Company: DEFI
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001999371-25-017892
Chunk: 26

Company: Tidal Commodities Trust I
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 8
Chunk 26
---
 normal market
conditions, the Fund’s current policy is 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 remaining assets may be invested
in CME-traded bitcoin futures contracts and in cash and cash equivalents.

Performance data from January 1, 2024,
to January 3, 2024, reflects the performance of the Predecessor Fund. Performance from January 4, 2024, to March 26, 2024, reflects
the Fund’s performance under its previous investment strategy, which involved investing in futures contracts. Performance
data from March 27, 2024, onward reflect the Fund’s current investment strategy.

On September 30, 2025, the Fund held 134.87 Units of spot bitcoin
with an asset fair value of $15,439,452.

    Quarter Ended  
    Quarter Ended  
    Year Ended 

    September 30,  
    September 30,  
    December 31, 

    2025  
    2024  
    2024 

    Total Net Assets 
    $15,532,961  
    $9,392,528  
    $14,839,385 

    Shares Outstanding 
     120,000  
     130,000  
     140,000 

    Net Asset Value per share 
    $129.44  
    $72.25  
    $106.00 

    Closing Price 
    $129.50  
    $72.39  
    $106.21 

Total net assets for the Fund increased
year over year by 65.38%, driven by an increase in the NAV per share of $ 57.19 or 79.16%. The change in total net assets year
over year was generally due to the Bitcoin price appreciation from $63,375.35 per Bitcoin as of September 30, 2024, to $114,475.44
per Bitcoin as of September 30, 2025, representing an approximate 80.63% increase year over year.

For the three months ended September 30, 2025, compared to
the three months ended September 30, 2024:

    Quarter Ended  
    Quarter Ended 

    September 30, 2025