Company: DEFI
Filing Date: 2025-03-27
Form Type: 424B3
Source: 0001999371-25-003249
Chunk: 107

Company: Tidal Commodities Trust I
Filing Date: 2025-03-27
Form: 424B3
Chunk 107
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of each such Bitcoin Futures Contract is $188,175 and bitcoin price is $37,635 (or otherwise not a round number), the Fund would
be unable to buy an exact number of Bitcoin Futures Contracts with an aggregate market value equal to $250,000. In this case, the
Fund would be able to purchase 1 BTC Contract with an aggregate market value of approximately $188,175 and 16 MBT Contracts (each
of which represent 0.10 bitcoin) at $3,763 per contract with an aggregate market value of approximately $60,208, bringing the aggregate
value of proceeds to $248,383. To purchase the bitcoins, the Fund would then engage in an Exchange for Physical (EFP) transaction
on CME to trade 1 BTC Contract and 14 MBT Contracts for an equivalent position of 6.4 bitcoins (equivalent to $239,136.5., assuming
for simplicity that the basis spread between Bitcoin Futures Prices and Physical Bitcoin Price is 0bps in the EFP Transaction)
to achieve at least 95% allocation to bitcoin. Assuming a margin requirement equal to 32% of the notional amount based on the previous
settlement price of the BTC Contracts and MBT Contracts, the Fund would be required to deposit approximately $2,408.32 in cash
with the FCM through which the Bitcoin Futures Contracts were purchased as margin for the final long position in 2 MBT Contracts;
and $239,136.5 with the trading counterparty of the EFP Transaction through which the bitcoins were purchased as the cash settlement
of the spot leg (Fund buys 6.4 BTC from trading counterparty for $239,136.5). The remainder of the proceeds from the sale of the
Creation Basket, approximately $8,455.18 would remain invested in cash and/or cash equivalents, as determined by the Sponsor from
time to time based on factors such as potential calls for margin or anticipated redemptions.

The Bitcoin Futures Contracts are cash-settled.
Positions may also be closed out to meet orders for Redemption Baskets, in which case the proceeds from closing the positions will
not be reinvested. The Fund may from time to time trade in other exchange listed bitcoin interests based on the spot price of bitcoin.

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Futures Contracts

Futures contracts are agreements between
two parties that are executed on a designated contract market (“DCM”), i.e., a commodity futures exchange