Company: DEFI
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001999371-25-017892
Chunk: 0

Company: Tidal Commodities Trust I
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 8
Chunk 0
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September 30, 2025 (Unaudited)

Note 1 – Organization and Significant Accounting
Policies

These footnotes represent the
footnotes to Hashdex Bitcoin ETF’s Statement of Assets and Liabilities and the Combined Financial Statements of Tidal Commodities
Trust I.

Hashdex Bitcoin ETF (the “Fund”)
is a series of Tidal Commodities Trust I (“Trust”), a Delaware statutory trust organized on February 10, 2023. The
Fund operates pursuant to the First Amended and Restated Declaration of Trust and Trust Agreement (“Trust Agreement”),
dated March 10, 2023. The Fund is currently the Trust’s only publicly offered series.

The Trust is registered with the U.S. Securities
and Exchange Commission (“SEC”) under the Securities Act of 1933, as amended (together with the rules and regulations
adopted thereunder, as amended, the “1933 Act”), as an exchange- traded fund. The Fund was formed and is managed and
controlled by the Sponsor, a limited liability company formed in Delaware on March 14, 2012. The Sponsor is registered as a commodity
pool operator (“CPO”) with the Commodity Futures Trading Commission (“CFTC”) and is a member of the National
Futures Association (“NFA”).

The Fund intends to be treated as a partnership for U.S. federal
income tax purposes.

The Trust and Fund qualify as an investment
company solely for accounting purposes and not for any other purpose and follow the accounting and reporting guidance under the
Financial Accounting Stands Board Accounting Standards Codification Topic 946, Financial Services - Investment Companies, but are
not registered, and are not required to be registered, as an investment company under the Investment Company Act of 1940, as amended.

On January 2, 2024, the initial Form S-1
for DEFI was declared effective by the U.S. Securities and Exchange Commission (“SEC”). The Fund is the successor and
surviving entity from the merger (the “Merger”) of the Hashdex Bitcoin Futures ETF (the “Predecessor Fund”)
into the Fund. The Predecessor Fund was a series of the Teucrium Commodity 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