Company: DEFI
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001999371-25-006264
Chunk: 8

Company: Tidal Commodities Trust I
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 8
Chunk 8
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 all other customer funds subject
to the FCM’s segregation requirements. In the event of an FCM’s insolvency, recovery may be limited to the Fund’s
pro rata share of segregated customer funds available. It is possible that the recovery amount could be less than the total of
cash and other equity deposited.

The
following table discloses information about offsetting assets and liabilities presented in the statements of assets and liabilities
to enable users of these financial statements to evaluate the effect or potential effect of netting arrangements for recognized
assets and liabilities. These recognized assets and liabilities are presented as defined in the Financial Accounting Standards
Board’s (“FASB”) Accounting Standards Update (“ASU”) No. 2011-11 “Balance Sheet (Topic 210):
Disclosures about Offsetting Assets and Liabilities” and subsequently clarified in FASB ASU 2013-01 “Balance Sheet
(Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.”

    F-15 

The
following tables identify the net gain and loss amounts included in the statements of operations as realized and unrealized gains
and losses on trading of cryptocurrency futures contracts categorized by primary underlying risk:

Three
months ended March 31, 2025.

    Realized
    Gain (Loss) on Commodity Futures Contracts  
    Net
    Change in Unrealized Appreciation/ Depreciation on Commodity Futures Contracts 

    Cryptocurrency Price 

    Bitcoin futures contracts 
    $—  
     — 

Three
months ended March 31, 2024.

    Realized Gain (Loss) on Commodity Futures Contracts  
    Net Change in Unrealized Appreciation/ Depreciation
    on Commodity Futures Contracts 

    Cryptocurrency Price 

    Bitcoin futures contracts 
    $7,635,018  
    $(77,359)

As
of March 31, 2025 and December 31, 2024, there were no derivative instruments included in the Combined Statements of Assets and
Liabilities.

Volume
of Monthly Derivative Activities

The
average notional market value categorized by primary underlying risk for futures contracts held was $0 and $9.4
million for the three months ended March 31, 2025, and March 31, 2024, respectively.

Basis
of Presentation

The
preparation of these financial statements in conformity with U.S. generally accepted accounting principles requires management