Company: DEFI
Filing Date: 2025-02-21
Form Type: POS AM
Source: 0001839882-25-010345
Chunk: 131

Company: Tidal Commodities Trust I
Filing Date: 2025-02-21
Form: POS AM
Chunk 131
---
.

| - | Step 6: Calculate NQBTCS |

The final step in calculation of NQBTCS
is to convert the weighted settlement prices (W j. P j) into the final Bitcoin Reference Price P s by
summing for the K Core Exchanges :

NQBTC-RT

The Nasdaq Bitcoin Reference Price - Real
Time (“NQBTC-RT”) is the real-time version of the Benchmark and is calculated every second throughout a 24-hour trading
day, seven days per week, using published, real-time bid and ask quotes for bitcoin on the NQBTCS Core Exchanges. It therefore
seeks to be representative of current bids and offers of market participants to buy or sell bitcoin at Core Exchanges. NQBTC-RT
is published by CF Benchmarks Limited at .

<div align='center'>78</div>

Core Exchanges

The Core Exchanges are selected annually by the CIOC. The Benchmark currently utilizes the following Core Exchanges (as of January 31, 2025):

| Core                
 Exchange            | Description                                                                                                                                                                                                                                   | Location          | Licenses                                |
| Bitstamp USA, Inc.  | Bitstamp is a European crypto exchange founded in 2011, with presence in the USA since 2019 licensed under NY DFS Bitlicense.                                                                                                                 | New York, NY      | NYDFS Bitlicense,                       
 FinCen MSB                              |
| Coinbase, Inc.      | Coinbase is a publicly traded company, listed on Nasdaq, founded in 2012, and licensed under NYDFS bitlicense since 2017                                                                                                                      | San Francisco, CA | NYDFS Bitlicense,                       
 FinCen MSB                              |
| Gemini              | New York trust company regulated by the New York State Department of Financial Services (NYSDFS) since 2015                                                                                                                                   | New York, NY      | NFDS Bitlicense,                        
 FinCen MSB                              |
| itBit (f/k/a Paxos) | ItBit is the exchange product name of the Paxos Trust Company, a New York-based financial institution and technology company specializing in blockchain, regulated by the New York State Department of Financial Services (NYSDFS) since 2015 | New York, NY      | NFDS Bitlicense,                        
 FinCen MSB                              |
| LMAX Digital        | LMAX Digital is the institutional crypto currency exchange, operated by LMAX Group. LMAX Digital is regulated by the Gibraltar Financial Services Commission (GFSC