Company: DEFI
Filing Date: 2025-03-27
Form Type: 424B3
Source: 0001999371-25-003249
Chunk: 128

Company: Tidal Commodities Trust I
Filing Date: 2025-03-27
Form: 424B3
Chunk 128
---
 Exchanges.

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| - | Step 5: Calculate final exchange weightings |

Given the regular volumes
and the penalty factor adjustments of all the Core Exchanges, the final exchange weightings are calculated as follow:

Note that the denominator is the sum of
the numerator across the Core Exchanges. This guarantees exchange weights will sum up to exactly one (1.00). Further, each individual
adjustment factor is mathematically proven to achieve a minimum of , where K is the variable number of Core
Exchanges. For example, if there are four Core Exchanges and one exchange substantively diverges from the field in the three penalty
factor metrics, its final weight will arrive at of its respective base weight. This example shows perspective on the penalty
factor adjustments, in that if a large player moves prices, the player would also increase traded volume and volatility, thus reducing
the exchange to a fraction of its base weight.

| - | 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 .

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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