What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2025-05-15 compared with 2024-11-14 · 597 added, 722 removed, 181 unchanged (88% of the section changed)

Financial Statements.

Index to Financial Statements

to Financial Statements

TIDAL COMMODITIES TRUST I

Combined Statements of Assets and Liabilities at September 30, 2024 (Unaudited) and December 31, 2023

Combined Schedule of Investments at September 30, 2024 (Unaudited) and December 31, 2023

Combined Statements of Operations (Unaudited) for the three and nine months ended September 30, 2024 and 2023

Combined Statements of Changes in Net Assets (Unaudited) for the nine months ended September 30, 2024 and 2023

Combined Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2024 and 2023

Combined Statements of Assets and Liabilities at March 31, 2025 (Unaudited) and December 31, 2024

Combined Schedule of Investments at March 31, 2025 (Unaudited) and December 31, 2024

Combined Statements of Operations (Unaudited) for the three months ended March 31, 2025 and 2024

Combined Statements of Changes in Net Assets (Unaudited) for the three months ended March 31, 2025 and 2024

Combined Statements of Cash Flows (Unaudited) for the three months ended March 31, 2025 and 2024

HASHDEX BITCOIN ETF

Statements of Assets and Liabilities at September 30, 2024 (Unaudited) and December 31, 2023

Schedule of Investments at September 30, 2024 (Unaudited) and December 31, 2023

Statements of Operations (Unaudited) for the nine months ended September 30, 2024 and 2023

Statements of Changes in Net Assets (Unaudited) for the nine months ended September 30, 2024 and 2023

Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2024 and 2023

Statements of Assets and Liabilities at March 31, 2025 (Unaudited) and December 31, 2024

Schedule of Investments at March 31, 2025 (Unaudited) and December 31, 2024

Statements of Operations (Unaudited) for the three months ended March 31, 2025 and 2024

Statements of Changes in Net Assets (Unaudited) for the three months ended March 31, 2025 and 2024

Statements of Cash Flows (Unaudited) for the three months ended March 31, 2025 and 2024

Notes to Financial Statements

TIDAL COMMODITIES TRUST I

COMBINED STATEMENTS OF ASSETS AND LIABILITIES

September 30, 2024 (Unaudited)

COMMODITIES TRUST I

STATEMENTS OF ASSETS AND LIABILITIES

March 31, 2025 (Unaudited)

December 31, 2024

Investments (Cost $ 10,145,099 and $ 0 , respectively)

Cash and cash equivalents (cost $ 12,413 and $ 1,867,663 , respectively)

Investments (1)

Cash and cash equivalents (2)

Interest receivable

Equity in trading accounts:

Cryptocurrency futures contracts

Due from broker

1 unchanged sentence

Management fee payable to Sponsor

Equity in trading accounts:

Cryptocurrency futures contracts

Total liabilities

Shares Outstanding

Shares issued and outstanding

( no par value, Unlimited amount authorized)

Net asset value per share

Market value per share

Reflects the assets and liabilities of the Hashdex Bitcoin Futures ETF, which was a series of 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.

TIDAL COMMODITIES TRUST

COMBINED SCHEDULE OF INVESTMENTS

September 30, 2024 (Unaudited)

(1) Cost basis

(2) Cost basis

(1) Cost basis $ 11,099,080 $ 11,099,080

(2) Cost basis $ 724 $ 29,680

accompanying notes are an integral part of these financial statements.

COMMODITIES TRUST I

SCHEDULE OF INVESTMENTS

Percentage of

Cryptocurrency

4 unchanged sentences

Total Cash Equivalents (cost $ 724 )

The accompanying notes are an integral part

of these financial statements.

TIDAL COMMODITIES TRUST I

accompanying notes are an integral part of these financial statements.

COMMODITIES TRUST I

SCHEDULE OF INVESTMENTS

December 31, 2023*

Percentage of

Cryptocurrency

Total Cryptocurrency (cost $ 11,099,080 )

Cash equivalents

Money market funds

Bank Deposit Account (cost $ 1,867,663 ) *

First American Government Obligations Fund - Class X

Total Cash Equivalents (cost $ 29,680 )

Percentage of

Notional Amount

(Long Exposure)

Cryptocurrency futures contracts

United States CME Bitcoin Futures contracts

CME Bitcoin Futures JAN 24 ( 6 contracts) *

Total cryptocurrency futures contracts *

Cryptocurrency futures contracts

United States CME Bitcoin Futures contracts

CME Bitcoin Futures FEB 24 ( 6 contracts) *

Total cryptocurrency futures contracts *

Reflects the investments of the Hashdex Bitcoin Futures ETF, which was a series of Teucrium Commodity Trust until January 3, 2024.

see Note 5 in the accompanying Notes to Financial Statements for more information.

The accompanying notes are an integral part

of these financial statements.

accompanying notes are an integral part of these financial statements.

TIDAL COMMODITIES TRUST I

1 unchanged sentence

Three Months Ended

September 30, 2024

March 31, 2025

Three Months Ended

September 30, 2023 *

Nine Months Ended

September 30, 2024 *

Nine Months Ended

September 30, 2023 *

Realized and unrealized gain (loss) on trading of cryptocurrency futures contracts:

March 31, 2024 *

Realized and unrealized gain (loss) on trading of investments and cryptocurrency futures contracts:

Realized gain (loss) on cryptocurrency futures contracts

$ ( 176,608 )

Realized gain (loss) on investments

Net change in unrealized appreciation (depreciation) on investments

( 1,712,846 )

Net change in unrealized appreciation (depreciation) on cryptocurrency futures contracts

2 unchanged sentences

Total income (loss)

( 1,712,663 )

Management fees

Broker expenses

Professional fees

Distribution and marketing fees

Custodian fees and expenses

Business permits and licenses fees

General and administrative expenses

Total expenses

Expenses waived by the Sponsor

Total expenses, net

1 unchanged sentence

$ ( 1,733,048 )

Reflects the operations of the Hashdex Bitcoin Futures ETF, which was a series of 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.

* Reflects the operations

of the Hashdex Bitcoin Futures ETF, which was a series of 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.

TIDAL COMMODITIES TRUST I

COMBINED STATEMENTS OF CHANGES IN NET ASSETS

Nine Months Ended

September 30, 2024 *

Nine Months Ended

September 30, 2023 *

Three Months Ended

March 31, 2025

March 31, 2024 *

Net income (loss)

$ ( 1,733,048 )

Capital transactions

4 unchanged sentences

Net change in net assets

( 1,733,048 )

Net assets, beginning of period

Net assets, end of period

Reflects the changes in net assets of the Hashdex Bitcoin Futures ETF, which was a series of Teucrium Commodity Trust until January 3, 2024.

Net asset value per share at beginning of period

Net asset value per share at end of period

Creation of Shares

Redemption of Shares

* Reflects the operations of the Hashdex Bitcoin Futures ETF, which was a series of 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.

TIDAL COMMODITIES TRUST I

STATEMENTS OF CASH FLOWS

Nine Months Ended

September 30, 2024 *

Nine Months Ended

September 30, 2023 *

The accompanying notes are an integral part of these financial statements.

TIDAL COMMODITIES

COMBINED STATEMENTS OF CASH FLOWS

Three Months Ended

March 31, 2025

Three Months Ended

March 31, 2024 *

Cash flows from operating activities

Net income (loss)

$ ( 1,733,048 )

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

Unrealized loss on investments

Changes in operating assets and liabilities:

Purchases of investments

( 10,837,413 )

13 unchanged sentences

Cash and cash equivalents, end of period

Reflects the cash flows of the Hashdex Bitcoin Futures ETF, which was a series of Teucrium Commodity Trust until January 3, 2024.

see Note 5 in the accompanying Notes to Financial Statements for more information.

The accompanying notes are an integral part

of these financial statements.

HASHDEX BITCOIN ETF

* Reflects the operations of the Hashdex Bitcoin Futures ETF, which was a series of 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.

HASHDEX BITCOIN

STATEMENTS OF ASSETS AND LIABILITIES

September 30, 2024 (Unaudited)

March 31, 2025 (Unaudited)

December 31, 2024

Investments (Cost $ 10,145,099

and $ 0 , respectively)

Cash and cash equivalents (Cost $ 12,413

and $ 1,867,663 , respectively)

Investments (1)

Cash and cash equivalents (2)

Interest receivable

Equity in trading accounts:

Cryptocurrency futures contracts

Due from broker

1 unchanged sentence

Management fee payable to Sponsor

Equity in trading accounts:

Cryptocurrency futures contracts

Total liabilities

Shares authorized

Shares issued and outstanding

( no par value, Unlimited amount authorized)

Net asset value per share

Market value per share

The accompanying notes are an integral part

of these financial statements.

HASHDEX BITCOIN ETF

(1) Cost basis

(2) Cost basis

(1) Cost basis $ 11,099,080 $ 11,099,080

(2) Cost basis $ 724 $ 29,680

The accompanying notes are an integral part of these financial statements.

HASHDEX BITCOIN

SCHEDULE OF INVESTMENTS

September 30, 2024 (Unaudited)

March 31, 2025

Percentage of

5 unchanged sentences

Total Cash Equivalents (cost $ 724 )

The accompanying notes are an integral part

of these financial statements.

The accompanying notes are an integral

part of these financial statements.

HASHDEX BITCOIN ETF

(FORMERLY HASHDEX BITCOIN FUTURES ETF)

SCHEDULE OF INVESTMENTS

1 unchanged sentence

Percentage of

Cryptocurrency

Total Cryptocurrency (cost $ 11,099,080 )

Cash equivalents

Money market funds

Bank Deposit Account (cost $ 1,867,663 )

First American Government Obligations Fund - Class X

Total Cash Equivalents (cost $ 29,680 )

Percentage of

Notional Amount

(Long Exposure)

Cryptocurrency futures contracts

United States CME Bitcoin Futures contracts

CME Bitcoin Futures JAN 24 ( 6 contracts)

Total cryptocurrency futures contracts

Cryptocurrency futures contracts

United States CME Bitcoin Futures contracts

CME Bitcoin Futures FEB 24 ( 6 contracts)

Total cryptocurrency futures contracts

The accompanying notes are an integral part

of these financial statements.

HASHDEX BITCOIN ETF

(FORMERLY HASHDEX BITCOIN FUTURES ETF)

The accompanying notes are an integral part of these financial statements.

HASHDEX BITCOIN

STATEMENTS OF OPERATIONS

September 30, 2024

September 30, 2023

September 30, 2024

September 30, 2023

Realized and unrealized gain (loss) on trading of cryptocurrency futures contracts:

Three Months Ended

March 31, 2025

March 31, 2024 *

Realized and unrealized gain (loss) on trading of investments and cryptocurrency futures contracts:

Realized gain (loss) on cryptocurrency futures contracts

Realized gain (loss) on investments

Net change in unrealized appreciation (depreciation) on investments

( 1,712,846 )

Net change in unrealized appreciation (depreciation) on cryptocurrency futures contracts

2 unchanged sentences

Total income (loss)

( 1,712,663 )

Management fees

Broker expenses

Professional fees

Distribution and marketing fees

Custodian fees and expenses

Business permits and licenses fees

General and administrative expenses

Total expenses

Expenses waived by the Sponsor

Total expenses, net

Net income (loss)

The accompanying notes are an integral part

of these financial statements.

HASHDEX BITCOIN ETF

(FORMERLY HASHDEX BITCOIN FUTURES ETF)

$ ( 1,733,048 )

* Reflects the operations of the Hashdex Bitcoin Futures ETF, which was a series of 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.

HASHDEX BITCOIN

STATEMENTS OF CHANGES IN NET ASSETS

September 30, 2024

September 30, 2023

Three Months Ended

March 31, 2025

March 31, 2024 *

Net income (loss)

$ ( 1,733,048 )

Capital transactions

4 unchanged sentences

Net change in net assets

( 1,733,048 )

Net assets, beginning of period

Net assets, end of period

The accompanying notes are an integral part

of these financial statements.

HASHDEX BITCOIN ETF

(FORMERLY HASHDEX BITCOIN FUTURES ETF)

STATEMENT OF CASH FLOWS

Nine Months Ended

September 30, 2024

Nine Months Ended

September 30, 2023

Net asset value per share at beginning of period

Net asset value per share at end of period

Creation of Shares

Redemption of Shares

* Reflects the operations of the Hashdex Bitcoin Futures ETF, which was a series of 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.

HASHDEX BITCOIN

STATEMENTS OF CASH FLOWS

Three Months Ended

March 31, 2025

Three Months Ended

March 31, 2024 *

Cash flows from operating activities

Net income (loss)

$ ( 1,733,048 )

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

Unrealized loss on investments

Changes in operating assets and liabilities:

Purchases of investments

( 10,837,413 )

13 unchanged sentences

Cash and cash equivalents, end of period

The accompanying notes are an integral part

of these financial statements.

NOTES TO FINANCIAL STATEMENTS

September 30, 2024 (Unaudited)

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.

Hashdex Bitcoin ETF (the “Fund”)

is a series of Tidal Commodities Trust I (“Trust”), a Delaware statutory trust organized on February 10, 2023.

operates pursuant to the First Amended and Restated Declaration of Trust and Trust Agreement (“Trust Agreement”), dated

March 10, 2023.

* Reflects the operations of the Hashdex Bitcoin Futures ETF, which was a series of 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.

TO FINANCIAL STATEMENTS

31, 2025 (Unaudited)

1 – Organization and Significant Accounting Policies

footnotes represent the footnotes to Hashdex Bitcoin ETF’s Statement of Assets and Liabilities and the Combined Financial

Statements of Tidal Commodities Trust I.

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, the second series of the Trust, the

7RCC Spot Bitcoin and Carbon Credit Futures ETF, may be offered in the future.

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 of the Fund is Tidal

Investments LLC (f/k/a Toroso Investments, LLC, the “Sponsor”), 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.

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.

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-

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.

On January 2, 2024, the initial Form S-1 for DEFI

was declared effective by the U.S.

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 amended.

January 2, 2024, the initial Form S-1 for DEFI was declared effective by the U.S.

Securities and Exchange Commission (“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.

Predecessor Fund was a series of the Teucrium Commodity Trust (the “Predecessor Trust”) sponsored by Teucrium Trading, LLC

(“Prior Sponsor”).

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.

The Fund’s investment objective is for changes

in the 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.

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 accompanying unaudited financial statements

have been prepared in accordance with Rule 10-01 of Regulation S-X promulgated by the SEC and, therefore, do not include all information

and footnote disclosures required under accounting principles generally accepted in the United States of America (“GAAP”).

The financial information included herein is unaudited;

however, such financial information reflects all adjustments which are, in the

opinion of management, necessary for the fair presentation of the Fund’s financial statements for the interim period.

It is suggested

that these interim financial statements be read in conjunction with the financial statements and related notes included in the Trust’s

Annual Report on Form 10-K, as well as the most recent Form S-1 filing, as applicable.

The operating results through September 30, 2024

are not necessarily indicative of the results to be expected from the full year ended December 31, 2024.

The Fund continuously offers and redeems shares

(“Shares”) in blocks of at least 10,000 Shares (each such block, a “Creation Unit”) at an initial price per Share

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

Significant accounting policies of the Fund are as follows:

Use of Estimates

The preparation of financial statements in conformity

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.

In connection

with the Merger, the Predecessor Fund shareholders received one share of beneficial interest no par value (the “Share”)

for each share of the Predecessor Fund they owned prior to the Merger.

See Note 5 - Merger with Hashdex Bitcoin Futures ETF

for more information on the Merger.

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’ 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

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

Fund currently offers one class of shares that has no front-end sales load, no deferred sales charge, and no redemption fee.

Fund may issue an Unlimited number of Shares.

of the Fund have equal rights and privileges.

Fund continuously offers and redeems Shares in blocks of 10,000

Shares (each such block, a “Creation Unit”) at a price per Share equal to NAV.

Only “Authorized Participants” may purchase and redeem Shares from the Fund and then only in Creation Units at NAV.

An Authorized

Participant is an entity that has entered into an Authorized Participant Agreement with the Trust and the Sponsor.

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.

accounting policies of the Fund are as follows:

preparation of financial statements in conformity with U.S.

Generally Accepted Accounting Principles (the “U.S.

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 includes money market funds held.

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.

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.

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.

includes money market funds held.

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 Tidal from their independent legal counsel

and a Commodity Futures Trading Commission 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

federal income tax treatment of bitcoin and no direct authority on bitcoin derivatives,

such as Bitcoin Futures Contracts.

Based on an opinion received by Tidal from their independent legal counsel and a Commodity

Futures Trading Commission 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.

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.

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.

jurisdiction and may file income tax returns in various U.S.

states and foreign jurisdictions.

The Fund may be subject to potential examination

federal jurisdiction and may file income tax returns in various U.S.

and foreign jurisdictions.

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.

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

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.

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 Registration

Statement on Form S-1, filed with the SEC on March 18, 2024, 10,000 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.

Calculation of Net Asset Value

and foreign tax laws.

and Redemptions

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.

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.

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.

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.

of Net Asset Value

The Fund’s NAV is calculated by:

● Taking the current market value of its total assets;

● Subtracting any liabilities;

● Dividing the above total by the number of Shares outstanding.

Bancorp Fund Services, LLC, doing business

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.

The NAV for a particular trading day will be released after 4:15 p.m.

To determine the value of Bitcoin Futures Contracts,

Global Fund Services uses the settlement price for the Benchmark Component Futures Contracts, as reported on the CME.

CME Group staff

determines the daily settlements for the Benchmark Component 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.

the current market value of its total assets;

● Subtracting

any liabilities;

the above total by the number of Shares outstanding.

Bancorp Fund Services, LLC, doing business as U.S.

Bank Global Fund Services (“Global Fund Services”), the Fund’s

sub-administrator (the “Sub-Administrator”), will calculate the NAV of the Fund once each trading day.

Services will calculate the NAV as of the earlier of the close of the New York Stock Exchange or 4:00 p.m.

The NAV for a

particular trading day will be released after 4:15 p.m.

determine the value of Bitcoin Futures Contracts, Global Fund Services uses the settlement price for the Benchmark Component Futures

Contracts, as reported on the CME.

CME Group staff determines the daily settlements for the Benchmark Component Futures Contracts

based on trading activity on CME Globex exchange between 14:59:00 and 15:00:00 Central Time (CT), the settlement period.

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 determine the NAV of its Shares on that day.

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.

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.

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:

Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

value of the Bitcoin held by the Fund will be determined using a “Futures-Based Spot Price” (or “FBSP”)

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.

Value - Definition and Hierarchy

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.

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:

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.

Valuations based on quoted prices in markets that are not active

or for which all significant inputs are observable, either directly or indirectly.

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.

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.

2 - Valuations

based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

3 - Valuations

based on inputs that are unobservable and significant to the overall fair value measurement.

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 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.

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

September 30, 2024

Balance as of

September 30,

Balance as of March 31, 2025

Cryptocurrency

Money market funds

December 31, 2023

Balance as of

Cash Equivalents

Bitcoin futures contracts

For the three and nine months ended September

30, 2024 and year ended December 31, 2023, the Fund did not have any significant transfers between any of the levels of the fair value

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.

to its primary underlying risks, the Fund is also subject to additional counterparty risk due to 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

Futures contracts may reduce the Fund’s exposure to counterparty risk since futures contracts are exchange-traded;

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.

of an FCM’s insolvency, recovery may be limited to the Fund’s pro rata share of segregated customer funds available.

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

Balance as of December 31, 2024

Cryptocurrency

Money market funds

the three months ended March 31, 2025 and the year ended December 31, 2024, the Fund did not have any significant transfers between

any of the levels of the fair value hierarchy.

the normal course of business, the Fund utilizes derivative contracts in connection with its proprietary trading activities.

in derivative contracts are subject to additional risks that can result in a loss of all or part of an investment.

derivative activities and exposure to derivative contracts are classified by the following primary underlying risks:

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 inability of its counterparties to meet the terms of their contracts.

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.

purchase and sale of futures contracts requires margin deposits with a Futures Commission Merchant (“FCM”).

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.

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.

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):

Disclosures about Offsetting Assets and Liabilities” and subsequently clarified in FASB ASU 2013-01 “Balance Sheet

Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.”

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 September 30, 2024, there were no derivative instruments included

in the statements of assets and liabilities.

Offsetting of Financial Assets and Derivative Assets as of December

Gross Amount Not Offset

in the Statement of

Assets and Liabilities

Offset in the

(iii) = (i-ii)

the Statement

of Assets and

Available for

(v) = (iii)-(iv)

Cryptocurrency Price

Bitcoin futures contracts

Offsetting of Financial Liabilities and Derivative Assets as of

December 31, 2023

Gross Amount Not Offset

in the Statement of

Assets and Liabilities

Offset in the

(iii) = (i-ii)

the Statement

of Assets and

Available for

(v) = (iii)-(iv)

Cryptocurrency Price

Bitcoin futures contracts

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:

Three months ended September 30, 2024.

Realized Gain

Commodity Futures

Net Change in

Appreciation/

Depreciation on

Commodity Futures

Cryptocurrency Price

Bitcoin futures contracts

Three months ended September 30, 2023.

Realized Gain

Commodity Futures

Net Change in

Appreciation/

Depreciation on

Commodity Futures

Cryptocurrency Price

Bitcoin futures contracts

$ ( 176,608 )

$ ( 107,189 )

Nine months ended September 30, 2024.

Realized Gain

Commodity Futures

Net Change in

Appreciation/

Depreciation on

Commodity Futures

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:

months ended March 31, 2025.

Gain (Loss) on Commodity Futures Contracts

Change in Unrealized Appreciation/ Depreciation on Commodity Futures Contracts

Cryptocurrency Price

Bitcoin futures contracts

Nine months ended September 30, 2023.

Realized Gain

Commodity Futures

Net Change in

Appreciation/

Depreciation on

Commodity Futures

months ended March 31, 2024.

Realized Gain (Loss) on Commodity Futures Contracts

Net Change in Unrealized Appreciation/ Depreciation

on Commodity Futures Contracts

Cryptocurrency Price

Bitcoin futures contracts

Volume of Monthly Derivative Activities

The average notional market value categorized

by primary underlying risk for the futures contracts held was $ 109.5 thousand and $ 4.5 million respectively for the three and

nine months ended September 30, 2024 and $ 1.7 million and $ 1.8 million respectively for the three and nine months ended September

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.

Three Months Ended September 30, 2024

Three Months Ended September 30, 2023

Nine Months Ended September 30, 2024

Nine Months Ended September 30, 2023

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.

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

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.

When a trader purchases an option, there is no

margin requirement;

of March 31, 2025 and December 31, 2024, there were no derivative instruments included in the Combined Statements of Assets and

of Monthly Derivative Activities

average notional market value categorized by primary un derlying risk f or futures contracts held was $ 0 and $ 9.4

million for the three months ended March 31, 2025, and March 31, 2024, respectively.

of Presentation

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

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.

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

Changes in the appreciation or depreciation between periods are reflected in the statements of operations.

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.

Three Months Ended March 31, 2025

Three Months Ended March 31, 2024

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

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

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.

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.

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.

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.

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

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 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

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.

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

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

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 Commodity Futures Trading Commission regulated investments.

The Fund bears other transaction costs related to the futures commission

merchants 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

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.

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.

paid by the Sponsor or the Prior Sponsor are, if applicable, presented as waived expenses in the statements of operations for the Fund:

Three Months Ended September 30, 2024

Three Months Ended September 30, 2023

Nine Months Ended September 30, 2024

Nine Months Ended September 30, 2023

For the three and nine months ending September

30, 2024, the Sponsor did not waive expenses.

For the three and nine months ending September 30, 2023, the Prior Sponsor waived the above

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.

are recorded using the accrual method of accounting.

Income (Loss) per Share

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

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.

2 – Sponsor Fee Allocation of Expenses and Related Party Transactions

February 10, 2025, the Fund pays the Sponsor a management fee, monthly in arrears, in an amount equal to 0.25 % per annum of the

daily net assets of the Fund (the “Management Fee”).

Prior to February 10, 2025, the annualized rate was 0.90 %.

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 (as defined below), Sub-Administrator, Cash Custodian and Bitcoin Custodian

(as defined below), Marketing Agent (as defined below), Transfer Agent (as defined below), 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.

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:

the three months ending March 31, 2025 and March 31, 2024, the Sponsor did not waive 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.

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.

Custodian, Registrar, Transfer Agent, Fund Sub-Administrator

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.

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 includes bitcoin.

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.

Bitcoin Custodian is responsible for safekeeping passwords, keys or phrases that allow transfers of digital assets (“Security Factors”)

safe, secure and confidential.

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.

of the Fund also includes 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.

Th e Bitco in C ustodian is responsible for safekeeping passwords, keys

or phrases that allow transfers of digital assets (“Security Factors”) safe, secure and confidential.

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 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.

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.

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”).

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.

Marketing Agent’s principal business address is Three Canal Plaza, Suite 100, Portland, Maine 04101.

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

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.

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.

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

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 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 three and nine months ended September 30, 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

is a broker-dealer registered with the SEC and a member of FINRA.

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.

Asset Adviser

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

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.

3 – Transactions with Affiliates

Trust has no directors, officers or employees and is managed by the Sponsor.

The Administrator is a wholly-owned subsidiary of

4 – Financial Highlights

September 30, 2024

September 30, 2023 *

September 30, 2024 *

September 30, 2023 *

Per Share Operation Performance

Net asset value at beginning of period

Income (loss) from investment operations:

Net investment income (loss)

Net realized and unrealized gain (loss)

Total increase (decrease) from investment operations

Net asset value at end of period

Ratios to Average Net Assets (Annualized)

Total expenses

Total expenses, net

Net investment income (loss)

Reflects financial data for the Hashdex Bitcoin Futures ETF, which was a series of Teucrium Commodity Trust until January 3, 2024.

see Note 5, below, for more information.

following tables present per unit performance data and other supplemental financial data for the three months ended March 31,

2025 and 2024 .

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.

HASHDEX BITCOIN ETF

(FORMERLY HASHDEX BITCOIN FUTURES ETF)

FINANCIAL HIGHLIGHTS

September 30, 2024

September 30, 2023

September 30, 2024

September 30, 2023

Three Months Ended

March 31, 2025

Three Months Ended

March 31, 2024 *

Per Share Operation Performance

1 unchanged sentence

Income (loss) from investment operations:

Net investment income (loss)

Net realized and unrealized gain (loss)

Total increase (decrease) from investment operations

Investment income

Net realized and unrealized gain (loss) on investments and cryptocurrency futures contracts

Total expenses

Net increase (decrease) in net asset value

Net asset value at end of period

3 unchanged sentences

Net investment income (loss)

Note 5 – Merger with Hashdex Bitcoin Futures ETF

As reported by the Tidal Commodities Trust I on

a Form 8-K filed with the Securities and Exchange Commission on January 3, 2024 (File No.

001-41900), the Fund completed the successful

acquisition by merger (the “Merger”) of the Hashdex Bitcoin Futures ETF, a series of the Teucrium Commodity Trust (the “Acquired

Under the terms of the Merger, each shareholder

of the Acquired Fund received one share of the Fund for every one share of the Acquired Fund held on January 3, 2024 based on the net

asset value per share of the Fund being equal to the net 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.

The sponsor of the Acquired Fund, Teucrium Trading,

LLC (“Teucrium”), 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 Tidal, Administrator,

Hashdex, and Teucrium, Tidal has agreed to provide Teucrium after the Me rger with a monthly amount equal to seven percent ( 7 %)

of the Management Fee paid to Tidal 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

Tidal 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 Acquired Fund, representing $ 2,708,819 of net assets.

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 Nasdaq

Bitcoin Reference Price - Settlement (NQBTCS), which better reflects the Fund’s new strategy of direct bitcoin investm en t.

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.

Note 7 – Subsequent Events

In preparing these financial statements, Management

has evaluated the financial statements for the nine months ended September 30, 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.

* Reflects the operations

of the Hashdex Bitcoin Futures ETF, which was a series of Teucrium Commodity Trust until January 3, 2024.

Please see Note 5 for more

5 – Merger with Hashdex Bitcoin Futures ETF

reported by the Tidal Commodities Trust I on a Form 8-K filed with the Securities and Exchange Commission on January 3, 2024 (File

001-41900), the Fund completed the successful acquisition by merger (the “Merger”) of the Hashdex Bitcoin Futures

ETF, a series of the Teucrium Commodity Trust (the “Acquired Fund”).

the terms of the Merger, each shareholder of the Acquired Fund received one share of the Fund for every one share of the Acquired

Fund held on January 3, 2024 based on the net asset value per share of the Fund being equal to the net 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,

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.

Merger closing, all of the Acquired Fund’s shares were cancelled and the Acquired Fund was liquidated.

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 .

6 – Conversion to Spot Bitcoin ETF

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.

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.

7 – Segment Reporting

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.

Fund’s investment activities are managed by the Sponsor, which serves as the Chief Operating Decision Maker (“CODM”).

The Sponsor is responsible for assessing the Fund’s financial performance and allocating resources.

In making these assessments,

the Sponsor evaluates the Fund’s financial results on an aggregated basis, rather than by separate segments.

Fund does not allocate operating expenses or assets to multiple segments, and accordingly, no additional segment disclosures are

Fund primarily generates income through dividends, interest, and realized/unrealized gains on its investment portfolio.

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.

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.

8 – Subsequent Events

preparing these financial statements, Management has evaluated the financial statements for the three months ended March, 31,

2025 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.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements