Company: DEFI
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001999371-25-017892
Chunk: 16

Company: Tidal Commodities Trust I
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 8
Chunk 16
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 asset value per share of the Acquired Fund determined
immediately prior to the Merger closing. The share price used for the delivery of shares of the Acquired Fund was the net asset
value per share of the Acquired Fund determined after the close of business of NYSE Arca on January 2, 2024. Consequently, the
Merger resulted in a one-for-one exchange of shares between the Acquired Fund and the Fund. Upon the Merger closing, the Fund acquired
all the assets of the Acquired Fund and assumed all the liabilities of the Acquired Fund. Upon the Merger closing, all of the Acquired
Fund’s shares were cancelled and the Acquired Fund was liquidated.

On January 3, 2024, the Fund issued
50,000 shares at net asset value of $2,708,819 for 50,000 shares the Acquired Fund, representing $2,708,819 of net assets. The
combined net assets and shares outstanding of the Fund immediately after the Merger were $2,708,819 and 50,000, respectively, representing
a net asset value per share of $54.18.

Note 6 – Conversion to Spot Bitcoin ETF

On March 26, 2024, the Sponsor
announced the renaming of the Fund from the Hashdex Bitcoin Futures ETF to the Hashdex Bitcoin ETF. The renaming of the Fund corresponds
to its completion of the conversion of its investment strategy to allow the Fund to provide spot bitcoin holdings and its tracking
of a new benchmark index effective March 27, 2024.

The Fund’s
new benchmark index is the Benchmark, which better reflects the Fund’s new strategy of direct bitcoin investment. Going forward
and under normal market conditions, the Fund’s investment policy is to maximize its holdings of physical bitcoin such that
it is expected that at least 95% of the Fund’s assets will be invested in spot bitcoin. Up to 5% of the Fund’s remaining
assets may be invested in CME-traded bitcoin futures contracts and in cash and cash equivalents.

    F-19 

Note 7 – Segment Reporting

In accordance with the FASB Accounting
Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, the Fund
has evaluated its business activities and determined that it operates as a single reportable segment.

The Fund’s investment activities
are managed by the Sponsor, which