Company: DEFI
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001999371-25-011381
Chunk: 19

Company: Tidal Commodities Trust I
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 8
Chunk 19
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 statement for DEFI was declared effective by the SEC on January 2, 2024 and registered
an indeterminate number of Shares. BitGo Trust Company, Inc (the “Bitcoin Custodian”) is the custodian for the Fund’s
bitcoin holdings; and U.S. Bank, N.A. is the custodian for the Fund’s cash and cash equivalents holdings (the “Cash
Custodian” and together with the Bitcoin Custodian, the “Custodians”).

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 for each share of the Predecessor Fund they owned prior
to the Merger.

The
sponsor of the Trust is Tidal Investments LLC, a Delaware limited liability company (the “Sponsor”). The
principal office of the Sponsor is Milwaukee, Wisconsin and the Trust is located at 234 West Florida Street, Suite 203,
Milwaukee, Wisconsin 53204. 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 Sponsor has sponsored the Trust since
2023. Sponsoring the Fund will be the Sponsor’s first experience in operating an exchange traded product that invests
in crypto-currency futures or directly in bitcoin. The Sponsor’s responsibilities are discussed below in the section
entitled “The Sponsor’s Operations.”

While
investors will purchase and sell Shares through their broker-dealer, the Fund continuously offers creation baskets consisting
of 10,000 Shares (“Creation Baskets”) at their net asset value (“NAV”) to certain financial institutions
that have entered into an agreement with the Sponsor (“Authorized Purchasers”).

F-21 

Recent
Developments

Merger
with Hashdex Bitcoin Futures ETF

On
January 3, 2024, the Trust completed the Merger and acquisition of the Predecessor Fund, a