Company: DEFI
Filing Date: 2025-02-21
Form Type: POS AM
Source: 0001839882-25-010345
Chunk: 135

Company: Tidal Commodities Trust I
Filing Date: 2025-02-21
Form: POS AM
Chunk 135
---

the Fund’s benchmark if investment conditions change or the Sponsor believes that another benchmark or standard better aligns
with the Fund’s investment objective and strategy. The Sponsor, however, is under no obligation whatsoever such a change
in any circumstance.

Hashdex Bitcoin ETF Performance as
of December 31, 2024

|                   |     | Three 
 Month |        |     | 1 Year     
 Annualized |         |     | 3 Year     
 Annualized |   |     | 5 Year     
 Annualized |   |     | Inception  
 Annualized |        |
| NAV               |     |       | 46.71% |     |            | 108.90% |     |            | — |     |            | — |     |            | 87.75% |
| Market Price      |     |       | 46.72% |     |            | 109.39% |     |            | — |     |            | — |     |            | 87.92% |
| Benchmark (NQBTC) |     |       | 43.39% |     |            | 98.07%  |     |            | — |     |            | — |     |            | 80.73% |

The Bitcoin Industry

Bitcoin

Bitcoin is a digital asset that serves as
the unit of account on an open-source, decentralized, peer-to-peer computer network. It may be used to pay for goods and services,
stored for future use, or converted to government-backed currency. As of the date of this prospectus, the adoption of bitcoin for
these purposes has been limited. The value of bitcoin is not backed by any government, corporation, or other identified body.

The value of bitcoin depends on its supply
(which is limited), and demand for bitcoin in the markets for exchange that have been organized to facilitate the trading of bitcoin.
By design, the supply of bitcoin is intentionally limited to 21 million bitcoins. As of the date of this prospectus, there are
approximately 19 million bitcoins in circulation.

Bitcoin is maintained on the decentralized,
open source, peer-to-peer computer network, the Bitcoin Network. No single entity owns or operates the Bitcoin Network. The Bitcoin
Network is accessed through software and governs bitcoin’s creation and movement. The source code for the Bitcoin Network,
often referred to as the Bitcoin Protocol, is open-source, and anyone can contribute to its development.

The Bitcoin Network

The infrastructure of the Bitcoin Network