Company: DEFI
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001999371-25-017892
Chunk: 19

Company: Tidal Commodities Trust I
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 8
Chunk 19
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 of one series: Hashdex Bitcoin
ETF (f/k/a Hashdex Bitcoin Futures ETF) (“DEFI” or the “Fund”). The Trust also includes one additional
series, the 7RCC Spot Bitcoin and Carbon Credit Futures ETF, which may be publicly offered in the future. The Fund is a commodity
pool. The Fund issues shares of beneficial interest, with no par value (the “Shares”), representing fractional undivided
beneficial interests in the Fund. 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. 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 Trust and the Fund operate
pursuant to the Trust’s Amended and Restated Declaration of Trust and Trust Agreement (the “Trust Agreement”),
dated March 10, 2023. On January 2, 2024, the initial Form S-1 for DEFI was declared effective by the U.S. Securities and Exchange
Commission (“SEC”). As noted below, the Fund is the successor to the Predecessor Fund (defined below), which commenced
operations in September 2022. The Fund’s shares trade on the NYSE Arca stock exchange (“NYSE Arca”). The current
registration 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 Com