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Item 1. Financial Statements

2025-11-14 compared with 2025-08-14 · 650 added, 521 removed, 231 unchanged (84% of the section changed)

2 unchanged sentences

TIDAL COMMODITIES TRUST I

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

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

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

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

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

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

HASHDEX BITCOIN ETF

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

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

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

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

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

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

Notes to Financial Statements

1 unchanged sentence

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2025 (Unaudited)

December 31, 2024 *

Investments (1)

12 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 $ 9,706,036 $ 11,099,080

3 unchanged sentences

COMBINED SCHEDULE OF INVESTMENTS

30, 2025 (Unaudited)

Percentage of

17 unchanged sentences

COMMODITIES TRUST I

COMBINED STATEMENTS OF OPERATIONS

Three Months Ended June 30, 2025

Months Ended June 30, 2024

Six Months Ended June 30, 2025

Six Months Ended June 30, 2024 *

STATEMENTS OF OPERATIONS

Three Months Ended

September 30, 2025

September 30, 2024

September 30, 2025

Nine Months Ended

September 30, 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

( 1,902,331 )

( 1,642,941 )

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

2 unchanged sentences

Total income (loss)

( 1,995,916 )

Management fees

3 unchanged sentences

Net income (loss)

$ ( 2,022,552 )

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

3 unchanged sentences

STATEMENTS OF CHANGES IN NET ASSETS

Months Ended June 30, 2025

Months Ended June 30, 2024 *

income (loss)

September 30, 2025

Nine Months Ended

September 30, 2024 *

Net income (loss)

Capital transactions

Issuance of Shares

Redemption of Shares

( 4,611,472 )

( 18,085,070 )

capital transactions

Total capital transactions

( 2,467,158 )

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

Net change in net assets

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

Creation of Shares

5 unchanged sentences

STATEMENTS OF CASH FLOWS

Six Months Ended June 30, 2025

Six Months Ended June 30, 2024 *

September 30, 2025

Nine Months Ended

September 30, 2024 *

Cash flows from operating activities

2 unchanged sentences

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

Unrealized gain (loss) on investments

( 2,119,470 )

Changes in operating assets and liabilities:

Purchases of Investments

( 2,256,022 )

( 10,678,135 )

Sales of investments

Realized gain (loss) on investments

( 1,083,215 )

Due from broker

18 unchanged sentences

OF ASSETS AND LIABILITIES

June 30, 2025 (Unaudited)

December 31, 2024 *

30, 2025 (Unaudited)

Investments (1)

12 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 $ 9,706,036 $ 11,099,080

2 unchanged sentences

SCHEDULE OF INVESTMENTS

30, 2025 (Unaudited)

Percentage of

15 unchanged sentences

accompanying notes are an integral part of these financial statements.

STATEMENTS OF OPERATIONS

Three Months Ended June 30, 2025

Months Ended June 30, 2024

Six Months Ended June 30, 2025

Six Months Ended June 30, 2024 *

OF OPERATIONS

Three Months Ended

September 30, 2025

September 30, 2024

September 30, 2025

Nine Months Ended

September 30, 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

( 1,902,331 )

( 1,642,941 )

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

2 unchanged sentences

Total income (loss)

( 1,995,916 )

Management fees

3 unchanged sentences

Net income (loss)

$ ( 2,022,552 )

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

2 unchanged sentences

STATEMENTS OF CHANGES IN NET ASSETS

Months Ended June 30, 2025

Months Ended June 30, 2024 *

income (loss)

September 30, 2025

Nine Months Ended

September 30, 2024 *

Net income (loss)

Capital transactions

Issuance of Shares

Redemption of Shares

( 4,611,472 )

( 18,085,070 )

capital transactions

Total capital transactions

( 2,467,158 )

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

Net change in net assets

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

Creation of Shares

4 unchanged sentences

BITCOIN ETF STATEMENTS OF

Six Months Ended

June 30, 2025

Six Months Ended

June 30, 2024 *

September 30, 2025

Nine Months Ended

September 30, 2024 *

Cash flows from operating activities

Net income (loss)

1 unchanged sentence

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

Unrealized gain (loss) on investments

( 2,119,470 )

Changes in operating assets and liabilities:

Purchases of Investments

( 2,256,022 )

( 10,678,135 )

Sales of investments

Realized gain (loss) on investments

( 1,083,215 )

Due from broker

17 unchanged sentences

accompanying notes are an integral part of these financial statements.

TO FINANCIAL STATEMENTS

30, 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.

NOTES TO FINANCIAL

September 30, 2025 (Unaudited)

Note 1 – Organization and Significant Accounting

These footnotes represent the

footnotes to Hashdex Bitcoin ETF’s Statement of Assets and Liabilities and the Combined Financial Statements of Tidal Commodities

Hashdex Bitcoin ETF (the “Fund”)

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

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.

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-traded fund.

The Fund was formed and is managed and controlled by the Sponsor, a limited liability company formed in Delaware

on March 14, 2012.

The Sponsor is registered as a commodity pool operator (“CPO”) with the Commodity Futures Trading

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

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

federal income tax purposes.

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.

The Trust is registered with the U.S.

and Exchange Commission (“SEC”) under the Securities Act of 1933, as amended (together with the rules and regulations

adopted thereunder, as amended, the “1933 Act”), as an exchange- traded fund.

The Fund was formed and is managed and

controlled by the Sponsor, a limited liability company formed in Delaware on March 14, 2012.

The Sponsor is registered as a commodity

pool operator (“CPO”) with the Commodity Futures Trading Commission (“CFTC”) and is a member of the National

Futures Association (“NFA”).

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

income tax purposes.

The Trust and Fund qualify as an investment

company solely for accounting purposes and not for any other purpose and follow the accounting and reporting guidance under the

Financial Accounting Stands Board Accounting Standards Codification Topic 946, Financial Services - Investment Companies, but are

not registered, and are not required to be registered, as an investment company under the Investment Company Act of 1940, as amended.

On 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.

The 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 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 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.

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.

On March 26, 2024,

the Sponsor announced the renaming of the Fund from the Hashdex Bitcoin Futures ETF to the Hashdex Bitcoin ETF.

The renaming of

the Fund corresponds to its completion of the conversion of its investment strategy to allow the Fund to provide spot bitcoin holdings

and its tracking of a new benchmark index effective March 27, 2024.

The Fund’s investment objective is for changes in the

Shares’ 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”), cash and cash equivalents.

Under normal market conditions,

the Fund has a policy to maximize its holdings of physical bitcoin such that it is expected that at least 95 % of the Fund’s

assets will be invested in spot bitcoin.

Up to 5 % of the Fund’s assets may be invested in CME-traded bitcoin futures contracts

and in cash and cash equivalents.

Because the Fund’s investment objective is to track the price of the Benchmark, changes

in the price of the Shares may vary from changes in the spot price of bitcoin.

The Fund currently offers one class of

shares that has no front-end sales load, no deferred sales charge, and no redemption fee.

The Fund may issue an Unlimited number

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:

preparation of financial statements in conformity with U.S.

The 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.

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.

Significant accounting policies of the Fund are as follows:

Use of Estimates

The 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

the normal course of business, the Fund enters into contracts that contain a variety of representations which provide general

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.

results could differ from those estimates.

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.

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.

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.

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 income exception under section 7704

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.

Therefore, the Fund

does not record a provision for income taxes because the shareholders report their share of the Fund’s income or loss on

their income tax returns.

The Fund is required to determine whether

a tax position is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution

of any related appeals or litigation processes, based on the technical merits of the position.

The Fund will file income tax returns

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.

states and foreign jurisdictions.

The Fund may be subject to potential examination

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.

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.

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

state and foreign tax laws.

Creation and Redemptions

Authorized Purchasers may purchase

Creation Baskets consisting of 10,000 Shares from the Fund.

The amount of the proceeds required to purchase a Creation Basket

will be equal to the NAV of the Shares in the Creation Basket determined as of 4:00 p.m.

(ET) on the day the order to create the

basket is received in good order.

Authorized Purchasers may redeem Shares

from the Fund only in blocks of 10,000 Shares called “Redemption Baskets.” The amount of the redemption proceeds for

a Redemption Basket will be equal to the NAV of the Shares in the Redemption Basket determined as of 4:00 p.m.

(ET) on the day

the order to redeem the basket is received in good order.

The Fund will receive the proceeds from

Shares sold or will pay for redeemed Shares within three business days after the trade date of the purchase or redemption, respectively.

The amounts due from Authorized Purchasers will be reflected in the Fund’s statements of assets and liabilities as capital

shares receivable.

Amounts payable to Authorized Purchasers upon redemption will be reflected in the Fund’s statements of

assets and liabilities as payable for Shares redeemed.

As outlined in the Trust’s most recent

Registration Statement on Form S-1 filing, 50,000 Shares represent five Redemption Baskets for the Fund and a minimum level of

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

The Fund’s NAV is calculated by:

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.

● Taking the current market value of its total assets;

● Subtracting any liabilities;

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

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.

Global Fund 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.

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 determine the NAV of its Shares on that day.

If the CME halted trading in Bitcoin Futures

Contracts for other reasons, including if trading were halted for an entire trading day or several trading days, the Fund would

value its Bitcoin Futures Contracts by using the settlement price that the CME publishes.

Such valuation is generally deemed a

Level 1 valuation.

The value of the Bitcoin held by the Fund

will be determined using a “Futures-Based Spot Price” (or “FBSP”) methodology.

This methodology has been

chosen by the Sponsor specifically to calculate the Fund’s NAV, isolating it from data from unregulated bitcoin exchanges.

The methodology to derive the settlement prices of Bitcoin Futures Contracts on the CME involves a calculation that is a function

of both the length of time (the tenor) until each Bitcoin Futures Contract is due for settlement, and the final settlement price

for each contract on that day.

The calculation is based on estimating a simple quadratic function to fit the prices across the

different tenors and extrapolate this curve to zero days tenor.

This approach is designed to give more importance to contracts

that are due for settlement in the near term, considering that the prices of these near-term contracts are more reliable indicators

of the current spot price of bitcoin and are also more heavily traded.

Such Valuation is generally deemed a Level 2 valuation.

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.

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:

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.

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.

Level 1 - Valuations based on unadjusted quoted prices in active

markets for identical assets or liabilities that the Fund has the ability to access.

Valuation adjustments and block discounts

are not applied to Level 1 financial instruments.

Since valuations are based on quoted prices that are readily and regularly available

in an active market, valuation of these financial instruments does not entail a significant degree of judgment.

Level 2 - Valuations based on quoted prices in markets that are

not active or for which all significant inputs are observable, either directly or indirectly.

Level 3 - Valuations based on inputs that are unobservable and

significant to the overall fair value measurement.

The availability of valuation techniques

and observable inputs can vary from financial instrument to financial instrument and is affected by a wide variety of factors including,

the type of financial instrument, whether the financial instrument is new and not yet established in the marketplace, and other

characteristics particular to the transaction.

To the extent that valuation is based on models or inputs that are less observable

or unobservable in the market, the determination of fair value requires more judgment.

Those estimated values do not necessarily

represent the amounts that may be ultimately realized due to the occurrence of future circumstances that cannot be reasonably determined.

Because of the inherent uncertainty of valuation, those estimated values may be materially higher or lower than the values that

would have been used had a ready market for the financial instruments existed.

Accordingly, the degree of judgment exercised by

the Fund in determining fair value is greatest for financial instruments categorized in Level 3.

In certain cases, the inputs used

to measure fair value may fall into different levels of the fair value hierarchy.

In such cases, for disclosure purposes, the level

in the fair value hierarchy, within which the fair value measurement in its entirety falls, is determined based on the lowest level

input that is significant to the fair value measurement.

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

September 30, 2025

Balance as of

September 30, 2025

Cryptocurrency

Money market funds

December 31, 2024

Balance as of

Cryptocurrency

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.

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

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

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 June 30, 2025.

Money market funds

Schedule of investment in bitcoin

Beginning balance as of January 1, 2025

Bitcoin contributed

Bitcoin withdrawn

( 4,732,281 )

Net change in unrealized appreciation (depreciation) from investments in bitcoin

Net realized gain on investments in bitcoin

Ending balance as of September 30, 2025

Beginning balance as of January 1, 2024

Bitcoin contributed

Bitcoin withdrawn

( 1,892,631 )

Net change in unrealized appreciation (depreciation) from investments in bitcoin

Net realized gain on investments in bitcoin

Ending balance as of December 31, 2024

months ended September 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.

Derivative Investments

In the normal course of business,

the Fund utilizes derivative contracts in connection with its proprietary trading activities.

Investments in derivative contracts

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

The Fund’s derivative activities

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

interest rate, credit, commodity

price, and equity price risks.

In addition to its primary underlying risks, the Fund is also subject to additional counterparty

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

Futures Contracts

The Fund is subject to cryptocurrency price

risk in the normal course of pursuing its investment objectives.

A futures contract represents a commitment for the future purchase

or sale of an asset at a specified price on a specified date.

The purchase and sale of futures contracts

requires margin deposits with a Futures Commission Merchant (“FCM”).

Subsequent payments (variation margin) are made

or received by the Fund each day, depending on the daily fluctuations in the value of the contract, and are recorded as unrealized

gains or losses by the Fund.

Futures contracts may reduce the Fund’s exposure to counterparty risk since futures contracts

are exchange-traded;

and the exchange’s clearinghouse, as the counterparty to all exchange-traded futures, guarantees the

futures against default.

The Commodity Exchange Act requires an

FCM to segregate all customer transactions and assets from the FCM’s proprietary activities.

A customer’s cash and

other equity deposited with an FCM are considered commingled with all other customer funds subject to the FCM’s segregation

requirements.

In the event of an FCM’s insolvency, recovery may be limited to the Fund’s pro rata share of segregated

customer funds available.

It is possible that the recovery amount could be less than the total of cash and other equity deposited.

The following table discloses information

about offsetting assets and liabilities presented in the statements of assets and liabilities to enable users of these financial

statements to evaluate the effect or potential effect of netting arrangements for recognized assets and liabilities.

These recognized

assets and liabilities are presented as defined in the Financial Accounting Standards Board’s (“FASB”) Accounting

Standards Update (“ASU”) No.

2011-11 “Balance Sheet (Topic 210):

Disclosures about Offsetting Assets and Liabilities”

and subsequently clarified in FASB ASU 2013-01 “Balance Sheet (Topic 210):

Clarifying the Scope of Disclosures about Offsetting

Assets and Liabilities.”

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:

Nine months ended September 30, 2025.

Net Change in

Realized Gain

Appreciation/

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Commodity Futures

Cryptocurrency

futures contracts

months ended June 30, 2025.

Cryptocurrency Price

futures contracts

Three months ended September 30, 2025.

Net Change in

Realized Gain

Appreciation/

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Commodity Futures

Cryptocurrency

Cryptocurrency Price

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 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

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.

As of September 30, 2025 and December 31, 2024, there were no

derivative instruments included in the Combined Statements of Assets and Liabilities.

Volume of Monthly Derivative Activities

The average notional market value categorized by primary

un derlying risk f or futures contracts held was $ 0 and $ 0 million respectively for the three and nine months ended

September 30, 2025.

and $ 109.5 thousand and $ 4.5 million respectively for the three and nine months ended September 30, 2024.

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

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.

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

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;

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, 2025

Three Months Ended September 30, 2024

Nine Months Ended September 30, 2025

Nine Months Ended September 30, 2024

The amount recorded by the Fund for the

amount due from and to the clearing broker includes, but is not limited to, cash held by the broker, amounts payable to the clearing

broker related to open transactions, payables for cryptocurrency futures accounts liquidating to an equity balance on the clearing

broker’s records and amounts of brokerage commissions paid and recognized as unrealized losses.

Margin is the minimum amount of funds that

must be deposited by a cryptocurrency interest trader with the trader’s broker to initiate and maintain an open position

in futures contracts.

A margin deposit acts to assure the trader’s performance of the futures contracts purchased or sold.

Futures contracts are customarily bought and sold on initial margin that represents a very small percentage of the aggregate purchase

or sales price of the contract.

Because of such low margin requirements, price fluctuations occurring in the futures markets may

create profits and losses that, in relation to the amount invested, are greater than customary in other forms of investment or

As discussed below, adverse price changes in the futures contract may result in margin requirements that greatly exceed

the initial margin.

In addition, the amount of margin required in connection with a particular futures contract is set from time

to time by the exchange on which the contract is traded and may be modified from time to time by the exchange during the term of

the contract.

Brokerage firms, such as the Fund’s clearing brokers, carrying accounts for traders in commodity interest contracts

generally require higher amounts of margin as a matter of policy to further protect themselves.

Over the counter trading generally

involves the extension of credit between counterparties, so the counterparties may agree to require the posting of collateral by

one or both parties to address credit exposure.

When a trader purchases

an option, there is no margin requirement;

however, the option premium must be paid in full.

When a trader

sells an option, on the other hand, he or she is required to deposit margin in an amount determined by the margin requirements

established for the underlying interest and, in addition, an amount substantially equal to the current premium for the option.

The margin requirements imposed on the selling of options, although adjusted to reflect the probability that out-of-the-money

options will not be exercised, can in fact be higher than those imposed in dealing in the futures markets directly.

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 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.

“maintenance” margin requirements are computed each day by a trader’s clearing broker.

When the market value

7 unchanged sentences

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”).

Expenses are recorded using the accrual method of accounting.

Net Income (Loss) per Share

Net income (loss) per share is the difference

between the NAV per unit at the beginning of each period and at the end of each period.

The weighted average number of units outstanding

was computed for purposes of disclosing net income (loss) per weighted average unit.

The weighted average units are equal to the

number of units outstanding at the end of the period, adjusted proportionately for units created or redeemed based on the amount

of time the units were outstanding during such period.

Note 2 – Sponsor Fee Allocation of Expenses and Related

Party Transactions

Effective 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 %.

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.

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

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.

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

Expenses paid by the Sponsor or the Prior Sponsor are, if applicable, presented as waived expenses in the statements

of operations for the Fund:

For the nine months ending September 30, 2025 and September

30, 2024, the Sponsor did not waive expenses.

Administrator

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.

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

Global Fund Services, an entity affiliated with U.S.

Bank, N.A., is

the registrar and transfer agent for the Fund’s Shares.

In addition, Global Fund Services also serves as sub-administrator

for the Fund, performing certain sub-administrative, and accounting services, and support in preparing certain SEC and CFTC reports

on behalf of the Fund.

of the Fund also includes bitcoin.

Bank, N.A., is the registrar and transfer agent for the Fund’s

In addition, Global Fund Services also serves as sub-administrator for the Fund, performing certain sub-administrative,

and accounting services, and support in preparing certain SEC and CFTC reports on behalf of the Fund.

Bitcoin Custodian

Holdings of the Fund

also 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.

(the “Bitcoin Custodian”) on behalf of

The Bitcoin Custodian will keep custody of all of the Fund’s bitcoin in a multi-layer, multi-party cold storage

or similarly secure technology.

The Bitcoin Custodian is responsible for safekeeping passwords, keys or phrases that

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

100 % of the private keys will

be held in cold storage.

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.

1 unchanged sentence

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

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

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

The Fund’s bitcoin will be held in segregated wallets and will not be commingled with the

assets of other customers.

The Bitcoin Custodian has an insurance policy that covers, at least partially, risks such as the loss

of client assets held in cold storage, including from employee collusion or fraud, physical loss including theft, damage of key

material, security breach or hack, and fraudulent transfer.

Marketing Agent

The Fund employs Foreside Fund Services,

LLC, a wholly-owned subsidiary of Foreside Financial Group, LLC (d/b/a ACA Group) as the marketing agent for the Fund (the “Marketing

The Marketing Agent Agreement among the Marketing Agent and the Trust calls for the Marketing Agent to work with

the Custodian in connection with the receipt and processing of orders for Creation Baskets and Redemption Baskets and the review

and approval of all Fund sales literature and advertising material.

The Marketing Agent’s principal business address is Three

Canal Plaza, Suite 100, Portland, Maine 04101.

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

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.

Digital Asset Adviser

Hashdex Asset Management

(“Hashdex” or the “Digital Asset Adviser”) is a Cayman Islands investment manager (and an exempt reporting

advisor under SEC rules) that specializes in, among other things, the management, research, investment analysis and other investment

support services of funds and ETFs with investment strategies involving bitcoin and other crypto assets.

As Digital Asset Adviser,

Hashdex is responsible for providing the Sponsor and the Administrator with research and analysis regarding bitcoin and bitcoin

markets for use in the operation and marketing of the Fund.

Hashdex has no role in maintaining, calculating or publishing the Benchmark.

Hashdex also has no responsibility for the investment or management of the Fund’s portfolio or for the overall performance

or operation of the Fund.

Note 3 – Transactions with Affiliates

The Trust has no directors, officers or employees and is managed

by the Sponsor.

The Administrator is a wholly-owned subsidiary of the Sponsor.

Note 4 – Financial Highlights

The following tables present per unit performance

data and other supplemental financial data for the three and nine months ended September 30, 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

(FORMERLY HASHDEX BITCOIN FUTURES ETF)

FINANCIAL HIGHLIGHTS

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

30, 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 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.

September 30,2025

September 30,2024

September 30, 2025

September 30, 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 information.

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 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

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 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.

Note 5 – Merger with Hashdex Bitcoin Futures

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 Fund”).

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.

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.

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 .

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.

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.

Note 7 – Segment Reporting

In accordance with the FASB Accounting

Standards Update (ASU) 2023-07, Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures, the Fund

has evaluated its business activities and determined that it operates as a single reportable segment.

The Fund’s investment activities

are managed by the 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.

As such, the Fund does not allocate

operating expenses or assets to multiple segments, and accordingly, no additional segment disclosures are required.

The Fund primarily generates income

through dividends, interest, and realized/unrealized gains on its investment portfolio.

Expenses incurred, including management

fees, fund operating expenses, and transaction costs, are considered general fund-level expenses and are not allocated to specific

segments or business lines.

Management has determined that

the Fund does not meet the criteria for disaggregated segment reporting under ASU 2023-07 and will continue to evaluate its reporting

requirements in accordance with applicable accounting standards.

Note 8 – Subsequent Events

In preparing these

financial statements, Management has evaluated the financial statements for the nine months ended September, 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, except for the following described below.

Amendments to the Declaration of Trust:

Effective October 21, 2025, the Sponsor executed an amendment to the First Amended and Restated

Declaration of Trust and Trust Agreement ("Declaration of Trust") of the Trust.

A copy of the Form 8-K describing the amendment to the

Declaration of Trust can be found here:

https://www.sec.gov/ix?doc=/Archives/edgar/data/1985840/000199937125016202/defi-8k_102125.htm.

The Sponsor intends to withdraw as sponsor of the Trust and the Fund and appoint Hashdex Asset Management Ltd.

("Hashdex") to serve as

sponsor of the Trust, commencing upon the resignation of the Sponsor (the "Sponsor Replacement").

Hashdex will thereafter serve as sole

sponsor of the Trust and intends to carry on the business of the Trust and the Fund.

It is expected that the Sponsor Replacement will

occur during the fourth quarter of 2025, subject to certain conditions, including, but not limited to, the effectiveness of a post-effective

amendment to the Fund's registration statement.

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