Company: DEFI
Filing Date: 2025-03-17
Form Type: S-1/A
Source: 0001387131-25-000058
Chunk: 108

Company: Tidal Commodities Trust I
Filing Date: 2025-03-17
Form: S-1/A
Chunk 108
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 obtain exposure to the RGGI, the Index uses ICE RGGI (CO2 allowances) futures contracts (“RGGI Carbon Credit Futures”). The Fund’s Carbon Credit Futures will not result in any direct participation by the Fund in any particular carbon emissions offsetting project, including any carbon emissions associated with the mining of bitcoin or the Fund’s bitcoin holdings.

Bitcoin Valuation

The value of bitcoin is determined by the value that various market participants place on Bitcoin through their transactions. The most common means of determining the value of a bitcoin is by surveying one or more digital asset trading platforms where bitcoin is traded publicly and transparently. On such digital asset trading platforms, bitcoin is traded with publicly disclosed valuations for each executed trade, measured by one or more fiat currencies such as the U.S. dollar. OTC dealers or market makers do not typically disclose their data. There are numerous digital asset trading platforms operating worldwide, representing a substantial percentage of bitcoin buying and selling activity, and providing the most data with respect to prevailing valuation of bitcoin.

The Fund utilizes the same methodology as that of the Index for determining the value of bitcoin for purposes of calculating the NAV of the Fund. The Index requires each digital asset trading platform used to calculate the price of bitcoin to meet each of the following criteria:

| ● | has                                                                          
 had operating history as a crypto asset exchange for a minimum of two years; |

| ● | implemented                                                                             
 trading, deposits, and withdrawal fees for a minimum of one month without interruption; |

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| ● | met                                                                                     
 a minimum monthly volume threshold of $30 million with respect to total trading volume; |

| ● | provided                                                                
 reliable, continuous, and valid market data for a minimum of one month; |

| ● | offered                                                                                      
 the possibility to withdraw and deposit for a minimum of one month, settling in 2-7 business 
 days;                                                                                        |

| ● | chosen                                                                                        
 a jurisdiction of incorporation that offers sufficient investor protection, such as Financial 
 Action Task Force (FATF), FAFT-style regional bodies (FSRBs), or Moneyval member states;      |

| ● | complied                                                      
 with relevant AML and know-your-customer (“KYC”) regulations; |

| ● | cooperated                                               
 with requests from Kaiko and relevant regulatory bodies; |

| ● | has                                                                                  
 not been domiciled in a jurisdiction subject to EU restrictive measures (sanctions); |

| ● | provided                                                      
 information concerning ownership and corporate structure; and