Company: DEFI
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001999371-25-011381
Chunk: 16

Company: Tidal Commodities Trust I
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 8
Chunk 16
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 Fund. Upon the
Merger closing, all of the Acquired Fund’s shares were cancelled and the Acquired Fund was liquidated.

On
January 3, 2024, the Fund issued 50,000 shares at net asset value of $2,708,819 for 50,000 shares the Acquired Fund, representing
$2,708,819 of net assets. The combined net assets and shares outstanding of the Fund immediately after the Merger were $2,708,819
and 50,000, respectively, representing a net asset value per share of $54.18.

Note
6 – Conversion to Spot Bitcoin ETF

On
March 26, 2024, the Sponsor announced the renaming of the Fund from the Hashdex Bitcoin Futures ETF to the Hashdex Bitcoin ETF.
The renaming of the Fund corresponds to its completion of the conversion of its investment strategy to allow the Fund to provide
spot bitcoin holdings and its tracking of a new benchmark index effective March 27, 2024.

The
Fund’s new benchmark index is the Benchmark, which better reflects the Fund’s new strategy of direct bitcoin investme
nt. Going forward and under normal market conditions, the Fund’s investment policy is to maximize its holdings of physical
bitcoin such that it is expected that at least 95% of the Fund’s assets will be invested in spot bitcoin. Up to 5% of the
Fund’s remaining assets may be invested in CME-traded bitcoin futures contracts and in cash and cash equivalents.

F-19 

Note
7 – Segment Reporting

In
accordance with the FASB Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable
Segment Disclosures, the Fund has evaluated its business activities and determined that it operates as a single reportable segment.

The
Fund’s investment activities are managed by the Sponsor, which serves as the Chief Operating Decision Maker (“CODM”).
The Sponsor is responsible for assessing the Fund’s financial performance and allocating resources. In making these assessments,
the Sponsor evaluates the Fund’s financial results on an aggregated basis, rather than by separate segments. As such, the
Fund does not allocate operating expenses or assets to multiple segments, and accordingly, no additional segment disclosures are
required.

The
Fund primarily generates income through dividends, interest, and realized/unrealized gains on its investment portfolio. Expenses
incurred, including management fees, fund operating expenses, and transaction costs