Company: DEFI
Filing Date: 2025-03-25
Form Type: POS AM
Source: 0001999371-25-003118
Chunk: 13

Company: Tidal Commodities Trust I
Filing Date: 2025-03-25
Form: POS AM
Chunk 13
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 -USD markets operated by spot Bitcoin Trading Platforms, the following table shows the market share for BTC-USD trading of the seven constituent platforms over the past four calendar quarters:

| 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

The Fund’s Investment Strategies

The Fund seeks to achieve its investment objective by primarily investing in bitcoin. The Fund uses Bitcoin Futures Contracts for the primary purpose of using such Bitcoin Futures Contracts to acquire physical bitcoin through EFP transactions and to offset cash and receivables for better tracking the Benchmark. Under normal market conditions, the Fund has a policy to maximize its investments in physical bitcoin such that it is expected that at least 95% of the Fund’s assets will be invested in bitcoin, and up