Company: DEFI
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001999371-25-011381
Chunk: 7

Company: Tidal Commodities Trust I
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 8
Chunk 7
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 $74,496  
    $14,522,529  
    $—  
    $14,597,025 

December
31, 2024

     Level
                                         1   
     Level
                                         2   
     Level
                                         3   
     Balance
                                         as of
                                                                                                                                             December
                                         31,  2024  

    Assets: 

    Cryptocurrency 
    $—  
    $14,713,026  
    $—  
    $14,713,026 

    Money
    market funds 
     29,680  
     —  
     —  
     29,680 

    Total 
    $29,680  
    $14,713,026  
    $—  
    $14,742,706 

For
the three months ended June 30, 2025 and the year ended December 31, 2024, the Fund did not have any significant transfers between
any of the levels of the fair value hierarchy.

Derivative
Investments

In
the normal course of business, the Fund utilizes derivative contracts in connection with its proprietary trading activities. Investments
in derivative contracts are subject to additional risks that can result in a loss of all or part of an investment. The Fund’s
derivative activities and exposure to derivative contracts are classified by the following primary underlying risks: interest
rate, credit, commodity price, and equity price risks. In addition to its primary underlying risks, the Fund is also subject to
additional counterparty risk due to inability of its counterparties to meet the terms of their contracts.

Futures
Contracts

The
Fund is subject to cryptocurrency price risk in the normal course of pursuing its investment objectives. A futures contract represents
a commitment for the future purchase or sale of an asset at a specified price on a specified date.

The
purchase and sale of futures contracts requires margin deposits with a Futures Commission Merchant (“FCM”). Subsequent
payments (variation margin) are made or received by the Fund each day, depending on the daily fluctuations in the value of the
contract, and are recorded as unrealized gains or losses by the Fund. Futures contracts may reduce the Fund’s exposure to
counterparty risk since futures contracts are exchange-traded; and the exchange’s clearinghouse, as the counterparty to
all exchange-traded futures, guarantees the futures against default.

The