Company: DEFI
Filing Date: 2025-03-27
Form Type: 424B3
Source: 0001999371-25-003249
Chunk: 10

Company: Tidal Commodities Trust I
Filing Date: 2025-03-27
Form: 424B3
Chunk 10
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, client money custody regulations,      
 know-your-client (KYC) regulations and anti-money-laundering (AML) regulations.             |

| ● | The                                                                                       
 exchange cooperates with inquiries and investigations of regulators and the Administrator 
 upon request and has to execute data sharing agreements with the CME.                     |

Should the average daily contribution of a constituent exchange fall below 3%, then the continued inclusion of the venue as a constituent exchange is assessed by the CME CF Oversight Committee.

Qualifying transactions from the constituent exchanges that take place during the one-hour calculation window are added to a list, with the trade price and size for each transaction recorded. The one-hour calculation is partitioned into twelve intervals of five minutes each, and for each partition, the volume-weighted median trade price is calculated from the trade prices and sizes of relevant transactions. (A volume-weighted median differs from a standard median in that a weighting factor, in this case trade size, is factored into the calculation.) The BRR is the equally-weighted average of the volume-weighted medians of all twelve partitions.

Further details on the market share and volume information for each constituent platforms used to calculate the CME CF Bitcoin Reference Rate (BRR) are provided below. The table below lists the seven constituent platforms that contribute transaction data to the BRR. It includes the aggregate volumes traded on their respective Bitcoin – US Dollar markets over the preceding four calendar quarters.

| Period |                                                           Aggregate 
 Trading Volume of BTC-USD Markets of CME CF Constituent Platforms** |                |                |                 |               |                |              |
|        |                                                               itBit |           LMAX 
        Digital |       Bitstamp |        Coinbase |        Gemini |         Kraken | Bullish*     |
| 2024   
 Q1     |                                                       1,300,217,284 | 18,606,590,980 | 12,614,344,809 |  90,691,419,596 | 4,117,487,659 | 17,217,440,706 | N/A          |
| 2024   
 Q2     |                                                       1,103,291,739 | 11,280,822,955 | 12,745,481,874 |  81,871,129,923 | 4,460,975,011 | 15,942,525,422 | N/A          |
| 2024   
 Q3     |                                                         742,961,240