respect to new protocols.

The Bitcoin Custody Agreement commenced
on the effective date, as detailed in the agreement, and will continue for one (1) year, unless earlier terminated in accordance
with the terms of the Bitcoin Custody Agreement. After the initial term, the Bitcoin Custody Agreement will automatically renew
for successive renewal terms, as established on the agreement, unless either party notifies the other of its intention not to renew
with a prior-notice. BitGo may terminate the Bitcoin Custody Agreement for any reason upon providing at least thirty (30) days’
written notice to the Fund and to the Sponsor, or immediately if BitGo perceives a risk of legal or regulatory non-compliance associated
with the Fund’s custodial account activity, among others. The Sponsor may terminate the Bitcoin Custody Agreement at any
time upon providing at least 30 days’ written notice to BitGo, paying outstanding amounts and an early termination fee.

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The Fund’s Investments in Cash and Cash Equivalents

The Fund seeks to have the aggregate “notional”
amount of bitcoin and Bitcoin Futures Contracts it holds approximate at all times the Fund’s total NAV. The Fund will, however,
maintain investments in cash and cash equivalents in sufficient amounts to support the Fund’s positions in Bitcoin Futures
Contracts. For example, the purchase of a BTC Contract with a stated or notional amount of $188,175 would not require the Fund
to pay $188,175 upon entering into the contract; rather, only a margin deposit, approximately 32% of the notional amount
based on the previous settlement price, would be required. To secure its BTC Contract obligations, the Fund would deposit the required
margin with the FCM and would separately hold its remaining assets through its Cash Custodian or other financial institution in
cash and cash equivalents,