Hashdex Commodities Trust 10-Q

Item 1. Financial Statements. Index to Financial Statements Documents Page TIDAL COMMODITIES TRUST I Combined Statements of Assets and Liabilities at September 30, 2025 (Unaudited) and December 31, 2024 F-1 Combined Schedule of Investments at September 30, 2025 (Unaudited) and December 31, 2024 F-2 Combined Statements of Operations (Unaudited) for the three months ended September 30, 2025 and 2024 and nine months ended September 30, 2025 and 2024 F-4 Combined Statements of Changes in Net Assets (Unaudited) for the nine months ended September 30, 2025 and 2024 F-5 Combined Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2025 and 2024 F-6 HASHDEX BITCOIN ETF Statements of Assets and Liabilities at September 30, 2025 (Unaudited) and December 31, 2024 F-7 Schedule of Investments at September 30, 2025 (Unaudited) and December 31, 2024 F-8 Statements of Operations (Unaudited) for the three months ended September 30, 2025 and 2024 and nine months ended September 30, 2025 and 2024 F-10 Statements of Changes in Net Assets (Unaudited) for the nine months ended September 30, 2025 and 2024 F-11 Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2025 and 2024 F-12 Notes to Financial Statements F-13 TIDAL COMMODITIES TRUST I COMBINED STATEMENTS OF ASSETS AND LIABILITIES September 30, 2025 (Unaudited) December 31, 2024 Assets Investments (1) $ 15,439,452 $ 14,713,026 Cash and cash equivalents (2) 60,692 29,680 Interest receivable 208 85 Equity in trading accounts: Due from broker 35,752 108,214 Total equity in trading accounts 35,752 108,214 Total assets $ 15,536,104 $ 14,851,005 Liabilities Management fee payable to Sponsor 3,143 11,620 Total liabilities $ 3,143 $ 11,620 Net assets $ 15,532,961 $ 14,839,385 Shares issued and outstanding 120,000 140,000 ( no par value, Unlimited amount authorized) Net asset value per share $ 129.44 $ 106.00 Market value per share $ 129.50 $ 106.21 (1) Cost basis $ 9,706,036 $ 11,099,080 (2) Cost basis $ 60,692 $ 29,680 (1) Cost basis $ 9,706,036 $ 11,099,080 (2) Cost basis $ 60,692 $ 29,680 The accompanying notes are an integral part of these financial statements. F- 1 TIDAL COMMODITIES TRUST I COMBINED SCHEDULE OF INVESTMENTS September 30, 2025 (Unaudited) Description: Assets Yield Fair Value Percentage of Net Assets Shares Cryptocurrency Bitcoin $ 15,439,452 99.40 % 134.87 Total Cryptocurrency (cost $ 9,706,036 ) $ 15,439,452 99.40 % Cash equivalents Money market funds First American Government Obligations Fund - Class X 4.03 % $ 60,692 0.39 % 60,692 Total Cash Equivalents (cost $ 60,692 ) $ 60,692 0.39 % The accompanying notes are an integral part of these financial statements. F- 2 TIDAL COMMODITIES TRUST I COMBINED SCHEDULE OF INVESTMENTS December 31, 2024 Description: Assets Yield Fair Value Percentage of Net Assets Shares Cryptocurrency Bitcoin $ 14,713,026 99.15 % 157.85 Total Cryptocurrency (cost $ 11,099,080 ) $ 14,713,026 99.15 % Cash equivalents Money market funds First American Government Obligations Fund - Class X 4.41 % $ 29,680 0.20 % 29,680 Total Cash Equivalents (cost $ 29,680 ) $ 29,680 0.20 % The accompanying notes are an integral part of these financial statements. F- 3 TIDAL COMMODITIES TRUST I COMBINED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024 * Income Realized and unrealized gain (loss) on trading of investments and cryptocurrency futures contracts: Realized gain (loss) on cryptocurrency futures contracts $ — $ ( 16,691 ) $ ( 4,173 ) $ 7,528,643 Realized gain (loss) on investments — ( 533,036 ) 1,083,215 ( 533,036 ) Net change in unrealized appreciation (depreciation) on investments 916,923 877,410 2,119,470 ( 765,531 ) Net change in unrealized appreciation (depreciation) on cryptocurrency futures contracts — 7,741 — ( 78,239 ) Broker interest income 681 979 1,006 63,828 Interest income 40 545 220 120,414 Total income (loss) 917,644 336,948 3,199,738 6,336,079 Expenses Management fees 9,777 22,425 38,956 91,442 Broker expenses — 413 48 15,810 Total expenses 9,777 22,838 39,004 107,252 Total expenses, net 9,777 22,838 39,004 107,252 Net income (loss) $ 907,867 $ 314,110 $ 3,160,734 $ 6,228,827 * 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. F- 4 TIDAL COMMODITIES TRUST I COMBINED STATEMENTS OF CHANGES IN NET ASSETS (Unaudited) Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024 * Operations Net income (loss) $ 3,160,734 $ 6,228,827 Capital transactions Issuance of Shares 2,144,314 18,711,813 Redemption of Shares ( 4,611,472 ) ( 18,085,070 ) Total capital transactions ( 2,467,158 ) 626,743 Net change in net assets 693,576 6,855,570 Net assets, beginning of period $ 14,839,385 $ 2,536,958 Net assets, end of period $ 15,532,961 $ 9,392,528 Net asset value per share at beginning of period $ 106.00 $ 50.74 Net asset value per share at end of period $ 129.44 $ 72.25 Creation of Shares 20,000 330,000 Redemption of Shares ( 40,000 ) ( 250,000 ) * Reflects the changes in net assets 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. F- 5 TIDAL COMMODITIES TRUST I COMBINED STATEMENTS OF CASH FLOWS (Unaudited) Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024 * Cash flows from operating activities Net income (loss) $ 3,160,734 $ 6,228,827 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Net change in unrealized appreciation (depreciation) on cryptocurrency futures contracts — 78,239 Unrealized gain (loss) on investments ( 2,119,470 ) 765,531 Changes in operating assets and liabilities: Purchases of Investments ( 2,256,022 ) ( 10,678,135 ) Sales of investments 4,732,281 — Realized gain (loss) on investments ( 1,083,215 ) 533,036 Due from broker 72,462 575,740 Interest receivable ( 123 ) 10,254 Management fee payable to Sponsor ( 8,477 ) 4,515 Net cash provided by (used in) operating activities 2,498,170 ( 2,481,993 ) Cash flows from financing activities: Proceeds from sale of Shares 2,144,314 18,711,813 Redemption of Shares ( 4,611,472 ) ( 18,085,070 ) Net cash provided by (used in) financing activities ( 2,467,158 ) 626,743 Net change in cash and cash equivalents 31,012 ( 1,855,250 ) Cash and cash equivalents, beginning of period 29,680 1,867,663 Cash and cash equivalents, end of period $ 60,692 $ 12,413 * Reflects the cash flows 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. F- 6 HASHDEX BITCOIN ETF STATEMENTS OF ASSETS AND LIABILITIES September 30, 2025 (Unaudited) December 31, 2024 Assets Investments (1) $ 15,439,452 $ 14,713,026 Cash and cash equivalents (2) 60,692 29,680 Interest receivable 208 85 Equity in trading accounts: Due from broker 35,752 108,214 Total equity in trading accounts 35,752 108,214 Total assets $ 15,536,104 $ 14,851,005 Liabilities Management fee payable to Sponsor 3,143 11,620 Total liabilities $ 3,143 $ 11,620 Net assets $ 15,532,961 $ 14,839,385 Shares issued and outstanding 120,000 140,000 ( no par value, Unlimited amount authorized) Net asset value per share $ 129.44 $ 106.00 Market value per share $ 129.50 $ 106.21 (1) Cost basis $ 9,706,036 $ 11,099,080 (2) Cost basis $ 60,692 $ 29,680 (1) Cost basis $ 9,706,036 $ 11,099,080 (2) Cost basis $ 60,692 $ 29,680 The accompanying notes are an integral part of these financial statements. F- 7 HASHDEX BITCOIN ETF SCHEDULE OF INVESTMENTS September 30, 2025 (Unaudited) Description: Assets Yield Fair Value Percentage of Net Assets Shares Cryptocurrency Bitcoin $ 15,439,452 99.40 % 134.87 Total Cryptocurrency (cost $ 9,706,036 ) $ 15,439,452 99.40 % Cash equivalents Money market funds First American Government Obligations Fund - Class X 4.03 % $ 60,692 0.39 % 60,692 Total Cash Equivalents (cost $ 60,692 ) $ 60,692 0.39 % The accompanying notes are an integral part of these financial statements. F- 8 HASHDEX BITCOIN ETF SCHEDULE OF INVESTMENTS December 31, 2024 Description: Assets Yield Fair Value Percentage of Net Assets Shares Cryptocurrency Bitcoin $ 14,713,026 99.15 % 157.85 Total Cryptocurrency (cost $ 11,099,080 ) $ 14,713,026 99.15 % Cash equivalents Money market funds First American Government Obligations Fund - Class X 4.41 % $ 29,680 0.20 % 29,680 Total Cash Equivalents (cost $ 29,680 ) $ 29,680 0.20 % The accompanying notes are an integral part of these financial statements. F- 9 HASHDEX BITCOIN ETF STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024 * Income Realized and unrealized gain (loss) on trading of investments and cryptocurrency futures contracts: Realized gain (loss) on cryptocurrency futures contracts $ — $ ( 16,691 ) $ ( 4,173 ) $ 7,528,643 Realized gain (loss) on investments — ( 533,036 ) 1,083,215 ( 533,036 ) Net change in unrealized appreciation (depreciation) on investments 916,923 877,410 2,119,470 ( 765,531 ) Net change in unrealized appreciation (depreciation) on cryptocurrency futures contracts — 7,741 — ( 78,239 ) Broker interest income 681 979 1,006 63,828 Interest income 40 545 220 120,414 Total income (loss) 917,644 336,948 3,199,738 6,336,079 Expenses Management fees 9,777 22,425 38,956 91,442 Broker expenses — 413 48 15,810 Total expenses 9,777 22,838 39,004 107,252 Total expenses, net 9,777 22,838 39,004 107,252 Net income (loss) $ 907,867 $ 314,110 $ 3,160,734 $ 6,228,827 * 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. F- 10 HASHDEX BITCOIN ETF STATEMENTS OF CHANGES IN NET ASSETS (Unaudited) Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024 * Operations Net income (loss) $ 3,160,734 $ 6,228,827 Capital transactions Issuance of Shares 2,144,314 18,711,813 Redemption of Shares ( 4,611,472 ) ( 18,085,070 ) Total capital transactions ( 2,467,158 ) 626,743 Net change in net assets 693,576 6,855,570 Net assets, beginning of period $ 14,839,385 $ 2,536,958 Net assets, end of period $ 15,532,961 $ 9,392,528 Net asset value per share at beginning of period $ 106.00 $ 50.74 Net asset value per share at end of period $ 129.44 $ 72.25 Creation of Shares 20,000 330,000 Redemption of Shares ( 40,000 ) ( 250,000 ) * Reflects the changes in net assets 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. F- 11 HASHDEX BITCOIN ETF STATEMENTS OF CASH FLOWS (Unaudited) Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024 * Cash flows from operating activities Cash flows from operating activities Net income (loss) $ 3,160,734 $ 6,228,827 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Net change in unrealized appreciation (depreciation) on cryptocurrency futures contracts — 78,239 Unrealized gain (loss) on investments ( 2,119,470 ) 765,531 Changes in operating assets and liabilities: Purchases of Investments ( 2,256,022 ) ( 10,678,135 ) Sales of investments 4,732,281 — Realized gain (loss) on investments ( 1,083,215 ) 533,036 Due from broker 72,462 575,740 Interest receivable ( 123 ) 10,254 Management fee payable to Sponsor ( 8,477 ) 4,515 Net cash provided by (used in) operating activities 2,498,170 ( 2,481,993 ) Cash flows from financing activities: Proceeds from sale of Shares 2,144,314 18,711,813 Redemption of Shares ( 4,611,472 ) ( 18,085,070 ) Net cash provided by (used in) financing activities ( 2,467,158 ) 626,743 Net change in cash and cash equivalents 31,012 ( 1,855,250 ) Cash and cash equivalents, beginning of period 29,680 1,867,663 Cash and cash equivalents, end of period $ 60,692 $ 12,413 * Reflects the cash flows 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. F- 12 NOTES TO FINANCIAL STATEMENTS September 30, 2025 (Unaudited) Note 1 – Organization and Significant Accounting Policies These footnotes represent the footnotes to Hashdex Bitcoin ETF’s Statement of Assets and Liabilities and the Combined Financial Statements of Tidal Commodities Trust I. Hashdex Bitcoin ETF (the “Fund”) is a series of Tidal Commodities Trust I (“Trust”), a Delaware statutory trust organized on February 10, 2023. The Fund operates pursuant to the First Amended and Restated Declaration of Trust and Trust Agreement (“Trust Agreement”), dated March 10, 2023. The Fund is currently the Trust’s only publicly offered series. The Trust is registered with the U.S. Securities and Exchange Commission (“SEC”) under the Securities Act of 1933, as amended (together with the rules and regulations adopted thereunder, as amended, the “1933 Act”), as an exchange- traded fund. The Fund was formed and is managed and controlled by the Sponsor, a limited liability company formed in Delaware on March 14, 2012. The Sponsor is registered as a commodity pool operator (“CPO”) with the Commodity Futures Trading Commission (“CFTC”) and is a member of the National Futures Association (“NFA”). The Fund intends to be treated as a partnership for U.S. federal income tax purposes. The Trust and Fund qualify as an investment company solely for accounting purposes and not for any other purpose and follow the accounting and reporting guidance under the Financial Accounting Stands Board Accounting Standards Codification Topic 946, Financial Services - Investment Companies, but are not registered, and are not required to be registered, as an investment company under the Investment Company Act of 1940, as 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 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. 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 of Shares. All shares of the Fund have equal rights and privileges. 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. GAAP”) requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of the revenue and expenses during the reporting period. Actual results could differ from those estimates. Indemnifications In the normal course of business, the Fund enters into contracts that contain a variety of representations which provide general indemnifications. The Fund’s maximum exposure under these arrangements cannot be known; however, the Fund expects any risk of loss to be remote. F- 13 Cash Cash includes money market funds held. Income Taxes For U.S. federal income tax purposes, the Fund will be classified as a publicly traded partnership. A publicly traded partnership is generally taxable as a corporation for U.S. federal income tax purposes unless 90% or more of the publicly traded partnership’s gross income for each taxable year of its existence consists of qualifying income as defined in section 7704(d) of the Internal Revenue Code of 1986, as amended (the “Code”). Qualifying income is defined as generally including, in pertinent part, interest (other than from a financial business), dividends, and gains from the sale or disposition of capital assets held for the production of interest or dividends. In the case of a partnership of which a principal activity is the buying and selling of commodities, other than as inventory, or of futures, forwards, and options with respect to commodities, qualifying income also includes income and gains from commodities and from futures, forwards, options with respect to commodities and, provided the partnership is a trader or investor with respect to such assets, swaps and other notional principal contracts with respect to commodities. There is very limited authority on the U.S. federal income tax treatment of bitcoin and no direct authority on bitcoin derivatives, such as Bitcoin Futures Contracts. Based on an opinion received by Tidal from their independent legal counsel and a Commodity Futures Trading Commission determination that treats bitcoin as a commodity under the Commodity Exchange Act, the Fund intends to take the position that bitcoin and Bitcoin Futures Contracts consist of futures on commodities for purposes of the qualifying income exception under section 7704 of the Code. Accordingly, the Fund expects that at least 90% of the Fund’s gross income for each taxable year will consist of qualifying income and that the Fund will be taxed as a partnership for U.S. federal income tax purposes. Therefore, the Fund does not record a provision for income taxes because the shareholders report their share of the Fund’s income or loss on their income tax returns. The Fund is required to determine whether a tax position is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Fund will file income tax returns in the U.S. federal jurisdiction and may file income tax returns in various U.S. states and foreign jurisdictions. The Fund may be subject to potential examination by U.S. federal, U.S. state, or foreign jurisdictional authorities in the area of income taxes. These potential examinations may include among other things questioning the tax classification of the Fund, the timing and amount of deductions, the nexus of income among various tax jurisdictions, and compliance with U.S. federal, U.S. state and foreign tax laws. Creation and Redemptions Authorized Purchasers may purchase Creation Baskets consisting of 10,000 Shares from the Fund. The amount of the proceeds required to purchase a Creation Basket will be equal to the NAV of the Shares in the Creation Basket determined as of 4:00 p.m. (ET) on the day the order to create the basket is received in good order. Authorized Purchasers may redeem Shares from the Fund only in blocks of 10,000 Shares called “Redemption Baskets.” The amount of the redemption proceeds for a Redemption Basket will be equal to the NAV of the Shares in the Redemption Basket determined as of 4:00 p.m. (ET) on the day the order to redeem the basket is received in good order. The Fund will receive the proceeds from Shares sold or will pay for redeemed Shares within three business days after the trade date of the purchase or redemption, respectively. The amounts due from Authorized Purchasers will be reflected in the Fund’s statements of assets and liabilities as capital shares receivable. Amounts payable to Authorized Purchasers upon redemption will be reflected in the Fund’s statements of assets and liabilities as payable for Shares redeemed. As outlined in the Trust’s most recent Registration Statement on Form S-1 filing, 50,000 Shares represent five Redemption Baskets for the Fund and a minimum level of Shares. If the Fund experienced redemptions that caused the number of Shares outstanding to decrease to the minimum level of Shares required to be outstanding, until the minimum number of Shares is again exceeded through the purchase of a new Creation Basket, there can be no more redemptions by an Authorized Purchaser. Calculation of Net Asset Value The Fund’s NAV is calculated by: ● Taking the current market value of its total assets; ● Subtracting any liabilities; and ● Dividing the above total by the number of Shares outstanding. U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Global Fund Services”), the Fund’s sub-administrator (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. (ET). The NAV for a particular trading day will be released after 4:15 p.m. (ET). To determine the value of Bitcoin Futures Contracts, Global Fund Services uses the settlement price for the 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. 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: 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. F- 14 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 Level 1 Level 2 Level 3 September 30, 2025 Assets: Cryptocurrency $ — $ 15,439,452 $ — $ 15,439,452 Money market funds 60,692 — — 60,692 Total $ 60,692 $ 15,439,452 $ — $ 15,500,144 December 31, 2024 Balance as of December 31, Level 1 Level 2 Level 3 2024 Assets: Cryptocurrency $ — $ 14,713,026 $ — $ 14,713,026 Money market funds 29,680 — — 29,680 Total $ 29,680 $ 14,713,026 $ — $ 14,742,706 Schedule of investment in bitcoin Bitcoin Fair Value Beginning balance as of January 1, 2025 157.85 $ 14,713,026 Bitcoin contributed 23.52 2,256,022 Bitcoin withdrawn ( 46.50 ) ( 4,732,281 ) Net change in unrealized appreciation (depreciation) from investments in bitcoin – 2,119,470 Net realized gain on investments in bitcoin – 1,083,215 Ending balance as of September 30, 2025 134.87 $ 15,439,452 Bitcoin Fair Value Beginning balance as of January 1, 2024 – $ – Bitcoin contributed 192.31 13,520,786 Bitcoin withdrawn ( 34.46 ) ( 1,892,631 ) Net change in unrealized appreciation (depreciation) from investments in bitcoin – 3,613,946 Net realized gain on investments in bitcoin – ( 529,076 ) Ending balance as of December 31, 2024 157.85 $ 14,713,026 For the nine 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.” F- 15 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 Unrealized Realized Gain Appreciation/ (Loss) on Depreciation on Commodity Commodity Futures Futures Contracts Contracts Cryptocurrency Price Bitcoin futures contracts $ ( 4,173 ) — Three months ended September 30, 2025. Net Change in Unrealized Realized Gain Appreciation/ (Loss) on Depreciation on Commodity Commodity Futures Futures Contracts Contracts Cryptocurrency Price Bitcoin futures contracts $ — $ — 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. F- 16 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 $ 50 Nine Months Ended September 30, 2025 $ 148 Nine Months Ended September 30, 2024 $ 6,336 The amount recorded by the Fund for the amount due from and to the clearing broker includes, but is not limited to, cash held by the broker, amounts payable to the clearing broker related to open transactions, payables for cryptocurrency futures accounts liquidating to an equity balance on the clearing broker’s records and amounts of brokerage commissions paid and recognized as unrealized losses. Margin is the minimum amount of funds that must be deposited by a cryptocurrency interest trader with the trader’s broker to initiate and maintain an open position in futures contracts. A margin deposit acts to assure the trader’s performance of the futures contracts purchased or sold. Futures contracts are customarily bought and sold on initial margin that represents a very small percentage of the aggregate purchase or sales price of the contract. Because of such low margin requirements, price fluctuations occurring in the futures markets may create profits and losses that, in relation to the amount invested, are greater than customary in other forms of investment or speculation. As discussed below, adverse price changes in the futures contract may result in margin requirements that greatly exceed the initial margin. In addition, the amount of margin required in connection with a particular futures contract is set from time to time by the exchange on which the contract is traded and may be modified from time to time by the exchange during the term of the contract. Brokerage firms, such as the Fund’s clearing brokers, carrying accounts for traders in commodity interest contracts generally require higher amounts of margin as a matter of policy to further protect themselves. Over the counter trading generally involves the extension of credit between counterparties, so the counterparties may agree to require the posting of collateral by one or both parties to address credit exposure. When a trader purchases an option, there is no margin requirement; however, the option premium must be paid in full. When a trader sells an option, on the other hand, he or she is required to deposit margin in an amount determined by the margin requirements established for the underlying interest and, in addition, an amount substantially equal to the current premium for the option. The margin requirements imposed on the selling of options, although adjusted to reflect the probability that out-of-the-money options will not be exercised, can in fact be higher than those imposed in dealing in the futures markets directly. Complicated margin requirements apply to spreads and conversions, which are complex trading strategies in which a trader acquires a mixture of options positions and positions in the underlying interest. Ongoing or “maintenance” margin requirements are computed each day by a trader’s clearing broker. When the market value of a particular open futures contract changes to a point where the margin on deposit does not satisfy maintenance margin requirements, a margin call is made by the broker. If the margin call is not met within a reasonable time, the broker may close out the trader’s position. With respect to the Fund’s trading, the Fund (and not its shareholders personally) is subject to margin calls. Finally, many major U.S. exchanges have passed certain cross margining arrangements involving procedures pursuant to which the futures and options positions held in an account would, in the case of some accounts, be aggregated and margin requirements would be assessed on a portfolio basis, measuring the total risk of the combined positions. Expenses Expenses are recorded using the accrual method of accounting. Net Income (Loss) per Share Net income (loss) per share is the difference between the NAV per unit at the beginning of each period and at the end of each period. The weighted average number of units outstanding was computed for purposes of disclosing net income (loss) per weighted average unit. The weighted average units are equal to the number of units outstanding at the end of the period, adjusted proportionately for units created or redeemed based on the amount of time the units were outstanding during such period. F- 17 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 %. 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 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: For the nine months ending September 30, 2025 and September 30, 2024, the Sponsor did not waive expenses. Administrator The Fund employs Tidal ETF Services LLC as the Fund’s administrator (the “Administrator”). In turn, the Administrator has engaged U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Global Fund Services”) to act as sub-administrator. The Administrator is a wholly-owned subsidiary of Sponsor. The Administrator also assists the Fund and the Sponsor with certain functions and duties relating to marketing, which include the following: marketing and sales strategy and marketing related services. Cash Custodian, Registrar, Transfer Agent, Fund Sub-Administrator In its capacity as the Fund’s custodian, the Custodian, currently U.S. Bank, N.A., holds the Fund’s securities, cash and/or cash equivalents pursuant to a custodial agreement. Global Fund Services, an entity affiliated with U.S. Bank, N.A., is the registrar and transfer agent for the Fund’s Shares. In addition, Global Fund Services also serves as sub-administrator for the Fund, performing certain sub-administrative, and accounting services, and support in preparing certain SEC and CFTC reports on behalf of the Fund. Bitcoin Custodian Holdings of the Fund also 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 is responsible for safekeeping passwords, keys or phrases that allow transfers of digital assets (“Security Factors”) safe, secure and confidential. 100 % of the private keys will be held in cold storage. The Bitcoin Custodian will establish the Bitcoin Accounts on the Bitcoin Network solely for the Fund. The Bitcoin Custodian will follow valid instructions given by the Sponsor to use the Fund’s Security Factors to effect transfers to and from the Bitcoin Accounts. The Fund’s bitcoin will be held in segregated wallets and will not be commingled with the assets of other customers. The Bitcoin Custodian has an insurance policy that covers, at least partially, risks such as the loss of client assets held in cold storage, including from employee collusion or fraud, physical loss including theft, damage of key material, security breach or hack, and fraudulent transfer. Marketing Agent The Fund employs Foreside Fund Services, LLC, a wholly-owned subsidiary of Foreside Financial Group, LLC (d/b/a ACA Group) as the marketing agent for the Fund (the “Marketing Agent”). 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 Ltd. (“Hashdex” or the “Digital Asset Adviser”) is a Cayman Islands investment manager (and an exempt reporting advisor under SEC rules) that specializes in, among other things, the management, research, investment analysis and other investment support services of funds and ETFs with investment strategies involving bitcoin and other crypto assets. As Digital Asset Adviser, Hashdex is responsible for providing the Sponsor and the Administrator with research and analysis regarding bitcoin and bitcoin markets for use in the operation and marketing of the Fund. Hashdex has no role in maintaining, calculating or publishing the Benchmark. Hashdex also has no responsibility for the investment or management of the Fund’s portfolio or for the overall performance or operation of the Fund. Note 3 – Transactions with Affiliates The Trust has no directors, officers or employees and is managed by the Sponsor. The Administrator is a wholly-owned subsidiary of the Sponsor. Note 4 – Financial Highlights The following tables present per unit performance data and other supplemental financial data for the 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. F- 18 HASHDEX BITCOIN ETF (FORMERLY HASHDEX BITCOIN FUTURES ETF) FINANCIAL HIGHLIGHTS Three Months Ended September 30,2025 Three Months Ended September 30,2024 Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024 * Per Share Operation Performance Net asset value at beginning of period $ 121.88 $ 68.43 $ 106.00 $ 50.74 Income (loss) from investment operations: Investment income 0.01 0.01 0.01 0.94 Net realized and unrealized gain (loss) on investments and cryptocurrency futures contracts 7.63 3.97 23.73 21.12 Total expenses ( 0.08 ) ( 0.16 ) ( 0.30 ) ( 0.55 ) Net increase (decrease) in net asset value 7.56 3.82 23.44 21.51 Net asset value at end of period $ 129.44 $ 72.25 $ 129.44 $ 72.25 Total Return 6.20 % 5.58 % 22.12 % 42.39 % Ratios to Average Net Assets (Annualized) Total expenses 0.25 % 0.92 % 0.35 % 1.08 % Total expenses, net 0.25 % 0.92 % 0.35 % 1.08 % Net investment income (loss) ( 0.23 )% ( 0.86 )% ( 0.34 )% 0.77 % * 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. Note 5 – Merger with Hashdex Bitcoin Futures ETF As reported by the Tidal Commodities Trust I on a Form 8-K filed with the Securities and Exchange Commission on January 3, 2024 (File No. 001-41900), the Fund completed the successful acquisition by merger (the “Merger”) of the Hashdex Bitcoin Futures ETF, a series of the Teucrium Commodity Trust (the “Acquired 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. 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 . Note 6 – Conversion to Spot Bitcoin ETF On March 26, 2024, the Sponsor announced the renaming of the Fund from the Hashdex Bitcoin Futures ETF to the Hashdex Bitcoin ETF. The renaming of the Fund corresponds to its completion of the conversion of its investment strategy to allow the Fund to provide spot bitcoin holdings and its tracking of a new benchmark index effective March 27, 2024. The Fund’s new benchmark index is the 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. F- 19 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. F- 20