Hashdex Commodities Trust 10-K

Item 8. Financial Statements and Supplementary Data INDEX TO FINANCIAL STATEMENTS Page Report of Independent Registered Public Accounting Firm - Hashdex Bitcoin ETF, a series of the Tidal Commodities Trust I (TAIT, WELLER & BAKER LLP, Philadelphia, PA, PCAOB #445) F-1 Report of Independent Registered Public Accounting Firm - Hashdex Bitcoin ETF (Formerly Hashdex Bitcoin Futures ETF) (GRANT THORTON LLP, New York, NY, PCAOB #248) F-2 Tidal Commodities Trust I Combined Statements of Assets and Liabilities, Statements of Operations, Statements of Changes in Net Assets and Statements of Cash Flows F-3 Hashdex Bitcoin ETF (Formerly Hashdex Bitcoin Futures ETF) Statements of Assets and Liabilities, Statements of Operations, Statements of Changes in Net Assets and Statements of Cash Flows F-8 Notes to Financial Statements F-13 50 taitweller.com REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To Management of the Trust’s Sponsor Of Tidal Commodities Trust I Opinion on the Financial Statements We have audited the accompanying combined statements of assets and liabilities of Tidal Commodities Trust I (the “Trust”), including the combined schedule of investments as of December 31, 2024, the related combined statements of operations, changes in net assets, and cash flows for the year then ended and the related notes (collectively referred to as the “combined financial statements”). In our opinion, the combined financial statements present fairly, in all material respects, the combined financial position of the Trust as of December 31, 2024, and the results of its combined operations, combined changes in net assets, and combined cash flows for the year then ended, in conformity with accounting principles generally accepted in the United States of America. We have also audited the accompanying statement of assets and liabilities of Hashdex Bitcoin ETF (formerly Hashdex Bitcoin Futures ETF), (the “Fund”), a series of Tidal Commodities Trust I, including the schedule of investments as of December 31, 2024, and the related statements of operations, changes in net assets, and cash flows for the year then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2024, and the results of its operations, changes in net assets, and cash flows for the year then ended, in conformity with accounting principles generally accepted in the United States of America. The financial statements of the Fund (which are also reflected in the Trust) as of December 31, 2023, were audited by other auditors whose report dated February 29, 2024, expressed an unqualified opinion on those statements. Basis for Opinion These combined financial statements and financial statements are the responsibility of management of the Trust’s Sponsor. Our responsibility is to express an opinion on the Trust’s combined financial statements and the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust and Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditors of the Trust and the Fund since 2023. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the combined financial statements and financial statements are free of material misstatement, whether due to error or fraud. The Trust and the Fund are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s and Fund’s internal control over financial reporting. Accordingly, we express no such opinion. Our audits included performing procedures to assess the risks of material misstatement of the combined financial statements and financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the combined financial statements and financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the combined financial statements and financial statements. We believe that our audits provide a reasonable basis for our opinion. TAIT, WELLER & BAKER LLP Philadelphia, Pennsylvania March 25, 2025 445 F- 1 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Sponsor and Shareholders of Hashdex Bitcoin ETF (formerly Hashdex Bitcoin Futures ETF) Opinion on the financial statements We have audited the statement of assets and liabilities, including the schedule of investments of Hashdex Bitcoin ETF (formerly Hashdex Bitcoin Futures ETF), a series of Tidal Commodities Trust I (formerly a series of Teucrium Commodity Trust) (the “Fund”) as of December 31, 2023, the related statements of operations, changes in net assets, and cash flows for the year ended December 31, 2023, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2023, and the results of its operations and its cash flows for the year then ended, in conformity with accounting principles generally accepted in the United States of America. Basis for opinion These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion. /s/ GRANT THORNTON LLP We have served as the auditor of the Fund from 2022 – 2024. New York, New York February 29, 2024 F- 2 TIDAL COMMODITIES TRUST I COMBINED STATEMENTS OF ASSETS AND LIABILITIES December 31, 2024 December 31, 2023 * Assets Investments (1) $ 14,713,026 $ — Cash and cash equivalents (2) 29,680 1,867,663 Interest receivable 85 10,297 Equity in trading accounts: Cryptocurrency futures contracts — 129,519 Due from broker 108,214 582,908 Total equity in trading accounts 108,214 712,427 Total assets $ 14,851,005 $ 2,590,387 Liabilities Management fee payable to Sponsor 11,620 2,053 Equity in trading accounts: Cryptocurrency futures contracts — 51,376 Total liabilities $ 11,620 $ 53,429 Net assets $ 14,839,385 $ 2,536,958 Shares issued and outstanding 140,000 50,000 ( no par value, Unlimited amount authorized) Net asset value per share $ 106.00 $ 50.74 Market value per share $ 106.21 $ 50.73 * Reflects the assets and liabilities of the Hashdex Bitcoin Futures ETF, which was a series of the Teucrium Commodity Trust until January 3, 2024. Please see Note 5 in the accompanying Notes to Financial Statements for more information. (1) Cost basis (December 31, 2024) $ 11,099,080 (2) Cost basis (December 31, 2024) $ 29,680 The accompanying notes are an integral part of these financial statements. F- 3 TIDAL COMMODIDTIES TRUST I COMBINED SCHEDULE OF INVESTMENTS December 31, 2024 Description: Assets Yield Fair Value Percentage of Net Assets Shares Cryptocurrency Bitcoin $ 14,713,026 99.15 % 15,785 Total Cryptocurrency (cost $ 11,099,080 ) $ 14,713,026 99.15 % Cash equivalents Money market funds First American Government Obligations Fund - Class X 4.41 % $ 29,680 0.20 % 29,680 Total Cash Equivalents (cost $ 29,680 ) $ 29,680 0.20 % TIDAL COMMODITIES TRUST I (FORMERLY TEUCRIUM COMMODITIES TRUST) COMBINED SCHEDULE OF INVESTMENTS December 31, 2023* Description: Assets Yield Fair Value Percentage of Net Assets Shares Cash equivalents Money market funds U.S. Bank Deposit Account (cost $ 1,867,663 ) * 5.27 % $ 1,867,663 73.62 % 1,867,663 Total Cash Equivalents (cost $ 1,867,663 ) * $ 1,867,663 73.62 % Description: Assets Fair Value Percentage of Net Assets Notional Amount (Long Exposure) Cryptocurrency futures contracts United States CME Bitcoin Futures contracts CME Bitcoin Futures JAN 24 ( 6 contracts) * $ 129,519 5.11 % $ 1,274,500 Total cryptocurrency futures contracts * $ 129,519 5.11 % $ 1,274,500 Description: Liabilities Cryptocurrency futures contracts United States CME Bitcoin Futures contracts CME Bitcoin Futures FEB 24 ( 6 contracts) * 51,376 2.03 % $ 1,288,500 Total cryptocurrency futures contracts * $ 51,376 2.03 % $ 1,288,500 * Reflects the investments of the Hashdex Bitcoin Futures ETF, which was a series of the Teucrium Commodity Trust until January 3, 2024. Please see Note 5 in the accompanying Notes to Financial Statements for more information. The accompanying notes are an integral part of these financial statements. F- 4 TIDAL COMMODITIES TRUST I COMBINED STATEMENTS OF OPERATIONS Year Ended December 31, 2024 Year Ended December 31, 2023 * Income Realized and unrealized gain (loss) on trading of cryptocurrency futures contracts: Realized gain (loss) on cryptocurrency futures contracts $ 7,526,022 $ 1,308,803 Realized gain (loss) on investments ( 529,068 ) — Net change in unrealized appreciation (depreciation) on investments 3,613,946 — Net change in unrealized appreciation (depreciation) on cryptocurrency futures contracts ( 78,239 ) 48,991 Broker interest income 63,830 16,108 Interest income 120,525 66,862 Total income (loss) 10,717,016 1,440,764 Expenses Management fees 119,739 17,718 Professional fees — 241,278 Distribution and marketing fees — 8,198 Custodian fees and expenses — 2,167 Business permits and license fees — 19,187 General and administrative expenses — 550 Broker expenses 15,842 — Total expenses 135,581 289,098 Expenses waived by the Sponsor — ( 271,380 ) Total expenses, net 135,581 17,718 Net income (loss) $ 10,581,435 $ 1,423,046 * Reflects the operations of the Hashdex Bitcoin Futures ETF, which was a series of the Teucrium Commodity Trust until January 3, 2024. Please see Note 5 in the accompanying Notes to Financial Statements for more information. The accompanying notes are an integral part of these financial statements. F- 5 TIDAL COMMODITIES TRUST I COMBINED STATEMENTS OF CHANGES IN NET ASSETS Year Ended Year Ended December 31, 2024 December 31, 2023 * Operations Net income (loss) $ 10,581,435 $ 1,423,046 Capital transactions Issuance of Shares 19,806,062 367,689 Redemption of Shares ( 18,085,070 ) ( 324,040 ) Total capital transactions 1,720,992 43,649 Net change in net assets 12,302,427 1,466,695 Net assets, beginning of period $ 2,536,958 $ 1,070,263 Net assets, end of period $ 14,839,385 $ 2,536,958 Net asset value per share at beginning of period $ 50.74 $ 21.40 Net asset value per share at end of period $ 106.00 $ 50.74 Creation of Shares 340,000 10,000 Redemption of Shares ( 250,000 ) ( 10,004 ) * Reflects the changes in net assets of the Hashdex Bitcoin Futures ETF, which was a series of the Teucrium Commodity Trust until January 3, 2024. Please see Note 5 in the accompanying Notes to Financial Statements for more information. The accompanying notes are an integral part of these financial statements. F- 6 TIDAL COMMODITIES TRUST I COMBINED STATEMENTS OF CASH FLOWS Year Ended Year Ended December 31, 2024 December 31, 2023 * Cash flows from operating activities Net income (loss) $ 10,581,435 $ 1,423,046 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Net change in unrealized appreciation (depreciation) on cryptocurrency futures contracts 78,239 ( 48,991 ) Net change in unrealized appreciation of investments ( 3,613,946 ) — Net realized losses on sale of investments 529,068 — Changes in operating assets and liabilities: Purchases of investments ( 13,520,786 ) — Proceeds from sale of investments 1,892,631 — Due from broker 474,598 ( 245,859 ) Interest receivable 10,212 ( 7,336 ) Management fee payable to Sponsor 9,567 1,185 Net cash provided by (used in) operating activities ( 3,558,982 ) 1,122,045 Cash flows from financing activities: Proceeds from sale of Shares 19,806,069 367,689 Redemption of Shares ( 18,085,070 ) ( 324,040 ) Net cash provided by (used in) financing activities 1,720,999 43,649 Net change in cash and cash equivalents ( 1,837,983 ) 1,165,694 Cash and cash equivalents, beginning of period 1,867,663 701,969 Cash and cash equivalents, end of period $ 29,680 $ 1,867,663 * Reflects the cash flows of the Hashdex Bitcoin Futures ETF, which was a series of the Teucrium Commodity Trust until January 3, 2024. Please see Note 5 in the accompanying Notes to Financial Statements for more information. The accompanying notes are an integral part of these financial statements. F- 7 HASHDEX BITCOIN ETF (FORMERLY HASHDEX BITCOIN FUTURES ETF) STATEMENTS OF ASSETS AND LIABILITIES December 31, 2024 December 31, 2023 Assets Investments (1) $ 14,713,026 $ — Cash and cash equivalents (2) 29,680 1,867,663 Interest receivable 85 10,297 Equity in trading accounts: Cryptocurrency futures contracts — 129,519 Due from broker 108,214 582,908 Total equity in trading accounts 108,214 712,427 Total assets $ 14,851,005 $ 2,590,387 Liabilities Management fee payable to Sponsor 11,620 2,053 Equity in trading accounts: Cryptocurrency futures contracts — 51,376 Total liabilities $ 11,620 $ 53,429 Net assets $ 14,839,385 $ 2,536,958 Shares issued and outstanding 140,000 50,000 ( no par value, Unlimited amount authorized) Net asset value per share $ 106.00 $ 50.74 Market value per share $ 106.21 $ 50.73 (1) Cost basis (December 31, 2024) $ 11,099,080 (2) Cost basis (December 31, 2024) $ 29,680 The accompanying notes are an integral part of these financial statements. F- 8 HASHDEX BITCOIN ETF SCHEDULE OF INVESTMENTS December 31, 2024 Description: Assets Yield Fair Value Percentage of Net Assets Shares Cryptocurrency Bitcoin $ 14,713,026 99.15 % 15,785 Total Cryptocurrency (cost $ 11,099,080 ) $ 14,713,026 99.15 % Cash equivalents Money market funds First American Government Obligations Fund - Class X 4.41 % $ 29,680 0.20 % 29,680 Total Cash Equivalents (cost $ 29,680 ) $ 29,680 0.20 % HASHDEX BITCOIN ETF (FORMERLY HASHDEX BITCOIN FUTURES ETF) SCHEDULE OF INVESTMENTS December 31, 2023 Description: Assets Yield Fair Value Percentage of Net Assets Shares Cash equivalents Money market funds U.S. Bank Deposit Account (cost $ 1,867,663 ) 5.27 % $ 1,867,663 73.62 % 1,867,663 Total Cash Equivalents (cost $ 1,867,663 ) $ 1,867,663 73.62 % Fair Value Percentage of Net Assets Notional Amount (Long Exposure) Description: Assets Cryptocurrency futures contracts United States CME Bitcoin Futures contracts CME Bitcoin Futures JAN 24 ( 6 contracts) $ 129,519 5.11 % $ 1,274,500 Total cryptocurrency futures contracts $ 129,519 5.11 % $ 1,274,500 Description: Liabilities Cryptocurrency futures contracts United States CME Bitcoin Futures contracts CME Bitcoin Futures FEB 24 ( 6 contracts) 51,376 2.03 % $ 1,288,500 Total cryptocurrency futures contracts $ 51,376 2.03 % $ 1,288,500 The accompanying notes are an integral part of these financial statements. F- 9 HASHDEX BITCOIN ETF (FORMERLY HASHDEX BITCOIN FUTURES ETF) STATEMENTS OF OPERATIONS Year Ended December 31, 2024 Year Ended December 31, 2023 Income Realized and unrealized gain (loss) on trading of cryptocurrency futures contracts: Realized gain (loss) on cryptocurrency futures contracts $ 7,526,022 $ 1,308,803 Realized gain (loss) on investments ( 529,068 ) — Net change in unrealized appreciation (depreciation) on investments 3,613,946 — Net change in unrealized appreciation (depreciation) on cryptocurrency futures contracts ( 78,239 ) 48,991 Broker interest income 63,830 16,108 Interest income 120,525 66,862 Total income (loss) 10,717,016 1,440,764 Expenses Management fees 119,739 17,718 Professional fees — 241,278 Distribution and marketing fees — 8,198 Custodian fees and expenses — 2,167 Business permits and license fees — 19,187 General and administrative expenses — 550 Broker expenses 15,842 — Total expenses 135,581 289,098 Expenses waived by the Sponsor — ( 271,380 ) Total expenses, net 135,581 17,718 Net income (loss) $ 10,581,435 $ 1,423,046 The accompanying notes are an integral part of these financial statements. F- 10 HASHDEX BITCOIN ETF (FORMERLY HASHDEX BITCOIN FUTURES ETF) STATEMENTS OF CHANGES IN NET ASSETS Year Ended December 31, 2024 Year Ended December 31, 2023 Operations Net income (loss) $ 10,581,435 $ 1,423,046 Capital transactions Issuance of Shares 19,806,062 367,689 Redemption of Shares ( 18,085,070 ) ( 324,040 ) Total capital transactions 1,720,992 43,649 Net change in net assets 12,302,427 1,466,695 Net assets, beginning of period $ 2,536,958 $ 1,070,263 Net assets, end of period $ 14,839,385 $ 2,536,958 Net asset value per share at beginning of period $ 50.74 $ 21.40 Net asset value per share at end of period $ 106.00 $ 50.74 Creation of Shares 340,000 10,000 Redemption of Shares ( 250,000 ) ( 10,004 ) The accompanying notes are an integral part of these financial statements F- 11 HASHDEX BITCOIN ETF (FORMERLY HASHDEX BITCOIN FUTURES ETF) STATEMENTS OF CASH FLOWS Year Ended Year Ended December 31, 2024 December 31, 2023 Cash flows from operating activities Net income (loss) $ 10,581,435 $ 1,423,046 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Net change in unrealized appreciation (depreciation) on cryptocurrency futures contracts 78,239 ( 48,991 ) Net change in unrealized appreciation of investments ( 3,613,946 ) — Net realized losses on sale of investments 529,068 — Changes in operating assets and liabilities: Purchases of investments ( 13,520,786 ) — Proceeds from sale of investments 1,892,631 — Due from broker 474,598 ( 245,859 ) Interest receivable 10,212 ( 7,336 ) Management fee payable to Sponsor 9,567 1,185 Net cash provided by (used in) operating activities ( 3,558,982 ) 1,122,045 Cash flows from financing activities: Proceeds from sale of Shares 19,806,069 367,689 Redemption of Shares ( 18,085,070 ) ( 324,040 ) Net cash provided by (used in) financing activities 1,720,999 43,649 Net change in cash and cash equivalents ( 1,837,983 ) 1,165,694 Cash and cash equivalents, beginning of period 1,867,663 701,969 Cash and cash equivalents, end of period $ 29,680 $ 1,867,663 The accompanying notes are an integral part of these financial statements. F- 12 NOTES TO FINANCIAL STATEMENTS December 31, 2024 Note 1 – Organization and Significant Accounting Policies These footnotes represent the footnotes to Hashdex Bitcoin ETF’s Statement of Assets and Liabilities and the Combined Financial Statements of Tidal Commodities Trust I. The combined financial statements for the years ending December 31, 2024 and 2023 represent the assets and liabilities, schedule of investments, statement of operations, changes in net assets and cash flows for the Hashdex Bitcoin ETF (formerly the Hashdex Bitcoin Futures ETF). Hashdex Bitcoin ETF (the “Fund”) is a series of Tidal Commodities Trust I (“Trust”), a Delaware statutory trust organized on February 10, 2023. The Fund operates pursuant to the First Amended and Restated Declaration of Trust and Trust Agreement (“Trust Agreement”), dated March 10, 2023. The Fund is currently the Trust’s only publicly offered series. However, Tidal Investments LLC (f/k/a Toroso Investments, LLC, the “Sponsor”) has filed a registration statement for another exchange traded fund, Nexo 7RCC Spot Bitcoin and Carbon Credit Futures ETF (“BTCK”), which is a series of the Trust. The Trust is registered with the U.S. Securities and Exchange Commission (“SEC”) under the Securities Act of 1933, as amended (together with the rules and regulations adopted thereunder, as amended, the “1933 Act”), as an exchange- traded fund. The Fund was formed and is managed and controlled by the Sponsor, a limited liability company formed in Delaware on March 14, 2012. The Sponsor is registered as a commodity pool operator (“CPO”) with the Commodity Futures Trading Commission (“CFTC”) and is a member of the National Futures Association (“NFA”). The Fund intends to be treated as a partnership for U.S. federal income tax purposes. The Trust and Fund qualify as an investment company solely for accounting purposes and not for any other purpose and follow the accounting and reporting guidance under the Financial Accounting Stands Board Accounting Standards Codification Topic 946, Financial Services - Investment Companies, but are not registered, and are not required to be registered, as an investment company under the Investment Company Act of 1940, as mended. On January 2, 2024, the initial Form S-1 for DEFI was declared effective by the SEC. The Fund is the successor and surviving entity from the merger (the “Merger”) of the Hashdex Bitcoin Futures ETF (the “Predecessor Fund”) into the Fund. The Predecessor Fund was a series of the Teucrium Commodity Trust (the “Predecessor Trust”) sponsored by Teucrium Trading, LLC (“Prior Sponsor”). The Merger closed on January 3, 2024. In connection with the Merger, the Predecessor Fund shareholders received one Share for each share of the Predecessor Fund they owned prior to the Merger. 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 investment objective is for changes in the shares’ (“Shares”) net asset value (“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. The Benchmark is designed to track the price performance of bitcoin. The Fund invests in bitcoin, bitcoin futures contracts (“Bitcoin Futures Contracts”) listed on the Chicago Mercantile Exchange Inc. (“CME”), and cash and cash equivalents. Under normal market conditions, the Fund has a policy 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 assets may be invested in CME-traded bitcoin futures contracts and in cash and cash equivalents. Because the Fund’s investment objective is to track the price of the Benchmark, changes in the price of the Shares may vary from changes in the spot price of bitcoin. The Fund currently offers one class of shares that has no front-end sales load, no deferred sales charge, and no redemption fee. The Fund may issue an Unlimited number of Shares (“Shares”) of beneficial interest, with a $ 0 .00 par value. All shares of the Fund have equal rights and privileges. The Fund continuously offers and redeems Shares in blocks of at least 10,000 Shares (each such block, a “Creation Unit”) at an initial price per Share of $ 25 . Only Authorized Participants may purchase and redeem Shares from the Fund and then only in Creation Units. An Authorized Participant is an entity that has entered into an Authorized Participant Agreement with the Trust and the Sponsor. Shares are offered on a continuous basis to Authorized Participants in Creation Units at NAV. Authorized Participants may then offer to the public, from time to time, shares from any Creation Unit they create at a per-share market price. The form of Authorized Participant Agreement sets forth the terms and conditions under which an Authorized Participant may purchase or redeem a Creation Unit. Authorized Participants will not receive from the Fund, the Sponsor, or any of their affiliates, any fee or other compensation in connection with their sale of Shares to the public. An Authorized Participant may receive commissions or fees from investors who purchase Shares through their commission or fee-based brokerage accounts. F- 13 Significant accounting policies of the Fund are as follows: Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of the revenue and expenses during the reporting period. Actual results could differ from those estimates. Indemnifications In the normal course of business, the Fund enters into contracts that contain a variety of representations which provide general indemnifications. The Fund’s maximum exposure under these arrangements cannot be known; however, the Fund expects any risk of loss to be remote. Cash Cash includes money market funds held. Income Taxes For U.S. federal income tax purposes, the Fund will be classified as a publicly traded partnership. A publicly traded partnership is generally taxable as a corporation for U.S. federal income tax purposes unless 90% or more of the publicly traded partnership’s gross income for each taxable year of its existence consists of qualifying income as defined in section 7704(d) of the Internal Revenue Code of 1986, as amended (the “Code”). Qualifying income is defined as generally including, in pertinent part, interest (other than from a financial business), dividends, and gains from the sale or disposition of capital assets held for the production of interest or dividends. In the case of a partnership of which a principal activity is the buying and selling of commodities, other than as inventory, or of futures, forwards, and options with respect to commodities, qualifying income also includes income and gains from commodities and from futures, forwards, options with respect to commodities and, provided the partnership is a trader or investor with respect to such assets, swaps and other notional principal contracts with respect to commodities. There is very limited authority on the U.S. federal income tax treatment of bitcoin and no direct authority on bitcoin derivatives, such as Bitcoin Futures Contracts. Based on an opinion received by the Sponsor from their independent legal counsel and a CFTC determination that treats bitcoin as a commodity under the Commodity Exchange Act, the Fund intends to take the position that bitcoin and Bitcoin Futures Contracts consist of futures on commodities for purposes of the qualifying income exception under section 7704 of the Code. Accordingly, the Fund expects that at least 90% of the Fund’s gross income for each taxable year will consist of qualifying income and that the Fund will be taxed as a partnership for U.S. federal income tax purposes. Therefore, the Fund does not record a provision for income taxes because the shareholders report their share of the Fund’s income or loss on their income tax returns. The Fund is required to determine whether a tax position is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Fund will file income tax returns in the U.S. federal jurisdiction and may file income tax returns in various U.S. states and foreign jurisdictions. The Fund may be subject to potential examination by U.S. federal, U.S. state, or foreign jurisdictional authorities in the area of income taxes. These potential examinations may include among other things questioning the tax classification of the Fund, the timing and amount of deductions, the nexus of income among various tax jurisdictions, and compliance with U.S. federal, U.S. state and foreign tax laws. Creation and Redemptions Authorized Purchasers may purchase Creation Baskets consisting of 10,000 Shares from the Fund. The amount of the proceeds required to purchase a Creation Basket will be equal to the NAV of the Shares in the Creation Basket determined as of 4:00 p.m. (ET) on the day the order to create the basket is received in good order. F- 14 Authorized Purchasers may redeem Shares from the Fund only in blocks of 10,000 Shares called “Redemption Baskets.” The amount of the redemption proceeds for a Redemption Basket will be equal to the NAV of the Shares in the Redemption Basket determined as of 4:00 p.m. (ET) on the day the order to redeem the basket is received in good order. The Fund will receive the proceeds from Shares sold or will pay for redeemed Shares within three business days after the trade date of the purchase or redemption, respectively. The amounts due from Authorized Purchasers will be reflected in the Fund’s statements of assets and liabilities as capital shares receivable. Amounts payable to Authorized Purchasers upon redemption will be reflected in the Fund’s statements of assets and liabilities as payable for Shares redeemed. As outlined in the Trust’s most recent Registration Statement on Form S-1 filing, 50,000 Shares represent five Redemption Baskets for the Fund and a minimum level of Shares. If the Fund experienced redemptions that caused the number of Shares outstanding to decrease to the minimum level of Shares required to be outstanding, until the minimum number of Shares is again exceeded through the purchase of a new Creation Basket, there can be no more redemptions by an Authorized Purchaser. Reclassifications Certain prior period amounts have been reclassified on the accompanying financial statements to conform to the current period presentation. Calculation of Net Asset Value The Fund’s NAV is calculated by: ● Taking the current market value of its total assets; ● Subtracting any liabilities; and ● Dividing the above total by the number of Shares outstanding. U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Global Fund Services”), the Fund’s sub-administrator, will calculate the NAV of the Fund once each trading day. It will calculate the NAV as of the earlier of the close of the New York Stock Exchange or 4:00 p.m. (ET). The NAV for a particular trading day will be released after 4:15 p.m. (ET). To determine the value of Bitcoin Futures Contracts, Global Fund Services uses the settlement price for the Bitcoin Futures Contracts, as reported on the CME. CME Group staff determines the daily settlements for the Bitcoin Futures Contracts based on trading activity on CME Globex exchange between 14:59:00 and 15:00:00 Central Time (CT), the settlement period. When a Bitcoin Futures Contract has closed at its daily price fluctuation limit, that limit price will be the daily settlement price that the CME publishes. The Fund will use the published settlement price to price its Shares on that day. If the CME halted trading in Bitcoin Futures Contracts for other reasons, including if trading were halted for an entire trading day or several trading days, the Fund would value its Bitcoin Futures Contracts by using the settlement price that the CME publishes. Such valuation is generally deemed a Level 1 valuation. The value of the bitcoin held by the Fund will be determined using a “Futures-Based Spot Price” (or “FBSP”) methodology. This methodology has been chosen by the Sponsor specifically to calculate the Fund’s NAV, isolating it from data from unregulated bitcoin exchanges. The methodology to derive the settlement prices of Bitcoin Futures Contracts on the CME involves a calculation that is a function of both the length of time (the tenor) until each Bitcoin Futures Contract is due for settlement, and the final settlement price for each contract on that day. The calculation is based on estimating a simple quadratic function to fit the prices across the different tenors and extrapolate this curve to zero days tenor. This approach is designed to give more importance to contracts that are due for settlement in the near term, considering that the prices of these near-term contracts are more reliable indicators of the current spot price of bitcoin and are also more heavily traded. Such Valuation is generally deemed a Level 2 valuation. Fair Value - Definition and Hierarchy In accordance with GAAP, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. F- 15 In determining fair value, the Fund uses various valuation approaches. In accordance with GAAP, a fair value hierarchy for inputs is used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s assumptions about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The fair value hierarchy is categorized into three levels based on the inputs as follows: Level 1 - Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. Valuation adjustments and block discounts are not applied to Level 1 financial instruments. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these financial instruments does not entail a significant degree of judgment. Level 2 - Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement. The availability of valuation techniques and observable inputs can vary from financial instrument to financial instrument and is affected by a wide variety of factors including the type of financial instrument, whether the financial instrument is new and not yet established in the marketplace, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Those estimated values do not necessarily represent the amounts that may be ultimately realized due to the occurrence of future circumstances that cannot be reasonably determined. Because of the inherent uncertainty of valuation, those estimated values may be materially higher or lower than the values that would have been used had a ready market for the financial instruments existed. Accordingly, the degree of judgment exercised by the Fund in determining fair value is greatest for financial instruments categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy, within which the fair value measurement in its entirety falls, is determined based on the lowest level input that is significant to the fair value measurement. Schedule of fair values of investments disaggregated into three levels of fair value hierarchy TIDAL COMMODITIES TRUST I December 31, 2024 Level 1 Level 2 Level 3 Balance as of December, 2024 Assets: Cryptocurrency $ — $ 14,713,026 $ — $ 14,713,026 Money market funds 29,680 — — 29,680 Total $ 29,680 $ 14,713,026 $ — $ 14,742,706 December 31, 2023 Level 1 Level 2 Level 3 Balance as of December 31, 2023 * Assets: Cash Equivalents $ 1,867,663 $ — $ — $ 1,867,663 Bitcoin futures contracts 129,519 — — 129,519 Total $ 1,997,182 $ — $ — $ 1,997,182 Liabilities: Bitcoin futures contracts $ 51,376 $ — $ — $ 51,376 * Reflects financial data for the Hashdex Bitcoin Futures ETF, which was a series of Teucrium Commodity Trust until January 3, 2024. Please see Note 5, below, for more information. F- 16 HASHDEX BITCOIN ETF (FORMERLY HASHDEX BITCOIN FUTURES ETF) December 31, 2024 Level 1 Level 2 Level 3 Balance as of December, 2024 Assets: Cryptocurrency $ — $ 14,713,026 $ — $ 14,713,026 Money market funds 29,680 — — 29,680 Total $ 29,680 $ 14,713,026 $ — $ 14,742,706 December 31, 2023 Level 1 Level 2 Level 3 Balance as of December 31, 2023 * Assets: Cash Equivalents $ 1,867,663 $ — $ — $ 1,867,663 Bitcoin futures contracts 129,519 — — 129,519 Total $ 1,997,182 $ — $ — $ 1,997,182 Liabilities: Bitcoin futures contracts $ 51,376 $ — $ — $ 51,376 * Reflects financial data for the Hashdex Bitcoin Futures ETF, which was a series of Teucrium Commodity Trust until January 3, 2024. Please see Note 5, below, for more information. For the years ended December 31, 2024, and December 31, 2023, the Fund did not have any significant transfers between any of the levels of the fair value hierarchy. Derivative Investments In the normal course of business, the Fund utilizes derivative contracts in connection with its proprietary trading activities. Investments in derivative contracts are subject to additional risks that can result in a loss of all or part of an investment. The Fund’s derivative activities and exposure to derivative contracts are classified by the following primary underlying risks: interest rate, credit, commodity price, and equity price risks. In addition to its primary underlying risks, the Fund is also subject to additional counterparty risk due to the inability of its counterparties to meet the terms of their contracts. Futures Contracts The Fund is subject to cryptocurrency price risk in the normal course of pursuing its investment objectives. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date. The purchase and sale of futures contracts requires margin deposits with a Futures Commission Merchant (“FCM”). Subsequent payments (variation margin) are made or received by the Fund each day, depending on the daily fluctuations in the value of the contract, and are recorded as unrealized gains or losses by the Fund. Futures contracts may reduce the Fund’s exposure to counterparty risk since futures contracts are exchange-traded; and the exchange’s clearinghouse, as the counterparty to all exchange-traded futures, guarantees the futures against default. The Commodity Exchange Act requires an FCM to segregate all customer transactions and assets from the FCM’s proprietary activities. A customer’s cash and other equity deposited with an FCM are considered commingled with all other customer funds subject to the FCM’s segregation requirements. In the event of an FCM’s insolvency, recovery may be limited to the Fund’s pro rata share of segregated customer funds available. It is possible that the recovery amount could be less than the total of cash and other equity deposited. The following table discloses information about offsetting assets and liabilities presented in the statements of assets and liabilities to enable users of these financial statements to evaluate the effect or potential effect of netting arrangements for recognized assets and liabilities. These recognized assets and liabilities are presented as defined in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Update (“ASU”) No. 2011-11 “Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities” and subsequently clarified in FASB ASU 2013-01 “Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.” F- 17 The following table identifies the fair value amounts of derivative instruments included in the statements of assets and liabilities as derivative contracts, categorized by primary underlying risk, and held by StoneX. As of December 31, 2024, there were no derivative instruments included in the statements of assets and liabilities. TIDAL COMMODITIES TRUST I Offsetting of Financial Assets and Derivative Assets as of December 31, 2023 * (iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Description (i) Gross Amount of Recognized Assets (ii) Gross Amount Offset in the Statement of Assets and Liabilities (iii) = (i-ii) Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due to Broker (v) = (iii)-(iv) Net Amount Cryptocurrency Price Bitcoin futures contracts $ 129,519 $ — 129,519 51,376 $ — $ 78,143 Offsetting of Financial Liabilities and Derivative Assets as of December 31, 2023 * (iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Description (i) Gross Amount of Recognized Assets (ii) Gross Amount Offset in the Statement of Assets and Liabilities (iii) = (i-ii) Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due to Broker (v) = (iii)-(iv) Net Amount Cryptocurrency Price Bitcoin futures contracts $ 51,376 $ — 51,376 51,376 $ — $ — * Reflects financial data for the Hashdex Bitcoin Futures ETF, which was a series of Teucrium Commodity Trust until January 3, 2024. Please see Note 5, below, for more information. F- 18 HASHDEX BITCOIN ETF (FORMERLY HASHDEX BITCOIN FUTURES ETF) Offsetting of Financial Assets and Derivative Assets as of December 31, 2023* (iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Description (i) Gross Amount of Recognized Assets (ii) Gross Amount Offset in the Statement of Assets and Liabilities (iii) = (i-ii) Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due to Broker (v) = (iii)-(iv) Net Amount Cryptocurrency Price Bitcoin futures contracts $ 129,519 $ — 129,519 51,376 $ — $ 78,143 Offsetting of Financial Liabilities and Derivative Assets as of December 31, 2023* (iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Description (i) Gross Amount of Recognized Assets (ii) Gross Amount Offset in the Statement of Assets and Liabilities (iii) = (i-ii) Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due to Broker (v) = (iii)-(iv) Net Amount Cryptocurrency Price Bitcoin futures contracts $ 51,376 $ — 51,376 51,376 $ — $ — * Reflects financial data for the Hashdex Bitcoin Futures ETF, which was a series of Teucrium Commodity Trust until January 3, 2024. Please see Note 5, below, for more information. F- 19 The following tables identify the net gain and loss amounts included in the statements of operations as realized and unrealized gains and losses on trading of cryptocurrency futures contracts categorized by primary underlying risk: TIDAL COMMODITIES TRUST I Year ended December 31, 2024. Realized Gain on Commodity Futures Contracts Net Change in Unrealized Depreciation on Commodity Futures Contracts Cryptocurrency Price Bitcoin futures contracts $ 7,526,022 $ ( 78,239 ) Year ended December 31, 2023.* Realized Gain on Commodity Futures Contracts Net Change in Unrealized Appreciation on Commodity Futures Contracts Cryptocurrency Price Bitcoin futures contracts $ 1,308,803 $ 48,991 * Reflects financial data for the Hashdex Bitcoin Futures ETF, which was a series of Teucrium Commodity Trust until January 3, 2024. Please see Note 5, below, for more information. HASHDEX BITCOIN ETF (FORMERLY HASHDEX BITCOIN FUTURES ETF) Year ended December 31, 2024. Realized Gain on Commodity Futures Contracts Net Change in Unrealized Depreciation on Commodity Futures Contracts Cryptocurrency Price Bitcoin futures contracts $ 7,526,022 $ ( 78,239 ) Year ended December 31, 2023.* Realized Gain on Commodity Futures Contracts Net Change in Unrealized Appreciation on Commodity Futures Contracts Cryptocurrency Price Bitcoin futures contracts $ 1,308,803 $ 48,991 * Reflects financial data for the Hashdex Bitcoin Futures ETF, which was a series of Teucrium Commodity Trust until January 3, 2024. Please see Note 5, below, for more information. F- 20 Volume of Derivative Activities The average notional market value categorized by primary underlying risk for the futures contracts held was $ 3.5 million for the year ended December 31, 2024 and $ 2 .0 million for the year ended December 31, 2023 for the Trust and the Hashdex Bitcoin ETF (Formerly the Hashdex Bitcoin Futures ETF). Basis of Presentation The preparation of these financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amount of net assets and liabilities and disclosure of contingent assets and liabilities at the balance sheet date. Actual results could differ from those estimates. Organizational and Offering Costs All organizational and initial offering costs for the Trust and the Fund were borne directly by the Sponsor. The Trust and the Fund do not have an obligation to reimburse the Sponsor for organization and offering costs paid on their behalf. Revenue Recognition Investment transactions are accounted for on a trade-date basis. All such transactions are recorded on the identified cost basis and marked to market daily. Unrealized appreciation or depreciation on investments are reflected in the statements of operations as the difference between the original amount and the fair market value as of the last business day of the year or as of the last date of the financial statements. Changes in the appreciation or depreciation between periods are reflected in the statements of operations. Brokerage Commissions The Sponsor recognizes the expense for brokerage commissions for futures contract trades on a per-trade basis. The below table shows the amounts included on the statements of operations as total brokerage commissions. TIDAL COMMODITIES TRUST I Year Ended December 31, 2024 $ 6,407 Year Ended December 31, 2023* $ 2,546 * Reflects financial data for the Hashdex Bitcoin Futures ETF, which was a series of Teucrium Commodity Trust until January 3, 2024. Please see Note 5, below, for more information. HASHDEX BITCOIN ETF (FORMERLY HASHDEX BITCOIN FUTURES ETF) Year Ended December 31, 2024 $ 6,407 Year Ended December 31, 2023* $ 2,546 * Reflects financial data for the Hashdex Bitcoin Futures ETF, which was a series of Teucrium Commodity Trust until January 3, 2024. Please see Note 5, below, for more information. Due from/to Broker The amount recorded by the Fund for the amount due from and to the clearing broker includes, but is not limited to, cash held by the broker, amounts payable to the clearing broker related to open transactions, payables for cryptocurrency futures accounts liquidating to an equity balance on the clearing broker’s records and amounts of brokerage commissions paid and recognized as unrealized losses. Margin is the minimum amount of funds that must be deposited by a cryptocurrency interest trader with the trader’s broker to initiate and maintain an open position in futures contracts. A margin deposit acts to assure the trader’s performance of the futures contracts purchased or sold. Futures contracts are customarily bought and sold on initial margin that represents a very small percentage of the aggregate purchase or sales price of the contract. Because of such low margin requirements, price fluctuations occurring in the futures markets may create profits and losses that, in relation to the amount invested, are greater than customary in other forms of investment or speculation. As discussed below, adverse price changes in the futures contract may result in margin requirements that greatly exceed the initial margin. In addition, the amount of margin required in connection with a particular futures contract is set from time to time by the exchange on which the contract is traded and may be modified from time to time by the exchange during the term of the contract. Brokerage firms, such as the Fund’s clearing brokers, carrying accounts for traders in commodity interest contracts generally require higher amounts of margin as a matter of policy to further protect themselves. Over the counter trading generally involves the extension of credit between counterparties, so the counterparties may agree to require the posting of collateral by one or both parties to address credit exposure. F- 21 When a trader purchases an option, there is no margin requirement; however, the option premium must be paid in full. When a trader sells an option, on the other hand, he or she is required to deposit margin in an amount determined by the margin requirements established for the underlying interest and, in addition, an amount substantially equal to the current premium for the option. The margin requirements imposed on the selling of options, although adjusted to reflect the probability that out-of-the-money options will not be exercised, can in fact be higher than those imposed in dealing in the futures markets directly. Complicated margin requirements apply to spreads and conversions, which are complex trading strategies in which a trader acquires a mixture of options positions and positions in the underlying interest. Ongoing or “maintenance” margin requirements are computed each day by a trader’s clearing broker. When the market value of a particular open futures contract changes to a point where the margin on deposit does not satisfy maintenance margin requirements, a margin call is made by the broker. If the margin call is not met within a reasonable time, the broker may close out the trader’s position. With respect to the Fund’s trading, the Fund (and not its shareholders personally) is subject to margin calls. Finally, many major U.S. exchanges have passed certain cross margining arrangements involving procedures pursuant to which the futures and options positions held in an account would, in the case of some accounts, be aggregated and margin requirements would be assessed on a portfolio basis, measuring the total risk of the combined positions. Expenses Expenses are recorded using the accrual method of accounting. Net Income (Loss) per Share Net income (loss) per share is the difference between the NAV per unit at the beginning of each period and at the end of each period. The weighted average number of units outstanding was computed for purposes of disclosing net income (loss) per weighted average unit. The weighted average units are equal to the number of units outstanding at the end of the period, adjusted proportionately for units created or redeemed based on the amount of time the units were outstanding during such period. Note 2 – Sponsor Fee Allocation of Expenses and Related Party Transactions The Fund pays the Sponsor a Management Fee, monthly in arrears, in an amount equal to 0.90 % per annum of the daily NAV of the Fund. Prior to March 27, 2024, the Management Fee was 0.94 % per annum of the daily NAV of the Fund. The Management Fee is paid in consideration of the Sponsor’s services related to the management of the Fund’s business and affairs, including the provision of commodity futures trading advisory services. Purchases of creation units with cash may cause the Fund to incur certain costs including brokerage commissions and redemptions of creation units with cash may result in the recognition of gains or losses that the Fund might not have incurred if it had made redemptions in-kind. The Fund pays all of its respective brokerage commissions, including applicable exchange fees, National Futures Association fees and give-up fees, and other transaction related fees and expenses charged in connection with trading activities for the Fund’s investments in CFTC regulated investments. The Fund bears other transaction costs related to the FCM’s capital requirements on a monthly basis. The Sponsor pays all of the routine operational, administrative and other ordinary expenses of the Fund, generally as determined by the Sponsor, including but not limited to, fees and expenses of the Administrator, Sub-Administrator, Custodian, Distributor, Transfer Agent, licensors, accounting and audit fees and expenses, tax preparation expenses, legal fees, ongoing SEC registration fees, individual Schedule K-1 preparation and mailing fees, and report preparation and mailing expenses. The Fund pays all of its non-recurring and unusual fees and expenses, if any, as determined by the Sponsor. Non-recurring and unusual fees and expenses are unexpected or unusual in nature, such as legal claims and liabilities and litigation costs or indemnification or other unanticipated expenses. Extraordinary fees and expenses also include material expenses which are not currently anticipated obligations of the Fund. Routine operational, administrative and other ordinary expenses are not deemed extraordinary expenses. F- 22 The Sponsor has the ability to elect to pay certain expenses on behalf of the Fund or waive the management fee. This election is subject to change by the Sponsor, at its discretion. Expenses paid by the Sponsor or the Prior Sponsor are, if applicable, presented as waived expenses in the statements of operations for the Fund: TIDAL COMMODITIES TRUST I Year Ended December 31, 2024 $ — Year Ended December 31, 2023* $ 271,380 * Reflects financial data for the Hashdex Bitcoin Futures ETF, which was a series of Teucrium Commodity Trust until January 3, 2024. Please see Note 5, below, for more information. HASHDEX BITCOIN ETF (FORMERLY HASHDEX BITCOIN FUTURES ETF) Year Ended December 31, 2024 $ — Year Ended December 31, 2023* $ 271,380 * Reflects financial data for the Hashdex Bitcoin Futures ETF, which was a series of Teucrium Commodity Trust until January 3, 2024. Please see Note 5, below, for more information. For the year ending December 31, 2024, the Sponsor did not waive expenses. For the year ending December 31, 2023, the Prior Sponsor waived the above expenses. Administrator The Fund employs Tidal ETF Services LLC as the Fund’s administrator (the “Administrator”). In turn, the Administrator has engaged U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Global Fund Services”) to act as sub-administrator. The Administrator is a wholly-owned subsidiary of Sponsor. The Administrator also assists the Fund and the Sponsor with certain functions and duties relating to marketing, which include the following: marketing and sales strategy and marketing related services. Cash Custodian, Registrar, Transfer Agent, Fund Sub-Administrator In its capacity as the Fund’s custodian, the Custodian, currently U.S. Bank, N.A., holds the Fund’s securities, cash and/or cash equivalents pursuant to a custodial agreement. Global Fund Services, an entity affiliated with U.S. Bank, N.A., is the registrar and transfer agent for the Fund’s Shares. In addition, Global Fund Services also serves as sub- administrator for the Fund, performing certain sub-administrative and accounting services, and support in preparing certain SEC and CFTC reports on behalf of the Fund. Bitcoin Custodian Holdings of the Fund also include bitcoin. Such investments are held by BitGo Trust Company, Inc. (the “Bitcoin Custodian”) on behalf of the Fund. The Bitcoin Custodian will keep custody of all of the Fund’s bitcoin in a multi- layer, multi-party cold storage or similarly secure technology. The Bitcoin Custodian is responsible for safekeeping passwords, keys or phrases that allow transfers of digital assets (“Security Factors”) safe, secure and confidential. 100 % of the private keys will be held in cold storage. The Bitcoin Custodian will establish the Bitcoin Accounts on the Bitcoin Network solely for the Fund. The Bitcoin Custodian will follow valid instructions given by the Sponsor to use the Fund’s Security Factors to effect transfers to and from the Bitcoin Accounts. The Fund’s bitcoin will be held in segregated wallets and will not be commingled with the assets of other customers. The Bitcoin Custodian has an insurance policy that covers, at least partially, risks such as the loss of client assets held in cold storage, including from employee collusion or fraud, physical loss including theft, damage of key material, security breach or hack, and fraudulent transfer. Marketing Agent The Fund employs Foreside Fund Services, LLC, a wholly-owned subsidiary of Foreside Financial Group, LLC (d/b/a ACA Group) as the Marketing Agent for the Fund. The Marketing Agent Agreement among the Marketing Agent and the Trust calls for the Marketing Agent to work with the Custodian in connection with the receipt and processing of orders for Creation Baskets and Redemption Baskets and the review and approval of all Fund sales literature and advertising material. The Marketing Agent’s principal business address is Three Canal Plaza, Suite 100, Portland, Maine 04101. The Marketing Agent is a broker-dealer registered with the SEC and a member of FINRA. F- 23 Support Agent The Administrator also assists the Fund and the Sponsor with certain functions and duties relating to administration and marketing, which include the following: marketing and sales strategy and marketing related services. D ig ital Asset Adviser Hashdex Asset Management Ltd. (“Hashdex” or the “Digital Asset Adviser”) is a Cayman Islands investment manager (and an Exempt Reporting Advisor under SEC rules) that specializes in, among other things, the management, research, investment analysis and other investment support services of funds and ETFs with investment strategies involving bitcoin and other crypto assets. As Digital Asset Adviser, Hashdex is responsible for providing the Sponsor and the Administrator with research and analysis regarding bitcoin and bitcoin markets for use in the operation and marketing of the Fund. Hashdex has no role in maintaining, calculating or publishing the Benchmark. Hashdex also has no responsibility for the investment or management of the Fund’s portfolio or for the overall performance or operation of the Fund. Note 3 – Transactions with Affiliates The Trust has no directors, officers or employees and is managed by the Sponsor. The Administrator is a wholly owned subsidiary of the Sponsor. Note 4 – Financial Highlights The following tables present per unit performance data and other supplemental financial data for the years ended December 31, 2024 and 2023. This information has been derived from information presented in the financial statements and is presented with total expenses gross of expenses waived by the Sponsor and with total expenses net of expenses waived by the Sponsor, as appropriate. TIDAL COMMODITIES TRUST I FINANCIAL HIGHLIGHTS Year Ended December 31, 2024 Year Ended December 31, 2023 * Per Share Operation Performance Net asset value at beginning of period $ 50.74 $ 21.40 Income (loss) from investment operations: Net investment income 1.02 1.59 Net realized and unrealized gain 54.99 28.09 Total Expenses ( 0.75 ) ( 0.34 ) Total increase from investment operations 55.26 29.34 Net asset value at end of period $ 106.00 $ 50.74 Total Return 108.91 % 137.06 % Ratios to Average Net Assets (Annualized) Total expenses 1.03 % 15.34 % Total expenses, net 1.03 % 0.94 % Net investment income 0.37 % 3.46 % * Reflects financial data for the Hashdex Bitcoin Futures ETF, which was a series of Teucrium Commodity Trust until January 3, 2024. Please see Note 5, below, for more information. F- 24 HASHDEX BITCOIN ETF (FORMERLY HASHDEX BITCOIN FUTURES ETF) FINANCIAL HIGHLIGHTS Year Ended December 31, 2024 Year Ended December 31, 2023 * Per Share Operation Performance Net asset value at beginning of period $ 50.74 $ 21.40 Income (loss) from investment operations: Net investment income (loss) 1.02 1.59 Net realized and unrealized gain (loss) 54.99 28.09 Total Expenses ( 0.75 ) ( 0.34 ) Total increase (decrease) from investment operations 55.26 29.34 Net asset value at end of period $ 106.00 $ 50.74 Total Return 108.91 % 137.06 % Ratios to Average Net Assets (Annualized) Total expenses 1.03 % 15.34 % Total expenses, net 1.03 % 0.94 % Net investment income (loss) 0.37 % 3.46 % * Reflects financial data for the Hashdex Bitcoin Futures ETF, which was a series of Teucrium Commodity Trust until January 3, 2024. Please see Note 5, below, for more information. Note 5 – Merger with Hashdex Bitcoin Futures ETF As reported by the Tidal Commodities Trust I on a Form 8-K filed with the SEC on January 3, 2024 (File No. 001- 41900), the Trust completed the successful acquisition by merger (the “Merger”) of the Hashdex Bitcoin Futures ETF, a series of the Teucrium Commodity Trust (the “Predecessor Fund”). Pursuant to the terms of the Merger, each Predecessor Fund shareholder received one share of the Fund for every one share of the Predecessor Fund held on January 3, 2024 based on the net asset value per share of the Predecessor Fund being equal to the net asset value per share of the Fund determined immediately prior to the Merger closing. The share price used for the delivery of shares of the Predecessor Fund was the net asset value per share of the Predecessor 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 Predecessor Fund and the Fund. Further, the Fund acquired in the Merger all the assets of the Predecessor Fund and assumed all the liabilities of the Predecessor Fund. Upon the Merger closing, all of the Predecessor Fund’s shares were cancelled and the Predecessor Fund was liquidated. The sponsor of the Predecessor Fund, Teucrium Trading, LLC (“Prior Sponsor”), is not receiving any compensation dependent on the consummation of the Merger. Pursuant to a certain Amended and Restated ‘33 Act Fund Platform Support Agreement, as amended (the “Support Agreement”) among Sponsor, Administrator, Digital Asset Adviser, and Prior Sponsor, the Sponsor agreed to provide the Prior Sponsor after the Merger with a monthly amount equal to seven percent ( 7 %) of the Management Fee paid to the Sponsor from the Fund; provided, however, that such fee will never be less than 0.04 % of monthly average net assets of the Fund (“Teucrium Compensation”). Any payment of the Teucrium Compensation will be made from the resources of the Sponsor and not from the assets of the Fund. On January 3, 2024, the Fund issued 50,000 shares at net asset value of $ 2,708,819 for 50,000 shares the Predecessor 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 . F- 25 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 current benchmark index is the Nasdaq Bitcoin Reference Price - Settlement (NQBTCS), which better reflects the Fund’s current strategy of direct bitcoin investment. Under normal market conditions, the Fund’s has a policy 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 assets may be invested in CME-traded bitcoin futures contracts and in cash and cash equivalents. 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 Adviser, which serves as the Chief Operating Decision Maker (“CODM”). The Adviser is responsible for assessing the Fund’s financial performance and allocating resources. In making these assessments, the Adviser evaluates the Fund’s financial results on an aggregated basis, rather than by separate segments. As such, the Fund does not allocate operating expenses or assets to multiple segments, and accordingly, no additional segment disclosures are required. The Fund primarily generates income through dividends, interest, and realized/unrealized gains on its investment portfolio. Expenses incurred, including management fees, fund operating expenses, and transaction costs, are considered general fund-level expenses and are not allocated to specific segments or business lines. Management has determined that the Fund does not meet the criteria for disaggregated segment reporting under ASU 2023-07 and will continue to evaluate its reporting requirements in accordance with applicable accounting standards. Note 8 – Subsequent Events In preparing these financial statements, Management has evaluated the financial statements for the year ended December 31, 2024 for subsequent events through the date of this filing and noted no material events requiring either recognition through the date of the filing or disclosure herein for the Fund other than as noted below. Effective February 10, 2025, the Management Fee for the Fund will be reduced from an annual rate of 0.90 % to an annual rate of 0.25 % of the average daily net assets of the Fund, calculated daily and paid monthly. In addition, effective February 3, 2025, the Support Agreement was amended to reflect the voluntary withdrawal of the Prior Sponsor from the Support Agreement. Accordingly, the Prior Sponsor no longer has rights to any revenue generated by the Fund and has no further financial or operational obligations related to Fund costs, expenses, or liabilities. F- 26 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure None.