Company: DEFI
Filing Date: 2025-03-25
Form Type: POS AM
Source: 0001999371-25-003118
Chunk: 158

Company: Tidal Commodities Trust I
Filing Date: 2025-03-25
Form: POS AM
Chunk 158
---
 of the broker-dealer or its client in the particular case, and the examples
mentioned above should not be considered a complete description of all the activities that would lead to designation as an underwriter
and subject them to the prospectus delivery and liability provisions of the 1933 Act.

<div align='center'>93</div>

Dealers who are neither Authorized Purchasers
nor “underwriters” but are nonetheless participating in a distribution (as contrasted to ordinary secondary trading
transactions), and thus dealing with Shares that are part of an “unsold allotment” within the meaning of Section 4(a)(3)(C)
of the 1933 Act, would be unable to take advantage of the prospectus delivery exemption provided by Section 4(a)(3) of the 1933
Act.

Investors are cautioned that they might
not be able to buy or sell Shares of the Fund through their current brokerages. Moreover, even if an investor were able to purchase
Shares through their current brokerage, that brokerage might decide to stop trading in bitcoin-linked securities and the investor
would potentially face restrictions on when and or how they could trade their existing bitcoin position.

The Sponsor expects that any broker-dealers
selling Shares will be members of FINRA. Investors intending to create or redeem baskets through Authorized Purchasers in transactions
not involving a broker-dealer registered in such investor’s state of domicile or residence should consult their legal advisor
regarding applicable broker-dealer regulatory requirements under the state securities laws prior to such creation or redemption.

While the Authorized Purchasers may be indemnified
by the Sponsor, they will not be entitled to receive a discount or commission from the Trust or the Sponsor for their purchases
of Creation Baskets.

Calculating NAV

The Fund’s NAV per Share is calculated
by:

| ● | taking the current market value of its total assets, including but not limited to Bitcoin Futures Contracts, spot bitcoin and 
 cash, pursuant to policies established from time to time by the Sponsor or otherwise described herein,                        |

| ● | subtracting any liabilities and dividing the balance by the number of Shares, and |

| ● | dividing the above total by the number of Shares outstanding. |

Global Fund Services, in its capacity as
the Sub-Administrator calculates the NAV of the Fund once each trading day. It calculates the NAV as of the earlier of the close
of trading on NYSE Arca or 4:00 p.m. (ET). The NAV for a particular trading day is released after