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

Company: Tidal Commodities Trust I
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 8
Chunk 25
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 and the Fund (for the period from January 3, 2024 to March 26, 2024)
was for changes in the Fund’s shares’ net asset value (“NAV”) to reflect the daily changes of the price
of the Hashdex U.S. Bitcoin Futures Fund Benchmark (the “Prior Benchmark”), less expenses from such Fund’s operations.
The Prior Benchmark reflect the average of the closing settlement prices for the first to expire and second to expire bitcoin
futures contracts listed on the Chicago Mercantile Exchange (“CME”).

Effective
as of March 27, 2024, the Fund’s investment objective and strategy were revised to reflect that the Fund could have spot
bitcoin holdings. That is, the Fund’s investment objective is for changes in the Shares’ NAV to reflect the daily
changes of the price of the Nasdaq Bitcoin Reference Price - Settlement (NQBTCS) (the “Benchmark”), less expenses
from the Fund’s operations. Under normal market conditions, the Fund’s current 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.

Performance
data from January 1, 2024, to January 3, 2024, reflects the performance of the Predecessor Fund. Performance from January 4, 2024,
to March 26, 2024, reflects the Fund’s performance under its previous investment strategy, which involved investing in futures
contracts. Performance data from March 27, 2024, onward reflect the Fund’s current investment strategy.

On
June 30, 2025, the Fund held 13,487 Units of spot bitcoin with an asset fair value of $14,522,529.

    Quarter
                                         Ended
                                                                  June
                                         30, 2025  
    Quarter
                                         Ended
                                                                  June
                                         30, 2024  
    Year
                                         Ended
                                               December
                                         31, 2024 

    Total
    Net Assets 
    $14,625,094  
    $10,949,470  
    $14,839,385 

    Shares
    Outstanding 
     120,000  
     160,000  
     140,000 

    Net