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Item 8. Financial Statements and Supplementary Data

2026-03-31 compared with 2025-03-25 · 619 added, 695 removed, 351 unchanged (79% of the section changed)

1 unchanged sentence

TO FINANCIAL STATEMENTS

Report of Independent Registered Public Accounting Firm - Hashdex Bitcoin ETF, a series of the Tidal Commodities Trust I (TAIT, WELLER & BAKER LLP, Philadelphia, PA, PCAOB #445)

Report of Independent Registered Public Accounting Firm - Hashdex Bitcoin ETF (Formerly Hashdex Bitcoin Futures ETF) (GRANT THORTON LLP, New York, NY, PCAOB #248)

Report of Independent Registered Public Accounting Firm

Tidal Commodities Trust I Combined Statements of Assets and Liabilities, Statements of Operations, Statements of Changes in Net Assets and Statements of Cash Flows

Hashdex Bitcoin ETF (Formerly Hashdex Bitcoin Futures ETF) Statements of Assets and Liabilities, Statements of Operations, Statements of Changes in Net Assets and Statements of Cash Flows

Hashdex Bitcoin ETF Statements of Assets and Liabilities, Statements of Operations, Statements of Changes in Net Assets and Statements of Cash Flows

Notes to Financial Statements

taitweller.com

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING

To Management of the Trust’s Sponsor

Of Tidal Commodities Trust I

OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Sponsor and Shareholders

of Hashdex Commodities Trust

Opinion on the Financial Statements

We have audited the accompanying combined statements

of assets and liabilities of Tidal Commodities Trust I (the “Trust”), including the combined schedule of investments as of

December 31, 2024, the related combined statements of operations, changes in net assets, and cash flows for the year then ended and the

related notes (collectively referred to as the “combined financial statements”).

In our opinion, the combined financial statements

present fairly, in all material respects, the combined financial position of the Trust as of December 31, 2024, and the results of its

combined operations, combined changes in net assets, and combined cash flows for the year then ended, in conformity with accounting principles

generally accepted in the United States of America.

of assets and liabilities of Hashdex Commodities Trust (f/k/a Tidal Commodities Trust I) (the “Trust”), including the combined

schedule of investments as of December 31, 2025 and December 31, 2024, the related combined statements of operations, changes in net assets,

and cash flows for each of the two years in the period ended December 31, 2025 and the related notes (collectively referred to as the

“combined financial statements”).

In our opinion, the combined financial statements present fairly, in all material respects,

the combined financial position of the Trust as of December 31, 2025 and December 31, 2024, and the results of its combined operations,

combined changes in net assets, and combined cash flows for each of the two years in the period ended December 31, 2025, in conformity

with accounting principles generally accepted in the United States of America.

We have also audited the accompanying statement of

assets and liabilities of Hashdex Bitcoin ETF (formerly Hashdex Bitcoin Futures ETF), (the “Fund”), a series of Tidal Commodities

Trust I, including the schedule of investments as of December 31, 2024, and the related statements of operations, changes in net assets,

and cash flows for the year then ended and the related notes (collectively referred to as the “financial statements”).

our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31,

2024, and the results of its operations, changes in net assets, and cash flows for the year then ended, in conformity with accounting

principles generally accepted in the United States of America.

The financial statements of the Fund (which are also

reflected in the Trust) as of December 31, 2023, were audited by other auditors whose report dated February 29, 2024, expressed an unqualified

opinion on those statements.

assets and liabilities of Hashdex Bitcoin ETF (formerly Hashdex Bitcoin Futures ETF), (the “Fund”), a series of Hashdex Commodities

Trust, including the schedule of investments as of December 31, 2025 and December 31, 2024, and the related statements of operations,

changes in net assets, and cash flows for each of the two years in the period ended December 31, 2025 and the related notes (collectively

referred to as the “financial statements”).

In our opinion, the financial statements present fairly, in all material respects,

the financial position of the Fund as of December 31, 2025 and December 31, 2024, and the results of its operations, changes in net assets,

and cash flows for each of the two years in the period ended December 31, 2025, in conformity with accounting principles generally accepted

in the United States of America.

Basis for Opinion

27 unchanged sentences

We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

Critical audit matters are matters arising from the

current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that:

(1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective,

or complex judgments.

We determined that there were no critical audit matters.

TAIT, WELLER & BAKER LLP

1 unchanged sentence

March 30, 2026

OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Sponsor

and Shareholders of

Hashdex Bitcoin

ETF (formerly Hashdex Bitcoin Futures ETF)

on the financial statements

We have audited

the statement of assets and liabilities, including the schedule of investments of Hashdex Bitcoin ETF (formerly Hashdex Bitcoin Futures

ETF), a series of Tidal Commodities Trust I (formerly a series of Teucrium Commodity Trust) (the “Fund”) as of December 31,

2023, the related statements of operations, changes in net assets, and cash flows for the year ended December 31, 2023, and the related

notes (collectively referred to as the “financial statements”).

In our opinion, the financial statements present fairly, in

all material respects, the financial position of the Fund as of December 31, 2023, and the results of its operations and its cash flows

for the year then ended, in conformity with accounting principles generally accepted in the United States of America.

These financial

statements are the responsibility of the Fund’s management.

Our responsibility is to express an opinion on the Fund’s financial

statements based on our audit.

We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States)

(“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S.

federal securities laws

and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

our audit in accordance with the standards of the PCAOB.

Those standards require that we plan and perform the audit to obtain reasonable

assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

The Fund is not required

to have, nor were we engaged to perform, an audit of its internal control over financial reporting.

As part of our audit we are required

to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness

of the Fund’s internal control over financial reporting.

Accordingly, we express no such opinion.

included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud,

and performing procedures that respond to those risks.

Such procedures included examining, on a test basis, evidence regarding the amounts

and disclosures in the financial statements.

Our audit also included evaluating the accounting principles used and significant estimates

made by management, as well as evaluating the overall presentation of the financial statements.

We believe that our audit provides a

reasonable basis for our opinion.

GRANT THORNTON LLP

served as the auditor of the Fund from 2022 – 2024.

COMMODITIES TRUST I

6 unchanged sentences

Equity in trading accounts:

Cryptocurrency futures contracts

Due from broker

1 unchanged sentence

Management fee payable to Sponsor

Equity in trading accounts:

Cryptocurrency futures contracts

Total liabilities

3 unchanged sentences

Market value per share

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

of the Teucrium Commodity Trust until January 3, 2024.

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

Cost basis (December 31, 2024)

The accompanying notes are an integral part of these financial

COMMODIDTIES TRUST I

(1) Cost basis

(2) Cost basis

(1) Cost basis $ 9,706,036 $ 11,099,080

(2) Cost basis $ 52,133 $ 29,680

accompanying notes are an integral part of these financial statements.

COMMODITIES TRUST I

SCHEDULE OF INVESTMENTS

6 unchanged sentences

Total Cash Equivalents (cost $ 52,133 )

TIDAL COMMODITIES TRUST I

TEUCRIUM COMMODITIES TRUST)

COMMODITIES TRUST I

COMBINED SCHEDULE OF INVESTMENTS

1 unchanged sentence

Percentage of

Cryptocurrency

Total Cryptocurrency (cost $ 11,099,080 )

Cash equivalents

Money market funds

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

First American Government Obligations Fund - Class X

Total Cash Equivalents (cost $ 29,680 )

Percentage of

Notional Amount

(Long Exposure)

Cryptocurrency futures contracts

United States CME Bitcoin Futures contracts

CME Bitcoin Futures JAN 24 ( 6 contracts) *

Total cryptocurrency futures contracts *

Cryptocurrency futures contracts

United States CME Bitcoin Futures contracts

CME Bitcoin Futures FEB 24 ( 6 contracts) *

Total cryptocurrency futures contracts *

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

Teucrium Commodity Trust until January 3, 2024.

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

The accompanying

notes are an integral part of these financial statements.

COMMODITIES TRUST I

accompanying notes are an integral part of these financial statements.

TIDAL COMMODITIES TRUST

STATEMENTS OF OPERATIONS

1 unchanged sentence

December 31, 2024

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

Realized gain (loss) on cryptocurrency futures contracts

Realized gain (loss) on investments

Net change in unrealized appreciation (depreciation) on investments

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

Investment Income

Broker interest income

Interest income

Total income (loss)

Total investment income

Management fees

Professional fees

Distribution and marketing fees

Custodian fees and expenses

Business permits and license fees

General and administrative expenses

Broker expenses

Total expenses

Expenses waived by the Sponsor

Total expenses, net

Net income (loss)

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

Teucrium Commodity Trust until January 3, 2024.

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

The accompanying notes are an integral part of

these financial statements.

COMMODITIES TRUST I

Net Investment Income (loss)

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

( 1,507,715 )

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

Net realized and unrealized gain (loss)

Net Increase (Decrease) in Net Assets Resulting from Operations

$ ( 474,450 )

accompanying notes are an integral part of these financial statements.

TIDAL COMMODITIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS

2 unchanged sentences

Net income (loss)

$ ( 474,450 )

Capital transactions

2 unchanged sentences

( 4,611,472 )

( 18,085,070 )

Total capital transactions

( 2,467,158 )

Net change in net assets

( 2,941,608 )

Net assets, beginning of period

4 unchanged sentences

Redemption of Shares

* Reflects the changes in net assets of the Hashdex Bitcoin Futures ETF, which was a series

of the Teucrium Commodity Trust until January 3, 2024.

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

The accompanying notes are an integral part of these financial

accompanying notes are an integral part of these financial statements.

COMMODITIES TRUST I

COMBINED STATEMENTS

OF CASH FLOWS

STATEMENTS OF CASH FLOWS

December 31, 2025

2 unchanged sentences

Net income (loss)

$ ( 474,450 )

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

Net change in unrealized appreciation (depreciation) on investments

( 3,613,946 )

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

Net change in unrealized appreciation of investments

Net realized (gain) loss on sale of investments

( 1,083,215 )

Net realized losses on sale of investments

Changes in operating assets and liabilities:

1 unchanged sentence

( 2,256,022 )

( 13,520,786 )

Proceeds from sale of investments

8 unchanged sentences

( 4,611,472 )

( 18,085,070 )

Net cash provided by (used in) financing activities

( 2,467,158 )

Net change in cash and cash equivalents

2 unchanged sentences

Cash and cash equivalents, end of period

* Reflects the cash flows of the Hashdex Bitcoin Futures ETF, which was a series of the

Teucrium Commodity Trust until January 3, 2024.

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

The accompanying notes are an integral part of these financial

HASHDEX BITCOIN FUTURES ETF)

accompanying notes are an integral part of these financial statements.

HASHDEX BITCOIN ETF

OF ASSETS AND LIABILITIES

5 unchanged sentences

Equity in trading accounts:

Cryptocurrency futures contracts

Due from broker

1 unchanged sentence

Management fee payable to Sponsor

Equity in trading accounts:

Cryptocurrency futures contracts

Total liabilities

3 unchanged sentences

Market value per share

Cost basis (December 31, 2024)

The accompanying notes are an integral part of these financial

HASHDEX BITCOIN ETF

(3) Cost basis

(4) Cost basis

(1) Cost basis $ 9,706,036 $ 11,099,080

(2) Cost basis $ 52,133 $ 29,680

accompanying notes are an integral part of these financial statements.

SCHEDULE OF INVESTMENTS

7 unchanged sentences

Total Cash Equivalents (cost $ 52,133 )

HASHDEX BITCOIN ETF

(FORMERLY HASHDEX

BITCOIN FUTURES ETF)

SCHEDULE OF INVESTMENTS

1 unchanged sentence

Percentage of

Cryptocurrency

Total Cryptocurrency (cost $ 11,099,080 )

Cash equivalents

Money market funds

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

First American Government Obligations Fund – Class X

Total Cash Equivalents (cost $ 29,680 )

Percentage of

Notional Amount

(Long Exposure)

Cryptocurrency futures contracts

United States CME Bitcoin Futures contracts

CME Bitcoin Futures JAN 24 ( 6 contracts)

Total cryptocurrency futures contracts

Cryptocurrency futures contracts

United States CME Bitcoin Futures contracts

CME Bitcoin Futures FEB 24 ( 6 contracts)

Total cryptocurrency futures contracts

accompanying notes are an integral part of these financial statements.

HASHDEX BITCOIN FUTURES ETF)

OF OPERATIONS

HASHDEX BITCOIN ETF

STATEMENTS OF OPERATIONS

December 31, 2025

December 31, 2024

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

Realized gain (loss) on cryptocurrency futures contracts

Realized gain (loss) on investments

Net change in unrealized appreciation (depreciation) on investments

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

Investment Income

Broker interest income

Interest income

Total income (loss)

Total investment income

Management fees

Professional fees

Distribution and marketing fees

Custodian fees and expenses

Business permits and license fees

General and administrative expenses

Broker expenses

Total expenses

Expenses waived by the Sponsor

Total expenses, net

Net income (loss)

Net Investment Income

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

( 1,507,715 )

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

Net realized and unrealized gain (loss)

Net Increase (Decrease) in Net Assets Resulting from Operations

$ ( 474,450 )

accompanying notes are an integral part of these financial statements.

HASHDEX BITCOIN FUTURES ETF)

OF CHANGES IN NET ASSETS

HASHDEX BITCOIN ETF

STATEMENTS OF CHANGES IN NET ASSETS

December 31, 2025

1 unchanged sentence

Net income (loss)

$ ( 474,450 )

Capital transactions

2 unchanged sentences

( 4,611,472 )

( 18,085,070 )

Total capital transactions

( 2,467,158 )

Net change in net assets

( 2,941,608 )

Net assets, beginning of period

5 unchanged sentences

accompanying notes are an integral part of these financial statements

HASHDEX BITCOIN FUTURES ETF)

HASHDEX BITCOIN ETF

STATEMENTS OF CASH FLOWS

3 unchanged sentences

Net income (loss)

$ ( 474,450 )

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

Net change in unrealized appreciation (depreciation) on investments

( 3,613,946 )

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

Net change in unrealized appreciation of investments

Net realized (gain) loss on sale of investments

( 1,083,215 )

Net realized losses on sale of investments

Changes in operating assets and liabilities:

1 unchanged sentence

( 2,256,022 )

( 13,520,786 )

Proceeds from sale of investments

8 unchanged sentences

( 4,611,472 )

( 18,085,070 )

Net cash provided by (used in) financing activities

( 2,467,158 )

Net change in cash and cash equivalents

2 unchanged sentences

Cash and cash equivalents, end of period

The accompanying notes are an integral part

of these financial statements.

accompanying notes are an integral part of these financial statements.

TO FINANCIAL STATEMENTS

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.

The combined financial statements

for the years ending December 31, 2024 and 2023 represent the assets and liabilities, schedule of investments, statement of operations,

changes in net assets and cash flows for the Hashdex Bitcoin ETF (formerly the Hashdex Bitcoin Futures ETF).

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.

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.

1 - Organization

footnotes represent the footnotes to the Financial Statements of Hashdex Bitcoin ETF (f/k/a Hashdex Bitcoin Futures ETF) (the “Fund”)

and the Combined Financial Statements of Hashdex Commodities Trust (f/k/a Tidal Commodities Trust I, prior to January 16, 2026) (the

The Combined Financial Statements for the years ending December 31, 2025 and 2024 represent the assets and liabilities,

schedule of investments, statement of operations, changes in net assets and cash flows for the Fund.

Fund is a series of the Trust, a Delaware statutory trust organized on February 10, 2023.

The Fund operates pursuant to the Second Amended

and Restated Declaration of Trust and Trust Agreement (the “Trust Agreement”), dated January 15, 2026.

The Fund is currently

the Trust’s only publicly offered series.

The Fund is an exchange-traded fund that issues units of beneficial interest (the “Shares”)

representing fractional undivided beneficial interests in its net assets that trade on NYSE Arca, Inc.

(the “Exchange”).

The Shares are listed for trading on the Exchange under the ticker symbol “DEFI”.

Trust is registered with the U.S.

Securities and Exchange Commission (“SEC”) under the Securities Act of 1933, as

amended (together with the rules and regulations adopted thereunder, as amended, the “1933 Act”), as an exchange-

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

on March 14, 2012.

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

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

The Fund intends to be

treated as a partnership for U.S.

federal income tax purposes.

Trust and Fund qualify as an investment company solely for accounting purposes and not for any other purpose and follow the

accounting and reporting guidance under the Financial Accounting Stands Board Accounting Standards Codification Topic 946, Financial

Services - Investment Companies, but are not registered, and are not required to be registered, as an investment company under the

Investment Company Act of 1940, as mended.

Securities and Exchange Commission (the “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 (“ETF”).

The Fund is managed and controlled by Hashdex Asset Management Ltd.

(the “Sponsor”), 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.

January 16, 2026 the Fund’s sponsor was Tidal Investments LLC (f/k/a Toroso Investments, LLC) (“Tidal”).

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

The Fund is the successor and surviving entity

from the merger (the “Merger”) of the Hashdex Bitcoin Futures ETF (the “Predecessor Fund”) into the Fund.

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

Trading, LLC (“Prior Sponsor”).

The Merger closed on January 3, 2024.

In connection with the Merger, the Predecessor

Fund shareholders received one Share for each share of the Predecessor Fund they owned prior to the Merger.

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.

closed on January 3, 2024.

In connection with the Merger, the Predecessor Fund shareholders received one Share for each share of the

Predecessor Fund they owned prior to the Merger.

March 26, 2024, the Sponsor announced the renaming of the Fund from the Hashdex Bitcoin Futures ETF to the Hashdex Bitcoin ETF.

The renaming of the Fund corresponds to its completion of the conversion of its investment strategy to allow the Fund to provide

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

The Fund’s investment objective

is for changes in the shares’ (“Shares”) net asset value (“NAV”) to reflect the daily changes of

the price of the Nasdaq Bitcoin Reference Price - Settlement (NQBTCS) (the “Benchmark”), less expenses from the Fund’s

The Benchmark is designed to track the price performance of bitcoin.

The Fund invests in bitcoin, bitcoin futures

contracts (“Bitcoin Futures Contracts”) listed on the Chicago Mercantile Exchange Inc.

(“CME”), and cash

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 (the “NAV”) to reflect the daily changes of the price of the Nasdaq Bitcoin Reference Price - Settlement

(“NQBTCS” or the “Benchmark”), less expenses from the Fund’s operations.

The Benchmark is designed to track

the price performance of bitcoin.

During the years ending December 31, 2025 and 2024, the Fund used to invest in bitcoin, bitcoin futures

contracts (the “Bitcoin Futures Contracts”) listed on the Chicago Mercantile Exchange Inc.

(the “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

Under normal market conditions, the Fund had a policy to maximize its holdings of physical bitcoin such that it

was expected that at least 95 % of the Fund’s assets would be invested in spot bitcoin and up to 5 % of the Fund’s assets would

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.

discussed below in Note 9 – Subsequent Events, effective after the close of trading on January 15, 2026, Tidal withdrew as sponsor

of the Trust and simultaneously appointed Hashdex Asset Management Ltd.

as the sponsor of the Trust (the “Sponsor Replacement”).

In connection with the change of the Trust’s Sponsor, certain changes were made to the Fund’s principal investment strategies

and techniques.

Prior to the Sponsor Replacement, the Fund sought to achieve its investment objective by primarily investing in bitcoin.

The Fund used bitcoin futures contracts for the primary purpose of acquiring physical bitcoin through CME’s Exchange for Physical

Transactions (“EFP”) and to offset cash and receivables for better tracking the Benchmark.

Upon the commencement of Hashdex

Asset Management Ltd.’s service as the Trust’s sponsor, the Fund no longer holds Bitcoin Futures Contracts.

The Fund attempts

to achieve its investment objective by primarily investing in bitcoin.

The Fund’s assets consists of bitcoin and cash.

will not hold any assets other than bitcoin and cash.

Unless otherwise indicated, the discussion in these Notes of the Financial Statements

is as of December 31, 2025, which is the end of the reporting period.

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 (“Shares”) of beneficial interest, with a $ 0 .00 par value.

of the Fund have equal rights and privileges.

Fund continuously offers and redeems Shares in blocks of at least 10,000 Shares (each such block, a “Creation Unit”)

at an initial price per Share of $ 25 .

Only Authorized Participants may purchase and redeem Shares from the Fund and then only

in Creation Units.

An Authorized Participant is an entity that has entered into an Authorized Participant Agreement with the Trust

and the Sponsor.

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

Authorized Participants

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

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.

may issue an Unlimited number of Shares of beneficial interest, with a $ 0 .00 par value.

All Shares of the Fund have equal rights and

2 – Significant Accounting Policies

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.

accounting policies of the Fund are as follows:

financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S.

GAAP” or “GAAP”).

preparation of financial statements in conformity with U.S.

GAAP requires management to make estimates and assumptions that affect

the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial

statements, and the reported amounts of the revenue and expenses during the reporting period.

Actual results could differ from

those estimates.

Indemnifications

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.

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 indemnifications.

The Fund’s maximum exposure under these arrangements cannot be known;

however, the Fund expects any risk

of loss to be remote.

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

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 the Sponsor from their independent legal counsel and a CFTC determination that treats bitcoin as a

commodity under the Commodity Exchange Act, the Fund intends to take the position that bitcoin and Bitcoin Futures Contracts

consist of futures on commodities for purposes of the qualifying income exception under section 7704 of the Code.

Accordingly, the Fund expects that at least 90% of the Fund’s gross income for each taxable year will consist of

qualifying income and that the Fund will be taxed as a partnership for U.S.

federal income tax treatment

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

Based on an opinion received by the Sponsor

from their independent legal counsel and a Commodity Futures Trading Commission (“CFTC”) determination that treats bitcoin

as a commodity under the Commodity Exchange Act, the Fund intends to take the position that bitcoin and Bitcoin Futures Contracts consist

of futures on commodities for purposes of the qualifying income exception under section 7704 of the Code.

Accordingly, the Fund expects

that at least 90% of the Fund’s gross income for each taxable year will consist of qualifying income and that the Fund will be

taxed as a partnership for U.S.

federal income tax purposes.

Therefore, the Fund

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

on their income tax returns.

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.

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.

will file income tax returns in the U.S.

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

and foreign jurisdictions.

states and foreign jurisdictions.

Fund may be subject to potential examination by U.S.

federal, U.S.

state, or foreign jurisdictional authorities in the area of

income taxes.

These potential examinations may include among other things questioning the tax classification of the Fund, the

timing and amount of deductions, the nexus of income among various tax jurisdictions, and compliance with U.S.

state, or foreign jurisdictional authorities in the area of income

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.

Reclassifications

Certain prior period amounts have been reclassified on the accompanying

financial statements to conform to the current period presentation.

state and foreign tax laws.

of Net Asset Value

5 unchanged sentences

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

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

sub-administrator, will calculate the NAV of the Fund once each trading day.

It will calculate the NAV as of the earlier of the

close of the New York Stock Exchange or 4:00 p.m.

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

administrator, will calculate the NAV of the Fund once each trading day.

It will calculate the NAV as of the earlier of the close of

the New York Stock Exchange or 4:00 p.m.

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

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

as reported on the CME.

CME Group staff determines the daily settlements for the Bitcoin Futures Contracts based on trading activity

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

When a Bitcoin Futures Contract

has closed at its daily price fluctuation limit, that limit price will be the daily settlement price that the CME publishes.

Fund will use the published settlement price to price its Shares on that day.

If the CME halted trading in Bitcoin Futures Contracts

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

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

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

reported on the CME.

CME Group staff determines the daily settlements for the Bitcoin Futures Contracts based on trading activity on

CME Globex exchange between 14:59:00 and 15:00:00 Central Time, the settlement period.

When a Bitcoin Futures Contract has closed at

its daily price fluctuation limit, that limit price will be the daily settlement price that the CME publishes.

The Fund will use the

published settlement price to price its Shares on that day.

If the CME halted trading in Bitcoin Futures Contracts for other reasons,

including if trading were halted for an entire trading day or several trading days, the Fund would value its Bitcoin Futures Contracts

by using the settlement price that the CME publishes.

Such valuation is generally deemed a Level 1 valuation.

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 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 - 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.

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.

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.

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

or indirectly.

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

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.

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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.

the degree of judgment exercised by the Fund in determining fair value is greatest for financial instruments categorized in Level

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy.

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.

To the extent that valuation is based on models or inputs

that are less observable or unobservable in the market, the determination of fair value requires more judgment.

Those estimated values

do not necessarily represent the amounts that may be ultimately realized due to the occurrence of future circumstances that cannot be

reasonably determined.

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

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

Accordingly, the degree of judgment exercised

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

In certain cases, the inputs used

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

In such cases, for disclosure purposes, the level in

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

that is significant to the fair value measurement.

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

TIDAL COMMODITIES TRUST I

Balance as of December,

COMMODITIES TRUST I

Balance as of

December 31, 2025

Cryptocurrency

1 unchanged sentence

Balance as of

Cash Equivalents

Bitcoin futures contracts

* Reflects financial data for

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

Please see Note 5, below, for

more information.

HASHDEX BITCOIN ETF (FORMERLY HASHDEX BITCOIN FUTURES ETF)

Balance as of December,

December 31, 2024

Cryptocurrency

Money market funds

As of December 31, 2025, the Trust's bitcoin

holdings were transferred from Level 2 to Level 1 within the fair value hierarchy.

This change reflects the use of a quoted price in

an active market for identical assets (Level 1 input), as opposed to the Futures-Based Spot Price (FBSP) methodology applied

throughout the year, which relied on observable inputs other than quoted prices in active markets for identical assets.

ended December 31, 2024, the Trust did not have any significant transfers between any of the levels of the fair value hierarchy.

December 31, 2025, the FBSP pricing file was not available, and the Administrator used a quoted market price from Bloomberg as an

alternative source.

Balance as of

Cash Equivalents

Bitcoin futures contracts

* Reflects financial data for

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

Please see Note 5, below, for

more information.

the years ended December 31, 2024, and December 31, 2023, the Fund did not have any significant transfers between any of the levels

of the fair value hierarchy.

December 31, 2025

Cryptocurrency

Money market funds

Balance as of

December 31, 2024

Cryptocurrency

Money market funds

of December 31, 2025, the Fund's bitcoin holdings were transferred from Level 2 to Level 1 within the fair value hierarchy.

change reflects the use of a quoted price in an active market for identical assets (Level 1 input), as opposed to the Futures-Based

Spot Price (FBSP) methodology applied throughout the year, which relied on observable inputs other than quoted prices in active

markets for identical assets.

For the year ended December 31, 2024, the Fund did not have any significant transfers between any of

the levels of the fair value hierarchy.

On December 31, 2025, the FBSP pricing file was not available, and the

Administrator used a quoted market price from Bloomberg as an alternative source.

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

( 1,507,715 )

Net realized gain on investments in bitcoin

Ending balance as of December 31, 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

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

The Fund’s derivative

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

interest rate, credit, commodity

price, and equity price risks.

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

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

Fund is subject to cryptocurrency price risk in the normal course of pursuing its investment objectives.

1 unchanged sentence

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.

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

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

These recognized assets and liabilities are presented as defined in the FASB Accounting Standards Update (the “ASU”)

2011-11 “Balance Sheet (Topic 210):

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

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.”

following table identifies the fair value amounts of derivative instruments included in the statements of assets and liabilities

as derivative contracts, categorized by primary underlying risk, and held by StoneX.

of December 31, 2024, there were no derivative instruments included in the statements of assets and liabilities.

TIDAL COMMODITIES TRUST I

following table identifies the fair value amounts of derivative instruments included in the statements of assets and liabilities as derivative

contracts, categorized by primary underlying risk, and held by StoneX.

COMMODITIES TRUST I

of Financial Assets and Derivative Assets as of December 31, 2025

Gross Amount Not Offset in the

Amount Not Offset in the

Statement of Assets and Liabilities

1 unchanged sentence

Gross Amount Offset in the Statement of Assets and Liabilities

(iii) = (i-ii)

Net Amount Presented in the Statement of Assets and Liabilities

Contracts Available for Offset

Futures Contracts

Available for Offset

Due to Broker

2 unchanged sentences

of Financial Liabilities and Derivative Assets as of December 31, 2024 *

Gross Amount Not Offset in the

Amount Not Offset in the

Statement of Assets and Liabilities

1 unchanged sentence

Gross Amount Offset in the Statement of Assets and Liabilities

(iii) = (i-ii)

Net Amount Presented in the Statement of Assets and Liabilities

Contracts Available for Offset

Futures Contracts

Available for Offset

Due to Broker

1 unchanged sentence

Bitcoin futures contracts

* Reflects financial data for

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

Please see Note 5, below, for

more information.

HASHDEX BITCOIN ETF (FORMERLY HASHDEX BITCOIN FUTURES ETF)

Reflects financial data for the Hashdex Bitcoin Futures

ETF, which was a series of Teucrium Commodity Trust, through January 3, 2024.

Please see Note 6, below, for more information.

BITCOIN ETF (FORMERLY HASHDEX BITCOIN FUTURES ETF)

of Financial Assets and Derivative Assets as of December 31, 2025

Gross Amount Not Offset in the

Amount Not Offset in the

Statement of Assets and Liabilities

1 unchanged sentence

Gross Amount Offset in the Statement of Assets and Liabilities

(iii) = (i-ii)

Net Amount Presented in the Statement of Assets and Liabilities

Contracts Available for Offset

Futures Contracts

Available for Offset

Due to Broker

2 unchanged sentences

of Financial Liabilities and Derivative Assets as of December 31, 2024*

Gross Amount Not Offset in the

Amount Not Offset in the

Statement of Assets and Liabilities

1 unchanged sentence

Gross Amount Offset in the Statement of Assets and Liabilities

(iii) = (i-ii)

Net Amount Presented in the Statement of Assets and Liabilities

Contracts Available for Offset

Futures Contracts

Available for Offset

Due to Broker

1 unchanged sentence

Bitcoin futures contracts

* Reflects financial data for

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

Please see Note 5, below, for

more information.

following tables identify the net gain and loss amounts included in the statements of operations as realized and unrealized gains

and losses on trading of cryptocurrency futures contracts categorized by primary underlying risk:

TIDAL COMMODITIES TRUST I

Reflects financial data for the Hashdex Bitcoin Futures

ETF, which was a series of Teucrium Commodity Trust, through January 3, 2024.

Please see Note 6, below, for more information.

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 :

COMMODITIES TRUST I

ended December 31, 2025.

Realized Gain on Commodity Futures

Realized Gain (Loss) on Commodity Futures

Net Change in Unrealized Depreciation on Commodity Futures

3 unchanged sentences

Realized Gain on Commodity Futures

Net Change in Unrealized Appreciation on Commodity Futures

Net Change in Unrealized Depreciation on Commodity Futures

Cryptocurrency Price

Bitcoin futures contracts

* Reflects financial data for

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

Please see Note 5, below, for

more information.

HASHDEX BITCOIN ETF (FORMERLY HASHDEX BITCOIN FUTURES ETF)

Reflects financial data for the Hashdex Bitcoin Futures

ETF, which was a series of Teucrium Commodity Trust, through January 3, 2024.

Please see Note 6, below, for more information.

BITCOIN ETF (FORMERLY HASHDEX BITCOIN FUTURES ETF)

ended December 31, 2025.

Realized Gain on Commodity Futures

Realized Gain (Loss) on Commodity Futures

Net Change in Unrealized Depreciation on Commodity Futures

3 unchanged sentences

Realized Gain on Commodity Futures

Net Change in Unrealized Appreciation on Commodity Futures

Net Change in Unrealized Depreciation on Commodity Futures

Cryptocurrency Price

Bitcoin futures contracts

* Reflects financial data for

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

Please see Note 5, below, for

more information.

Volume of Derivative

The average notional market value categorized by primary

underlying risk for the futures contracts held was $ 3.5 million for the year ended December 31, 2024 and $ 2 .0 million for the year ended

December 31, 2023 for the Trust and the Hashdex Bitcoin ETF (Formerly the Hashdex Bitcoin Futures ETF).

Reflects financial data

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

Please see Note 6,

below, for more information.

of Derivative Activities

average notional market value categorized by primary underlying risk for the futures contracts held was zero for the year ended December

31, 2025 and $ 3.5 million for the year ended December 31, 2024 for the Trust and the Fund.

of Presentation

preparation of these financial statements in conformity with U.S.

generally accepted accounting principles requires management

to make estimates and assumptions that affect the reported amount of net assets and liabilities and disclosure of contingent assets

and liabilities at the balance sheet date.

Actual results could differ from those estimates.

GAAP 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.

results could differ from those estimates.

Organizational

1 unchanged sentence

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.

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

All such transactions are recorded on the identified cost basis and marked to market

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.

Sponsor recognizes the expense for brokerage commissions for futures contract trades on a per-trade basis.

The below table shows

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

TIDAL COMMODITIES TRUST I

The below table shows the

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

COMMODITIES TRUST I

Year Ended December 31, 2025

Year Ended December 31, 2024*

* Reflects financial data for

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

Please see Note 5, below, for

more information.

HASHDEX BITCOIN ETF (FORMERLY HASHDEX BITCOIN FUTURES ETF)

Reflects financial data

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

Please see Note 6,

below, for more information.

BITCOIN ETF (FORMERLY HASHDEX BITCOIN FUTURES ETF)

Year Ended December 31, 2025

Year Ended December 31, 2024*

* Reflects financial data for

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

Please see Note 5, below, for

more information.

Reflects financial data

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

Please see Note 6,

below, for more information.

from/to Broker

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

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.

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 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.

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.

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.

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.

When the market value of

a particular open futures contract changes to a point where the margin on deposit does not satisfy maintenance margin requirements, a

margin call is made by the broker.

If the margin call is not met within a reasonable time, the broker may close out the trader’s

With respect to the Fund’s trading, the Fund (and not its shareholders personally) is subject to margin calls.

Finally, many major U.S.

exchanges have passed certain cross margining arrangements involving procedures pursuant to which the

futures and options positions held in an account would, in the case of some accounts, be aggregated and margin requirements would

be assessed on a portfolio basis, measuring the total risk of the combined positions.

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.

are recorded using the accrual method of accounting.

Net Income (Loss) per Share

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.

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

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.

3 - Sponsor Fee Allocation of Expenses and Related Party Transactions

Fund pays the Sponsor a Management Fee, monthly in arrears, in an amount equal to 0.25 % per annum of the daily NAV of the Fund.

Prior to March 27, 2024, the Management Fee was 0.94 % per annum of the daily NAV of the Fund.

The Management Fee is paid in consideration

of the Sponsor’s services related to the management of the Fund’s business and affairs, including the provision of

commodity futures trading advisory services.

Purchases of creation units with cash may cause the Fund to incur certain costs including

brokerage commissions and redemptions of creation units with cash may result in the recognition of gains or losses that the Fund

might not have incurred if it had made redemptions in-kind.

The Fund pays all of its respective brokerage commissions, including

applicable exchange fees, National Futures Association fees and give-up fees, and other transaction related fees and expenses

charged in connection with trading activities for the Fund’s investments in CFTC regulated investments.

The Fund bears other

transaction costs related to the FCM’s capital requirements on a monthly basis.

The Sponsor pays all of the routine operational,

administrative and other ordinary expenses of the Fund, generally as determined by the Sponsor, including but not limited to,

fees and expenses of the Administrator, Sub-Administrator, Custodian, Distributor, Transfer Agent, licensors, accounting and audit

fees and expenses, tax preparation expenses, legal fees, ongoing SEC registration fees, individual Schedule K-1 preparation and

mailing fees, and report preparation and mailing expenses.

The Fund pays all of its non-recurring and unusual fees and expenses,

if any, as determined by the Sponsor.

Non-recurring and unusual fees and expenses are unexpected or unusual in nature, such as

legal claims and liabilities and litigation costs or indemnification or other unanticipated expenses.

Extraordinary fees and expenses

also include material expenses which are not currently anticipated obligations of the Fund.

Routine operational, administrative

and other ordinary expenses are not deemed extraordinary expenses.

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:

COMMODITIES TRUST I

Year Ended December 31, 2024

Year Ended December 31, 2023*

* Reflects financial data for

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

Please see Note 5, below, for

more information.

HASHDEX BITCOIN ETF (FORMERLY HASHDEX BITCOIN FUTURES ETF)

Year Ended December 31, 2024

Year Ended December 31, 2023*

* Reflects financial data for

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

Please see Note 5, below, for

more information.

the year ending December 31, 2024, the Sponsor did not waive expenses.

For the year ending December 31, 2023, the Prior Sponsor

waived the above expenses.

March 27, 2024 until February 10, 2025, the Management Fee was 0.90 % per annum of the daily NAV of the Fund.

Prior to March 27, 2024,

the Management Fee was 0.94 % per annum of the daily NAV of the Fund.

The Management Fee is paid by the Fund to the Sponsor as compensation

for services performed under the Trust Agreement.

In addition to the Management Fee, the Fund pays all of its respective brokerage commissions,

including financing fees, bitcoin network fees and similar transaction fees and expenses charged in connection with trading activities.

The Trust also pays all fees and commissions related to the sale and purchase of spot bitcoin, including any bitcoin transaction fees

for on-chain transfers of bitcoin.

The Sponsor pays all other 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 Fund’s administrator, custodians,

marketing agent, transfer agent, licensors, accounting and audit fees and expenses, tax preparation expenses, legal fees, ongoing SEC

registration fees, individual Schedule K-1 preparation and mailing fees, and report preparation and mailing expenses.

The Fund pays all

of its non-recurring and unusual fees and expenses, if any, as determined by the Sponsor.

Non-recurring and unusual fees and expenses

are unexpected or unusual in nature, such as legal claims and liabilities and litigation costs or indemnification or other unanticipated

Extraordinary fees and expenses also include material expenses which are not currently anticipated obligations of the Fund.

Routine operational, administrative and other ordinary expenses are not deemed extraordinary expenses.

In the event the Trust's cash

balance is insufficient to pay all fees and expenses, including the Management Fee, the Trust may need to sell crypto assets from time

to time to pay for its fees and expenses, and up to $ 250,000 per annum in ordinary legal fees and expenses.

The Sponsor may determine

in its sole discretion to assume legal fees and expenses of the Trust in excess of $ 250,000 per annum.

The Sponsor may determine in its

sole discretion to assume any non-recurring and unusual fees and expenses of the Trust, if applicable.

To the extent that the Sponsor

does not voluntarily assume such fees and expenses, they will be the responsibility of the Trust.

Administrator

Fund employs Tidal ETF Services LLC as the Fund’s administrator (the “Administrator”).

In turn, the Administrator

has engaged U.S.

the reporting periods covered by these Financial Statements, the Fund employed Tidal ETF Services LLC as the Fund’s administrator

(the “Administrator”).

In turn, the Administrator engaged U.S.

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

Bank Global Fund Services (“Global Fund Services”)

to act as sub-administrator.

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.

The Administrator also assisted the Fund and the Sponsor with certain functions and duties relating to marketing, which included the

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.

its capacity as the Fund’s cash custodian (the “Cash 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.

of the Fund also include bitcoin.

Such investments are held by BitGo Trust Company, Inc.

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

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

for the Fund during the reporting periods covered by these Financial Statements, performing certain sub-administrative and accounting

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

Fund’s bitcoin investments are held by BitGo Trust Company, Inc.

(the “Bitcoin Custodian”) on behalf of the Fund.

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

The Bitcoin Custodian is responsible for safekeeping passwords, keys or phrases that allow transfers of digital assets (the

“Security Factors”) safe, secure and confidential.

100 % of the private keys will be held in cold storage.

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.

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

Marketing Agent for the Fund.

The Marketing Agent Agreement among the Marketing Agent and the Trust calls for the Marketing Agent

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

and the review and approval of all Fund sales literature and advertising material.

The Marketing Agent’s principal business

address is Three Canal Plaza, Suite 100, Portland, Maine 04101.

The Marketing Agent is a broker-dealer registered with the SEC

and a member of FINRA.

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.

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.

bitcoin will be held in segregated wallets and will not be commingled with the assets of other customers.

The Bitcoin Custodian has insurance

policies that covers, at least partially, risks such as the loss of client assets held in cold storage, including from employee collusion

or fraud, physical loss including theft, damage of key material, security breach or hack, and fraudulent transfer.

the reporting periods covered by these Financial Statements, the Fund employed Foreside Fund Services, LLC, a wholly-owned subsidiary

of Foreside Financial Group, LLC (d/b/a ACA Group) as the marketing agent (the “Marketing Agent”) for the Fund.

The Marketing

Agent Agreement by and between the Marketing Agent and the Trust called for the Marketing Agent to work with the Custodian in connection

with the receipt and processing of orders for the creation and redemption of baskets of 10,000 Shares (“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 the

Financial Industry Regulatory Authority.

the reporting periods covered by these Financial Statements, the Administrator also assisted 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

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.

(“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.

Asset Adviser during the reporting periods covered by these Financial Statements, Hashdex was 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 had no role in maintaining, calculating or publishing the Benchmark.

Hashdex also had no responsibility for the investment or

management of the Fund’s portfolio or for the overall performance or operation of the Fund.

Please see Note 9, below, for more

information about Hashdex’s role with respect to the Fund.

4 - Transactions with Affiliates

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

The Administrator is a wholly owned subsidiary of

4 – Financial Highlights

following tables present per unit performance data and other supplemental financial data for the years ended December 31, 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.

COMMODITIES TRUST I

The Administrator is a wholly owned subsidiary of Tidal.

5 - Financial Highlights

following tables present per unit performance data and other supplemental financial data for the years ended December 31, 2025 and 2024.

This information has been derived from information presented in the financial statements.

For the year ended

December 31, 2025

For the year ended

December 31, 2024

Per Share Operation Performance

Net asset value at beginning of period

Net asset value per share, beginning of period

Income (loss) from investment operations:

Net Investment income (1)

Net realized and unrealized gain

Total Expenses

Total increase from investment operations

Net asset value at end of period

Ratios to Average Net Assets (Annualized)

Total expenses

Total expenses, net

Net investment income

* Reflects financial

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

Please see Note 5, below,

for more information.

(FORMERLY HASHDEX BITCOIN FUTURES ETF)

December 31, 2024

December 31, 2023 *

Per Share Operation Performance

Net asset value at beginning of period

Income (loss) from investment operations:

Net investment income (loss)

Net realized and unrealized gain (loss)

Total Expenses

Total increase (decrease) from investment operations

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

Net increase (decrease) in net asset value

Net asset value at end of period

Ratios to Average Net Assets (Annualized)

Total return (2)

Ratios to average net assets:

Total expenses

Total expenses, net

Net investment income (loss)

* Reflects financial data for the

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

Please see Note 5, below, for more

Net investment loss

(1) Based on average

shares outstanding during the year

(2) Not Annualized

6 - Merger with Hashdex Bitcoin Futures ETF

reported by the Tidal Commodities Trust I on a Form 8-K filed with the SEC on January 3, 2024 (File No.

001- 41900), the Trust

completed the successful acquisition by merger (the “Merger”) of the Hashdex Bitcoin Futures ETF, a series of the

Teucrium Commodity Trust (the “Predecessor Fund”).

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

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

per share of the Fund determined immediately prior to the Merger closing.

The share price used for the delivery of shares of the

Predecessor Fund was the net asset value per share of the Predecessor Fund determined after the close of business of NYSE Arca

on January 2, 2024.

Consequently, the Merger resulted in a one- for-one exchange of shares between the Predecessor Fund and the

Further, the Fund acquired in the Merger all the assets of the Predecessor Fund and assumed all the liabilities of the Predecessor

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

sponsor of the Predecessor Fund, Teucrium Trading, LLC (“Prior Sponsor”), is not receiving any compensation dependent

on the consummation of the Merger.

Pursuant to a certain Amended and Restated ‘33 Act Fund Platform Support Agreement, as

amended (the “Support Agreement”) among Sponsor, Administrator, Digital Asset Adviser, and Prior Sponsor, the Sponsor

agreed to provide the Prior Sponsor after the Merger with a monthly amount equal to seven percent ( 7 %) of the Management Fee paid

to the Sponsor from the Fund;

provided, however, that such fee will never be less than 0.04 % of monthly average net assets of

the Fund (“Teucrium Compensation”).

Any payment of the Teucrium Compensation will be made from the resources of the

Sponsor and not from the assets of the Fund.

001-41900), the Trust completed

the Merger of the Fund with the Predecessor Fund.

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

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

the Fund determined immediately prior to the Merger closing.

The share price used for the delivery of shares of the Predecessor Fund

was the net asset value per share of the Predecessor Fund determined after the close of business of NYSE Arca on January 2, 2024.

Consequently,

the Merger resulted in a one-for-one exchange of shares between the Predecessor Fund and the Fund.

Further, the Fund acquired in the

Merger all the assets of the Predecessor Fund and assumed all the liabilities of the Predecessor Fund.

Upon the Merger closing, all of

the Predecessor Fund’s shares were cancelled and the Predecessor Fund was liquidated.

sponsor of the Predecessor Fund, Teucrium, did not receive any compensation dependent on the consummation of the Merger.

a certain Amended and Restated ‘33 Act Fund Platform Support Agreement, as amended (the “Support Agreement”) among

Tidal, Administrator, Digital Asset Adviser, and Teucrium, Tidal agreed to provide Teucrium after the Merger with a monthly amount equal

to seven percent ( 7 %) of the Management Fee paid to Tidal from the Fund;

provided, however, that such fee was never be less than 0.04 %

of monthly average net assets of the Fund (the “Teucrium Compensation”).

Any payment of the Teucrium Compensation was made

from the resources of Tidal and not from the assets of the Fund.

January 3, 2024, the Fund issued 50,000 shares at net asset value of $ 2,708,819 for 50,000 shares the Predecessor Fund, representing

$ 2,708,819 of net assets.

The combined net assets and shares outstanding of the Fund immediately after the Merger were $ 2,708,819

and 50,000 , respectively, representing a net asset value per share of $ 54.18 .

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 .

7 - 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.

March 26, 2024, Tidal announced the renaming of the Fund from the Hashdex Bitcoin Futures ETF to the Hashdex Bitcoin ETF.

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 current benchmark index is the Nasdaq Bitcoin Reference Price - Settlement (NQBTCS), which better reflects the Fund’s

current strategy of direct bitcoin investment.

Under normal market conditions, the Fund’s has a policy to maximize its holdings

of physical bitcoin such that it is expected that at least 95 % of the Fund’s assets will be invested in spot bitcoin.

to 5 % of the Fund’s assets may be invested in CME-traded bitcoin futures contracts and in cash and cash equivalents.

Note 7 – Segment Reporting

In accordance with the FASB Accounting Standards Update (ASU) 2023-07,

Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures, the Fund has evaluated its business activities and determined

that it operates as a single reportable segment.

The Fund’s investment activities are managed by the Adviser, which serves

as the Chief Operating Decision Maker (“CODM”).

The Adviser is responsible for assessing the Fund’s financial performance

During the reporting periods covered by these Financial Statements, under normal market

conditions, the Fund’s had a policy to maximize its holdings of physical bitcoin such that it was expected that at least 95 % of

the Fund’s assets would be invested in spot bitcoin.

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

futures contracts and in cash and cash equivalents.

8 - Segment Reporting

accordance with the FASB 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 reporting periods covered by these Financial Statements, the Fund’s investment activities were managed by Tidal, which served

as the Chief Operating Decision Maker (the “CODM”).

Tidal was responsible for assessing the Fund’s financial performance

and allocating resources.

In making these assessments, the Adviser evaluates the Fund’s financial results on an aggregated basis,

rather than by separate segments.

As such, the Fund does not allocate operating expenses or assets to multiple segments, and accordingly,

no additional segment disclosures are required.

The Fund primarily generates income through dividends, interest, and

realized/unrealized gains on its investment portfolio.

Expenses incurred, including management fees, fund operating expenses, and transaction

costs, are considered general fund-level expenses and are not allocated to specific segments or business lines.

Management has determined that the Fund does not meet the criteria for

disaggregated segment reporting under ASU 2023-07 and will continue to evaluate its reporting requirements in accordance with applicable

accounting standards.

In making these assessments, Tidal evaluated 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.

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.

of Tidal has determined that the Fund does not meet the criteria for disaggregated segment reporting under ASU 2023-07 and the management

of the Sponsor will continue to evaluate its reporting requirements in accordance with applicable accounting standards.

Note 9 - Recently Issued Accounting Pronouncements

In December 2023, the FASB issued ASU No.

Income Taxes (Topic 740):

Improvements to Income Tax Disclosures , which enhances the transparency of income tax disclosures by

requiring disaggregated information about the effective tax rate reconciliation and income taxes paid.

The standard is effective for public

business entities for annual periods beginning after December 15, 2024.

The Fund is treated as a partnership for U.S.

income tax purposes and is not subject to entity-level federal income tax.

Management of Tidal has evaluated ASU 2023-09 and determined

that the adoption of this standard does not have a material impact on the Fund's financial statements or related disclosures.

10 - Subsequent Events

preparing these financial statements, Management has evaluated the financial statements for the year ended December 31, 2024 for

subsequent events through the date of this filing and noted no material events requiring either recognition through the date of

the filing or disclosure herein for the Fund other than as noted below.

February 10, 2025, the Management Fee for the Fund will be reduced from an annual rate of 0.90 % to an annual rate of 0.25 % of

the average daily net assets of the Fund, calculated daily and paid monthly.

addition, effective February 3, 2025, the Support Agreement was amended to reflect the voluntary withdrawal of the Prior Sponsor

from the Support Agreement.

Accordingly, the Prior Sponsor no longer has rights to any revenue generated by the Fund and has no

further financial or operational obligations related to Fund costs, expenses, or liabilities.

preparing these financial statements, management of the Sponsor has evaluated the financial statements for the year ended December 31,

2025 for subsequent events through the date of this filing and noted no material events requiring either recognition through the date

of the filing or disclosure herein for the Fund other than as noted below.

after the close of trading on January 15, 2026, the Sponsor Replacement occurred.

In connection with the change of the Trust’s

Sponsor, certain changes were made to the Fund’s principal investment strategies and techniques.

Prior to the Sponsor Replacement,

the Fund sought to achieve its investment objective by primarily investing in bitcoin.

The Fund used bitcoin futures contracts for the

primary purpose of acquiring and disposing of physical bitcoin through CME’s EFP Transactions and to offset cash and receivables

to better track the Benchmark.

the commencement of Hashdex’s service as the Trust’s sponsor, the Fund attempts to achieve its investment objective by primarily

investing in bitcoin directly, without the use of futures contracts.

The Fund’s assets will consist of bitcoin and cash.

may hold cash in connection with cash purchases and redemptions of Shares and it also will occasionally hold cash for short periods to

pay the Sponsor’s Management Fee (as defined below) and any other Fund expenses and liabilities not assumed by the Sponsor.

Fund will not hold any assets other than bitcoin and cash.

connection with the Sponsor Replacement, the marketing agent for the Trust and the Fund was replaced.

Effective January 16, 2026, the

Fund employs Paralel Distributors LLC as the Marketing Agent for the Fund.

The Marketing Agent Agreement among the Marketing Agent, the

Sponsor, and the Trust calls for the Marketing Agent to work with the Cash Custodian in connection with the receipt and processing of

orders for the creation and redemption of Baskets and the review and approval of all Fund sales literature and advertising material.

The Marketing Agent’s principal business address is 1700 Broadway, Suite 1850, Denver CO 80290.

The Marketing Agent is a broker-dealer registered

with the SEC and a member of FINRA.

in connection with the Sponsor Replacement, Tidal ETF Services LLC no longer serves as the Fund’s administrator;

rather Global

Fund Services serves as the Fund’s administrator.

In addition, the Amended and Restated ‘33 Act Fund Platform Support Agreement

between Tidal, Tidal ETF Services LLC and Hashdex was terminated and Tidal ETF Services LLC no longer serves as a Support Agent and Hashdex

no longer serves as a Digital Asset Adviser with respect to the Trust or the Fund.

addition, in connection with the Sponsor Replacement, the Administrator will value the bitcoin held by the Fund based on the closing

level of the Benchmark, the NQBTCS, not the FBSP, unless the prices are not available or the Administrator, in its sole discretion, determines

that the NQBTCS is unreliable.

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

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-K

Item 8. Financial Statements and Supplementary Data