Company: DEFI
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001999371-25-011381
Chunk: 1

Company: Tidal Commodities Trust I
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 8
Chunk 1
---
modity Trust (the “Predecessor
Trust”) sponsored by Teucrium Trading, LLC (“Prior Sponsor”). The Merger closed on January 3, 2024. In connection
with the Merger, the Predecessor Fund shareholders received one share of beneficial interest no par value (the “Share”)
for each share of the Predecessor Fund they owned prior to the Merger. See Note 5 - Merger with Hashdex Bitcoin Futures ETF
for more information on the Merger.

On
March 26, 2024, the Sponsor announced the renaming of the Fund from the Hashdex Bitcoin Futures ETF to the Hashdex Bitcoin ETF.
The renaming of the Fund corresponds to its completion of the conversion of its investment strategy to allow the Fund to provide
spot bitcoin holdings and its tracking of a new benchmark index effective March 27, 2024. The Fund’s investment objective
is for changes in the Shares’ net asset value (“NAV”) to reflect the daily changes of the price of the Nasdaq
Bitcoin Reference Price - Settlement (NQBTCS) (the “Benchmark”), less expenses from the Fund’s operations. The
Benchmark is designed to track the price performance of bitcoin. The Fund invests in bitcoin, bitcoin futures contracts (“Bitcoin
Futures Contracts”) listed on the Chicago Mercantile Exchange Inc. (“CME”), and cash and cash equivalents.
Under normal market conditions, the Fund has a policy to maximize its holdings of physical bitcoin such that it is expected that
at least 95% of the Fund’s assets will be invested in spot bitcoin. Up to 5% of the Fund’s assets may be invested
in CME-traded bitcoin futures contracts and in cash and cash equivalents. Because the Fund’s investment objective is to
track the price of the Benchmark, changes in the price of the Shares may vary from changes in the spot price of bitcoin.

The
Fund currently offers one class of shares that has no front-end sales load, no deferred sales charge, and no redemption fee. The
Fund may issue an Unlimited number of Shares. All shares of the Fund have equal rights and privileges.

The
Fund continuously offers and redeems Shares in blocks of 10,000 Shares (each such block, a “Creation Unit”) at a price
per Share equal to NAV. Only “Authorized Participants” may purchase and redeem Shares from the Fund and then only
in Creation Units at NAV. An Authorized Participant is an entity that has entered into an Authorized Participant