Company: DEFI
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001999371-25-006264
Chunk: 24

Company: Tidal Commodities Trust I
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 8
Chunk 24
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, no impact to or change in
the Net gain or Net loss in any period for the Trust and the Fund as a result of this change in presentation.

The
Fund is the successor and surviving entity from the Merger of the Predecessor Fund into the Fund. The Predecessor Fund was a series
of the Teucrium Commodity Trust sponsored by Teucrium Trading, LLC. The Predecessor Fund commenced operations on September 15,
2022. The investment objective of both the Predecessor Fund and the Fund (for the period from January 3, 2024 to March 26, 2024)
was for changes in the Fund’s shares’ net asset value (“NAV”) to reflect the daily changes of the price
of the Hashdex U.S. Bitcoin Futures Fund Benchmark (the “Prior Benchmark”), less expenses from such Fund’s operations.
The Prior Benchmark reflect the average of the closing settlement prices for the first to expire and second to expire bitcoin
futures contracts listed on the Chicago Mercantile Exchange (“CME”).

Effective
as of March 27, 2024, the Fund’s investment objective and strategy were revised to reflect that the Fund could have spot
bitcoin holdings. That is, the Fund’s investment objective is for changes in the Shares’ 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. Under normal market conditions, the Fund’s current 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.

Performance
data from January 1, 2024, to January 3, 2024, reflects the performance of the Predecessor Fund. Performance from January 4, 2024,
to March 26, 2024, reflects the Fund’s performance under its previous investment strategy, which involved investing in futures
contracts. Performance data from March 27, 2024, onward reflect the Fund’s current investment strategy.

On
March 31, 2025, the Fund held 15,785 Units of spot bitcoin with an asset fair value of $13,000,180.

    Quarter
Ended
March 31, 202