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Item 1. Financial Statements

2025-08-14 compared with 2025-05-15 · 238 added, 264 removed, 514 unchanged (49% of the section changed)

2 unchanged sentences

TIDAL COMMODITIES TRUST I

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

Combined Statements of Assets and Liabilities at June 30, 2025 (Unaudited) and December 31, 2024

Combined Schedule of Investments at June 30, 2025 (Unaudited) and December 31, 2024

Combined Statements of Operations (Unaudited) for the three months ended June 30, 2025 and 2024 and six months ended June 30, 2025 and 2024

Combined Statements of Changes in Net Assets (Unaudited) for the six months ended June 30, 2025 and 2024

Combined Statements of Cash Flows (Unaudited) for the six months ended June 30, 2025 and 2024

HASHDEX BITCOIN ETF

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

Statements of Assets and Liabilities at June 30, 2025 (Unaudited) and December 31, 2024

Schedule of Investments at June 30, 2025 (Unaudited) and December 31, 2024

Statements of Operations (Unaudited) for the three months ended June 30, 2025 and 2024 and six months ended June 30, 2025 and 2024

Statements of Changes in Net Assets (Unaudited) for the three months ended June 30, 2025 and 2024

Statements of Cash Flows (Unaudited) for the three months ended June 30, 2025 and 2024

Notes to Financial Statements

1 unchanged sentence

STATEMENTS OF ASSETS AND LIABILITIES

March 31, 2025 (Unaudited)

June 30, 2025 (Unaudited)

December 31, 2024 *

13 unchanged sentences

(2) Cost basis

the assets and liabilities of the Hashdex Bitcoin Futures ETF, which was a series of Teucrium Commodity Trust until January 3,

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

(1) Cost basis $ 19,706,036 $ 11,099,080

2 unchanged sentences

COMMODITIES TRUST I

SCHEDULE OF INVESTMENTS

COMBINED SCHEDULE OF INVESTMENTS

30, 2025 (Unaudited)

Percentage of

7 unchanged sentences

COMMODITIES TRUST I

SCHEDULE OF INVESTMENTS

COMBINED SCHEDULE OF INVESTMENTS

Percentage of

6 unchanged sentences

accompanying notes are an integral part of these financial statements.

TIDAL COMMODITIES TRUST I

COMMODITIES TRUST I

COMBINED STATEMENTS OF OPERATIONS

Three Months Ended

March 31, 2025

Three Months Ended

March 31, 2024 *

Three Months Ended June 30, 2025

Months Ended June 30, 2024

Six Months Ended June 30, 2025

Six Months Ended June 30, 2024 *

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

Realized gain (loss) on cryptocurrency futures contracts

Net change in unrealized appreciation (depreciation) on investments

( 1,902,331 )

( 1,642,941 )

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

9 unchanged sentences

$ ( 2,022,552 )

* 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

Three Months Ended

March 31, 2025

March 31, 2024 *

Net income (loss)

the operations 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.

accompanying notes are an integral part of these financial statements.

COMMODITIES TRUST I

STATEMENTS OF CHANGES IN NET ASSETS

Months Ended June 30, 2025

Months Ended June 30, 2024 *

income (loss)

( 4,611,472 )

Capital transactions

Issuance of Shares

Redemption of Shares

( 16,214,018 )

Total capital transactions

Net change in net assets

capital transactions

( 2,467,158 )

Net assets, beginning of period

Net assets, end of period

Net asset value per share at beginning of period

Net asset value per share at end of period

change in net assets

assets, beginning of period

assets, end of period

asset value per share at beginning of period

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.

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

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

COMBINED STATEMENTS OF CASH FLOWS

Three Months Ended

March 31, 2025

Three Months Ended

March 31, 2024 *

accompanying notes are an integral part of these financial statements.

COMMODITIES TRUST I COMBINED

STATEMENTS OF CASH FLOWS

Six Months Ended June 30, 2025

Six Months Ended June 30, 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:

11 unchanged sentences

( 4,611,472 )

( 16,214,018 )

Net cash provided by (used in) financing activities

( 2,467,158 )

Net change in cash and cash equivalents

2 unchanged sentences

Cash and cash equivalents, end of period

* 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

March 31, 2025 (Unaudited)

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.

accompanying notes are an integral part of these financial statements.

OF ASSETS AND LIABILITIES

June 30, 2025 (Unaudited)

December 31, 2024 *

13 unchanged sentences

(2) Cost basis

the assets and liabilities of the Hashdex Bitcoin Futures ETF, which was a series of Teucrium Commodity Trust until January 3,

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

(1) Cost basis $ 19,706,036 $ 11,099,080

(2) Cost basis $ 74,496 $ 29,680

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

HASHDEX BITCOIN

accompanying notes are an integral part of these financial statements.

SCHEDULE OF INVESTMENTS

March 31, 2025

30, 2025 (Unaudited)

Percentage of

5 unchanged sentences

Total Cash Equivalents (cost $ 74,496 )

The accompanying notes are an integral

part of these financial statements.

HASHDEX BITCOIN ETF

accompanying notes are an integral part of these financial statements.

SCHEDULE OF INVESTMENTS

December 31, 2024

Percentage of

5 unchanged sentences

Total Cash Equivalents (cost $ 29,680 )

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

HASHDEX BITCOIN

accompanying notes are an integral part of these financial statements.

STATEMENTS OF OPERATIONS

Three Months Ended

March 31, 2025

March 31, 2024 *

Three Months Ended June 30, 2025

Months Ended June 30, 2024

Six Months Ended June 30, 2025

Six Months Ended June 30, 2024 *

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

Realized gain (loss) on cryptocurrency futures contracts

Net change in unrealized appreciation (depreciation) on investments

( 1,902,331 )

( 1,642,941 )

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

9 unchanged sentences

$ ( 2,022,552 )

* 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

the operations 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.

accompanying notes are an integral part of these financial statements.

STATEMENTS OF CHANGES IN NET ASSETS

Three Months Ended

March 31, 2025

March 31, 2024 *

Net income (loss)

Months Ended June 30, 2025

Months Ended June 30, 2024 *

income (loss)

( 4,611,472 )

Capital transactions

Issuance of Shares

Redemption of Shares

( 16,214,018 )

Total capital transactions

Net change in net assets

capital transactions

( 2,467,158 )

Net assets, beginning of period

Net assets, end of period

Net asset value per share at beginning of period

Net asset value per share at end of period

change in net assets

assets, beginning of period

assets, end of period

asset value per share at beginning of period

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.

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

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 *

accompanying notes are an integral part of these financial statements.

BITCOIN ETF STATEMENTS OF

Six Months Ended

June 30, 2025

Six Months Ended

June 30, 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:

11 unchanged sentences

( 4,611,472 )

( 16,214,018 )

Net cash provided by (used in) financing activities

( 2,467,158 )

Net change in cash and cash equivalents

2 unchanged sentences

Cash and cash equivalents, end of period

* 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.

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.

accompanying notes are an integral part of these financial statements.

TO FINANCIAL STATEMENTS

12 unchanged sentences

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-

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

2 unchanged sentences

Commission (“CFTC”) and is a member of the National Futures Association (“NFA”).

The Fund intends to be

treated as a partnership for U.S.

Fund intends to be treated as a partnership for U.S.

federal income tax purposes.

19 unchanged sentences

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

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.

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.

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.

All 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.

Shares are offered on a continuous basis to Authorized Participants in Creation Units at NAV.

Participants may then offer to the public, from time to time, shares from any Creation Unit they create at a per-share market

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:

13 unchanged sentences

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.

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

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.

income tax treatment of bitcoin and no direct authority on bitcoin derivatives, such as Bitcoin Futures Contracts.

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.

Fund is required to determine whether a tax position is more likely than not to be sustained upon examination by the applicable

13 unchanged sentences

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

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.

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.

6 unchanged sentences

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

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.

48 unchanged sentences

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.

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.

2 - Valuations

16 unchanged sentences

Schedule of fair values of investments disaggregated into three levels of fair value hierarchy

Balance as of March 31, 2025

Cryptocurrency

Money market funds

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

the three months ended June 30, 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.

32 unchanged sentences

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

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

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

months ended June 30, 2025.

Futures Contracts

Net Change in

Appreciation/

Depreciation on

Commodity Futures

Cryptocurrency

futures contracts

months ended June 30, 2025.

Futures Contracts

Appreciation/

Depreciation on

Commodity Futures

Cryptocurrency

futures contracts

of June 30, 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.

average notional market value categorized by primary underlying risk for futures contracts held was $ 0 and $ 0 million respectively

for the three and six months ended June 30, 2025.

and $ 312.9 and $ 6.4 million respectively for the three and six months ended

June 30, 2024.

of Presentation

18 unchanged sentences

the amounts included on the statements of operations as total brokerage commissions.

Three Months Ended March 31, 2025

Three Months Ended March 31, 2024

Months Ended June 30, 2025

Months Ended June 30, 2024

Months Ended June 30, 2025

Months Ended June 30, 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

48 unchanged sentences

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.

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

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.

3 unchanged sentences

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.

the three months ending June 30, 2025 and June 30, 2024, the Sponsor did not waive expenses.

Administrator

26 unchanged sentences

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 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.

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.

Fund employs Foreside Fund Services, LLC, a wholly-owned subsidiary of Foreside Financial Group, LLC (d/b/a ACA Group) as the

24 unchanged sentences

4 – Financial Highlights

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

following tables present per unit performance data and other supplemental financial data for the three and six months ended June

30, 2025 and 2024.

1 unchanged sentence

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)

Three Months Ended

March 31, 2025

Three Months Ended

March 31, 2024 *

Per Share Operation Performance

Net asset value at beginning of period

Income (loss) 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

Ratios to Average Net Assets (Annualized)

Total expenses

Total expenses, net

Net investment income (loss)

* 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

HASHDEX BITCOIN FUTURES ETF)

Share Operation Performance

asset value at beginning of period

(loss) from investment operations:

income (loss)

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

increase (decrease) in net asset value

asset value at end of period

to Average Net Assets (Annualized)

expenses, net

investment income (loss)

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 information.

5 – Merger with Hashdex Bitcoin Futures ETF

19 unchanged sentences

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.

Fund’s new benchmark index is the Benchmark, which better reflects the Fund’s new strategy of direct bitcoin investme

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

13 unchanged sentences

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.

preparing these financial statements, Management has evaluated the financial statements for the three months ended June, 30, 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