Company: DEFI
Filing Date: 2025-03-27
Form Type: 424B3
Source: 0001999371-25-003249
Chunk: 118

Company: Tidal Commodities Trust I
Filing Date: 2025-03-27
Form: 424B3
Chunk 118
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 and makes it unlikely for private keys to be stolen through internet
attacks. For any transaction involving the transfer of bitcoin, multiple distinct private keys must sign the transaction, residing
in geographically dispersed vault locations known as “signing vaults.” This multi-layered approach ensures that even
if one signing vault is compromised, the bitcoins can be accessed with minimal disruption. By contrast, in hot storage, the private
keys are held online, making them more accessible but potentially more vulnerable to hacking.

In the context of EFP transactions, all
purchases or sales of bitcoin executed by the Fund are settled on-chain through the Bitcoin Custodian. In these transactions, the
LP transfers the corresponding bitcoins directly to the Fund’s wallet in Bitcoin Custodian when the Fund is buying, and conversely,
when the Fund is selling bitcoin, the Sponsor instructs the Bitcoin Custodian transfers bitcoins from the Fund’s wallet to
the LP’s wallet, thus ensuring the on-chain settlement finality 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