Company: DEFI
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001999371-25-006264
Chunk: 18

Company: Tidal Commodities Trust I
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 8
Chunk 18
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 from changes in the spot price of bitcoin.

The
Trust and the Fund operate pursuant to the Trust’s Amended and Restated Declaration of Trust and Trust Agreement (the “Trust
Agreement”), dated March 10, 2023. On January 2, 2024, the initial Form S-1 for DEFI was declared effective by the U.S.
Securities and Exchange Commission (“SEC”). As noted below, the Fund is the successor to the Predecessor Fund (defined
below), which commenced operations in September 2022. The Fund’s shares trade on the NYSE Arca stock exchange (“NYSE
Arca”). The current registration statement for DEFI was declared effective by the SEC on January 2, 2024 and registered
an indeterminate number of Shares. BitGo Trust Company, Inc (the “Bitcoin Custodian”) is the custodian for the Fund’s
bitcoin holdings; and U.S. Bank, N.A. is the custodian for the Fund’s cash and cash equivalents holdings (the “Cash
Custodian” and together with the Bitcoin Custodian, the “Custodians”).

The
Fund is the successor and surviving entity from the merger (the “Merger”) of the Hashdex Bitcoin Futures ETF (the
“Predecessor Fund”) into the Fund. The Predecessor Fund was a series of the Teucrium Commodity Trust (the “Predecessor
Trust”) sponsored by Teucrium Trading, LLC (“Prior Sponsor”). The Merger closed on January 3, 2024. In connection
with the Merger, the Predecessor Fund shareholders received one Share for each share of the Predecessor Fund they owned prior
to the Merger.

The
sponsor of the Trust is Tidal Investments LLC, a Delaware limited liability company (the “Sponsor”). The principal
office of the Sponsor is Milwaukee, Wisconsin and the Trust is located at 234 West Florida Street, Suite 203, Milwaukee, Wisconsin
53204. The Sponsor is registered as a commodity pool operator (“CPO”) with the Commodity Futures Trading Commission
(“CFTC”) and is a member of the National Futures Association (“NFA”). The Fund intends to be treated as
a partnership for U.S. federal income tax purposes. The Sponsor has sponsored the Trust since 2023. Sponsoring the Fund will be
the Sponsor’s first experience in operating an exchange traded product that invests in crypto-currency