Company: DEFI
Filing Date: 2025-03-17
Form Type: S-1/A
Source: 0001387131-25-000058
Chunk: 220

Company: Tidal Commodities Trust I
Filing Date: 2025-03-17
Form: S-1/A
Chunk 220
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 LLC (an affiliate of Jane Street Capital, LLC) is also a Bitcoin Trading Counterparty of the Fund. Additional Authorized Purchasers may be added at any time, subject to the discretion of the Sponsor.

<div align='center'>CALCULATION OF NAV</div>

Calculating the Fund’s NAV per Share

The Fund’s NAV per Share is calculated by:

| ● | taking                                        
 the current market value of its total assets; |

| ● | subtracting          
 any liabilities; and |

<div align='center'>105</div>

| ● | dividing                                              
 that total by the total number of outstanding Shares. |

The Administrator calculates the NAV of the Fund once each trading day. It will calculate the NAV as of the earlier of the close of the Exchange or 4:00 p.m. (ET). The NAV for a normal trading day will be released after 4:00 p.m. (ET).

To the extent there are any determinations that the Sponsor and the Administrator make, such determinations will be made in good faith upon the basis of, and neither the Sponsor nor the Administrator will be liable for any errors contained in, information reasonably available. Neither the Sponsor nor the Administrator will be liable to The Depository Trust Company (“DTC”), Authorized Purchasers, the Shareholders or any other person for errors in judgment. The Fund’s daily activities are generally not reflected in the NAV determined for the Business Day on which the transactions are effected (the trade date), but rather on the following Business Day.

The Sponsor has the exclusive authority to determine the NAV of the Fund. The Sponsor has delegated to the Administrator the responsibility to calculate the NAV and NAV per Share of the Fund, based on a pricing source selected by the Sponsor. The Administrator will determine the NAV of the Fund each business day. In determining the NAV of the Fund, the Administrator values the bitcoin held by the Fund based on the Bitcoin Price calculated by the Index, unless otherwise determined by the Sponsor in its sole discretion. See “Investment Objective and Investment Strategies—Principal Investment Strategies—Bitcoin Valuation” for additional information regarding the calculation methodology of the Bitcoin Price. If the Bitcoin Price is not available or the Sponsor in its sole discretion determines that the Bitcoin price should not be used, the Fund’s holdings may be fair valued in accordance with the policy approved by the Sponsor. The Sponsor does not anticipate the need to “fair value” bitcoin will be a common occurrence.

The Administrator will value the Fund’s Carbon Credit Futures using the same methodology of the Index (and respective