Company: DEFI
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001999371-25-011381
Chunk: 6

Company: Tidal Commodities Trust I
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 8
Chunk 6
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 Valuation adjustments and block discounts are
                                         not applied to Level 1 financial instruments. Since valuations are based on quoted prices
                                         that are readily and regularly available in an active market, valuation of these financial
                                         instruments does not entail a significant degree of judgment.

    F-14 

Level
                            2 -Valuations
based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

Level
                            3 -Valuations
based on inputs that are unobservable and significant to the overall fair value measurement.

The
availability of valuation techniques and observable inputs can vary from financial instrument to financial instrument and is affected
by a wide variety of factors including, the type of financial instrument, whether the financial instrument is new and not yet
established in the marketplace, and other characteristics particular to the transaction. To the extent that valuation is based
on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment.
Those estimated values do not necessarily represent the amounts that may be ultimately realized due to the occurrence of future
circumstances that cannot be reasonably determined. Because of the inherent uncertainty of valuation, those estimated values may
be materially higher or lower than the values that would have been used had a ready market for the financial instruments existed.
Accordingly, the degree of judgment exercised by the Fund in determining fair value is greatest for financial instruments categorized
in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy.
In such cases, for disclosure purposes, the level in the fair value hierarchy, within which the fair value measurement in its
entirety falls, is determined based on the lowest level input that is significant to the fair value measurement.
Schedule of fair values of investments disaggregated into three levels of fair value hierarchy
 
June
30, 2025

    Level
                                         1   
    Level
                                         2   
    Level
                                         3   
    Balance
                                         as of
                                                                                June
                                         30, 2025 

    Assets: 

    Cryptocurrency 
    $—  
    $14,522,529  
    $—  
    $14,522,529 

    Money
    market funds 
     74,496  
     —  
     —  
     74,496 

    Total