Company: DEFI
Filing Date: 2025-11-04
Form Type: POS AM
Source: 0001999371-25-016766
Chunk: 5

Company: Tidal Commodities Trust I
Filing Date: 2025-11-04
Form: POS AM
Chunk 5
---
 including the Custodians, will not loan or pledge the Fund’s assets, nor will the Fund’s assets serve as collateral for any loan or similar arrangement. 1 Bitcoin is a digital asset or cryptocurrency that is a unit of account on the bitcoin network (“Bitcoin Network”), an open source, decentralized peer-to-peer computer network. The ownership and operation of bitcoin is determined by purchasers in the Bitcoin Network. The Bitcoin Network connects computers that run publicly accessible, or open source, software that follows the rules and procedures governing the Bitcoin Network. This is commonly referred to as the Bitcoin Protocol. Bitcoin may be held, may be used to purchase goods and services or may be exchanged for fiat currency. No single entity owns or operates the Bitcoin Network, and the value of bitcoin is not backed by any government, corporation or other entity. Instead the value of bitcoin is determined in part by the supply and demand in markets created to facilitate the trading of bitcoin. Public key cryptography protects the ownership and transaction records for bitcoin. Because the source code for the Bitcoin Network is open source, anyone can contribute to its development. At this time, the ultimate supply of bitcoin is finite and limited to 21 million “coins” with the number of bitcoin available increasing gradually as new bitcoin supplies are mined until the 21 million current protocol cap is reached. The following factors, among others, may affect the price and market for bitcoin:

| ● | How                                                                   
 widely bitcoin is adopted, including the use of bitcoin as a payment. |

| ● | The                                                                                     
 regulatory environment for cryptocurrencies, which continues to evolve in the U.S., and 
 which may delay, impede, or restrict the adoption or use of bitcoin.                    |

| ● | Speculative                                                                           
 activity in the market for bitcoin, including by holders of large amounts of bitcoin, 
 which may increase volatility.                                                        |

| ● | Cyberattacks,                                                                               
 including the risk that malicious actors will exploit flaws in the code or structure        
 of bitcoin, control the blockchain, steal information or cause disruptions to the internet. |

| ● | Rewards                                                                              
 for mining bitcoin are designed to decline over time, which may lessen the incentive 
 for miners to process and confirm transactions on the Bitcoin Network.               |

| ● | The                                                                                         
 open-source nature of the Bitcoin Network may result in forks, or changes to the underlying 
 code of bitcoin that result in the creation of new, separate digital assets.                |

| ● | Fraud,                                                                                  
 manipulation, security failure or operational problems at bitcoin exchanges that result 
 in a