Company: DEFI
Filing Date: 2025-03-27
Form Type: 424B3
Source: 0001999371-25-003249
Chunk: 130

Company: Tidal Commodities Trust I
Filing Date: 2025-03-27
Form: 424B3
Chunk 130
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 exchange meets these standards, the
CIOC will conduct further diligence to assess an exchange’s eligibility for designation as a Core Exchange. In the process
of conducting diligence of the exchanges, the CIOC will consider additional criteria, including, but not limited to, the exchange’s
rules for admitting digital assets, its organizational and ownership structure, security history, and reputation. Nasdaq will review
new Core Exchange candidates throughout the year and announce any new additions when approved. The list of existing Core Exchanges
will be recertified by the CIOC at minimum on an annual basis. Changes to the list of Core Exchanges may be made by approval of
the CIOC and announced accordingly in the case of exceptional events or in order to maintain the integrity of the Index. The CIOC
shall apply contingency measures in the event of the absence of or insufficient inputs for designation of Core Exchanges.

The table below lists the Core Exchanges
that contribute transaction data to the Benchmark. 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 |  7,674,154,200 | 11,788,598,149 |  58,463,571,028 | 3,343,922,945 | 10,944,408,968 | N/A          |
| 2024 Q4 |                                     1,196,003,201 | 15,679,729,421 |