Company: DEFI
Filing Date: 2025-03-17
Form Type: S-1/A
Source: 0001387131-25-000058
Chunk: 110

Company: Tidal Commodities Trust I
Filing Date: 2025-03-17
Form: S-1/A
Chunk 110
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 The Sponsor believes this methodology provides a reasonable valuation of the spot price of bitcoin that is reasonably resistant to price manipulation of bitcoin. As of December 12, 2024, each Index Pricing Source had the below volume and market share:

| Index          
 Pricing Source |   Volume 
    (BTC) | Volume      
 (Percentage 
 Market      
 Share)      |
| Crypto.com     | 1,699.56 | 43.87%      |
| Coinbase       | 1,143.07 | 29.51%      |
| LMAX           
 Digital        |   440.40 | 11.38%      |
| BTSE           |   204.04 | 5.26%       |
| Kraken         |   203.90 | 5.26%       |
| Gemini         |    87.41 | 2.25%       |
| Bitstamp       |    86.88 | 2.24%       |
| itBit          |     5.55 | 0.14%       |
| EXMO           |     2.80 | 0.07%       |

Once it has actual knowledge of changes to the Index Pricing Sources used to calculate the Bitcoin Price, the Fund will notify Shareholders in a prospectus supplement and a current report on Form 8-K or in its annual or quarterly reports.

The Sponsor, in its sole discretion, may cause the Fund to price its portfolio based upon an index, benchmark or standard other than the Index and the Bitcoin Price at any time, with prior notice to the Shareholders, if investment conditions change or the Sponsor believes that another index, benchmark or standard better aligns with the Fund’s investment objective and strategy. The Sponsor may make this decision for a number of reasons, including, but not limited to, a determination that the Bitcoin Price of bitcoin differs materially from the global market price of bitcoin and/or that third parties are able to purchase and sell bitcoin on public or private markets not included among the Index Pricing Sources, and such transactions may take place at prices materially higher or lower than the Bitcoin price. The Sponsor, however, is under no obligation whatsoever to make such changes in any circumstance. In the event that the Sponsor intends to establish the Fund’s NAV by reference to an index, benchmark or standard other than the Index, it will provide Shareholders with notice in a prospectus supplement and/or through a current report on Form 8-K or in the Fund’s annual or quarterly reports.

Purchases