Company: DEFI
Filing Date: 2025-02-21
Form Type: POS AM
Source: 0001839882-25-010345
Chunk: 12

Company: Tidal Commodities Trust I
Filing Date: 2025-02-21
Form: POS AM
Chunk 12
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ored into the calculation.) The BRR is the equally-weighted average of the volume-weighted medians of all twelve partitions.

Further details on the market share and volume information for each constituent platforms used to calculate the CME CF Bitcoin Reference Rate (BRR) are provided below. The table below lists the seven constituent platforms that contribute transaction data to the BRR. 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 | 19,041,512,220 | 106,998,253,547 | 7,762,251,106 | 19,039,509,976 | 171,943,974* |

* Bullish became a CME CF Constituent Platform on December 30th, 2024, and thus its aggregate volume is that observed for 2 days (December 30th and 31st, 2024).

** Source: CF Benchmarks

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Considering the 12 highest volume Bitcoin -USD