Hashdex Commodities Trust 10-K

Item 8. Financial Statements and Supplementary Data INDEX TO FINANCIAL STATEMENTS Page Report of Independent Registered Public Accounting Firm 35 Tidal Commodities Trust I Combined Statements of Assets and Liabilities, Statements of Operations, Statements of Changes in Net Assets and Statements of Cash Flows 37 Hashdex Bitcoin ETF Statements of Assets and Liabilities, Statements of Operations, Statements of Changes in Net Assets and Statements of Cash Flows 42 Notes to Financial Statements 47 34 REPORT 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 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 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 These combined financial statements and financial statements are the responsibility of management of the Trust’s Sponsor. Our responsibility is to express an opinion on the Trust’s combined financial statements and the Fund’s financial statements based on our audits. 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 Trust and 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. We have served as the auditors of the Trust and the Fund since 2023. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the combined financial statements and financial statements are free of material misstatement, whether due to error or fraud. The Trust and the Fund are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, 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 Trust’s and Fund’s internal control over financial reporting. Accordingly, we express no such opinion. 35 Our audits included performing procedures to assess the risks of material misstatement of the combined financial statements and 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 combined financial statements and financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the combined financial statements and financial statements. 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 Philadelphia, Pennsylvania March 30, 2026 36 TIDAL COMMODITIES TRUST I COMBINED STATEMENTS OF ASSETS AND LIABILITIES December 31, 2025 December 31, 2024 Assets Investments (1) $ 11,812,267 $ 14,713,026 Cash and cash equivalents (2) 52,133 29,680 Interest receivable 165 85 Equity in trading accounts: Due from broker 35,778 108,214 Total equity in trading accounts 35,778 108,214 Total assets $ 11,900,343 $ 14,851,005 Liabilities Management fee payable to Sponsor 2,566 11,620 Total liabilities $ 2,566 $ 11,620 Net assets $ 11,897,777 $ 14,839,385 Shares issued and outstanding 120,000 140,000 ( no par value, Unlimited amount authorized) Net asset value per share $ 99.15 $ 106.00 Market value per share $ 98.92 $ 106.21 (1) Cost basis $ 9,706,036 $ 11,099,080 (2) Cost basis $ 52,133 $ 29,680 (1) Cost basis $ 9,706,036 $ 11,099,080 (2) Cost basis $ 52,133 $ 29,680 The accompanying notes are an integral part of these financial statements. 37 TIDAL COMMODITIES TRUST I COMBINED SCHEDULE OF INVESTMENTS December 31, 2025 Description: Assets Yield Fair Value Percentage of Net Assets Shares Cryptocurrency Bitcoin $ 11,812,267 99.28 % 134.87 Total Cryptocurrency (cost $ 9,706,036 ) $ 11,812,267 99.28 % Cash equivalents Money market funds First American Government Obligations Fund - Class X 3.67 % $ 52,133 0.44 % 52,133 Total Cash Equivalents (cost $ 52,133 ) $ 52,133 0.44 % TIDAL COMMODITIES TRUST I COMBINED SCHEDULE OF INVESTMENTS December 31, 2024 Description: Assets Yield Fair Value Percentage of Net Assets Shares Cryptocurrency Bitcoin $ 14,713,026 99.15 % 157.85 Total Cryptocurrency (cost $ 11,099,080 ) $ 14,713,026 99.15 % Cash equivalents Money market funds First American Government Obligations Fund - Class X 4.41 % $ 29,680 0.20 % 29,680 Total Cash Equivalents (cost $ 29,680 ) $ 29,680 0.20 % The accompanying notes are an integral part of these financial statements. 38 TIDAL COMMODITIES TRUST I COMBINED STATEMENTS OF OPERATIONS Year Ended December 31, 2025 Year Ended December 31, 2024 Investment Income Broker interest income 247 63,830 Interest income 1,545 120,525 Total investment income 1,792 184,355 Expenses Management fees 47,521 119,739 Broker expenses 48 15,842 Total expenses 47,569 135,581 Net Investment Income (loss) $ ( 45,777 ) $ 48,774 Realized and unrealized gain (loss) on trading of investments and cryptocurrency futures contracts: Realized gain (loss) on cryptocurrency futures contracts $ ( 4,173 ) $ 7,526,022 Realized gain (loss) on investments 1,083,215 ( 529,068 ) Net change in unrealized appreciation (depreciation) on investments ( 1,507,715 ) 3,613,946 Net change in unrealized appreciation (depreciation) on cryptocurrency futures contracts — ( 78,239 ) Net realized and unrealized gain (loss) ( 428,673 ) 10,532,661 Net Increase (Decrease) in Net Assets Resulting from Operations $ ( 474,450 ) $ 10,581,435 The accompanying notes are an integral part of these financial statements. 39 TIDAL COMMODITIES TRUST I COMBINED STATEMENTS OF CHANGES IN NET ASSETS Year Ended Year Ended December 31, 2025 December 31, 2024 Operations Net income (loss) $ ( 474,450 ) $ 10,581,435 Capital transactions Issuance of Shares 2,144,314 19,806,062 Redemption of Shares ( 4,611,472 ) ( 18,085,070 ) Total capital transactions ( 2,467,158 ) 1,720,992 Net change in net assets ( 2,941,608 ) 12,302,427 Net assets, beginning of period $ 14,839,385 $ 2,536,958 Net assets, end of period $ 11,897,777 $ 14,839,385 Net asset value per share at beginning of period $ 106.00 $ 50.74 Net asset value per share at end of period $ 99.15 $ 106.00 Creation of Shares 20,000 340,000 Redemption of Shares ( 40,000 ) ( 250,000 ) The accompanying notes are an integral part of these financial statements. 40 TIDAL COMMODITIES TRUST I COMBINED STATEMENTS OF CASH FLOWS Year Ended Year Ended December 31, 2025 December 31, 2024 Cash flows from operating activities Net income (loss) $ ( 474,450 ) $ 10,581,435 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Net change in unrealized appreciation (depreciation) on investments 1,507,715 ( 3,613,946 ) Net change in unrealized appreciation (depreciation) on cryptocurrency futures contracts — 78,239 Net realized (gain) loss on sale of investments ( 1,083,215 ) 529,068 Changes in operating assets and liabilities: Purchases of investments ( 2,256,022 ) ( 13,520,786 ) Proceeds from sale of investments 4,732,281 1,892,631 Due from broker 72,436 474,598 Interest receivable ( 80 ) 10,212 Management fee payable to Sponsor ( 9,054 ) 9,567 Net cash provided by (used in) operating activities 2,489,611 ( 3,558,982 ) Cash flows from financing activities: Proceeds from sale of Shares 2,144,314 19,806,069 Redemption of Shares ( 4,611,472 ) ( 18,085,070 ) Net cash provided by (used in) financing activities ( 2,467,158 ) 1,720,999 Net change in cash and cash equivalents 22,453 ( 1,837,983 ) Cash and cash equivalents, beginning of period 29,680 1,867,663 Cash and cash equivalents, end of period $ 52,133 $ 29,680 The accompanying notes are an integral part of these financial statements. 41 HASHDEX BITCOIN ETF STATEMENTS OF ASSETS AND LIABILITIES December 31, 2025 December 31, 2024 Assets Investments (1) $ 11,812,267 $ 14,713,026 Cash and cash equivalents (2) 52,133 29,680 Interest receivable 165 85 Equity in trading accounts: Due from broker 35,778 108,214 Total equity in trading accounts 35,778 108,214 Total assets $ 11,900,343 $ 14,851,005 Liabilities Management fee payable to Sponsor 2,566 11,620 Total liabilities $ 2,566 $ 11,620 Net assets $ 11,897,777 $ 14,839,385 Shares issued and outstanding 120,000 140,000 ( no par value, Unlimited amount authorized) Net asset value per share $ 99.15 $ 106.00 Market value per share $ 98.92 $ 106.21 (3) Cost basis $ 9,706,036 $ 11,099,080 (4) Cost basis $ 52,133 $ 29,680 (1) Cost basis $ 9,706,036 $ 11,099,080 (2) Cost basis $ 52,133 $ 29,680 The accompanying notes are an integral part of these financial statements. 42 HASHDEX BITCOIN ETF SCHEDULE OF INVESTMENTS December 31, 2025 Description: Assets Yield Fair Value Percentage of Net Assets Shares Cryptocurrency Bitcoin $ 11,812,267 99.28 % 134.87 Total Cryptocurrency (cost $ 9,706,036 ) $ 11,812,267 99.28 % Cash equivalents Money market funds First American Government Obligations Fund - Class X 3.67 % $ 52,133 0.44 % 52,133 Total Cash Equivalents (cost $ 52,133 ) $ 52,133 0.44 % HASHDEX BITCOIN ETF SCHEDULE OF INVESTMENTS December 31, 2024 Description: Assets Yield Fair Value Percentage of Net Assets Shares Cryptocurrency Bitcoin $ 14,713,026 99.15 % 157.85 Total Cryptocurrency (cost $ 11,099,080 ) $ 14,713,026 99.15 % Cash equivalents Money market funds First American Government Obligations Fund – Class X 4.41 % $ 29,680 0.20 % 29,680 Total Cash Equivalents (cost $ 29,680 ) $ 29,680 0.20 % The accompanying notes are an integral part of these financial statements. 43 HASHDEX BITCOIN ETF STATEMENTS OF OPERATIONS Year Ended December 31, 2025 Year Ended December 31, 2024 Investment Income Broker interest income 247 63,830 Interest income 1,545 120,525 Total investment income 1,792 184,355 Expenses Management fees 47,521 119,739 Broker expenses 48 15,842 Total expenses 47,569 135,581 Net Investment Income (loss) ( 45,777 ) 48,774 Realized and unrealized gain (loss) on trading of investments and cryptocurrency futures contracts: Realized gain (loss) on cryptocurrency futures contracts $ ( 4,173 ) $ 7,526,022 Realized gain (loss) on investments 1,083,215 ( 529,068 ) Net change in unrealized appreciation (depreciation) on investments ( 1,507,715 ) 3,613,946 Net change in unrealized appreciation (depreciation) on cryptocurrency futures contracts — ( 78,239 ) Net realized and unrealized gain (loss) ( 428,673 ) 10,532,661 Net Increase (Decrease) in Net Assets Resulting from Operations $ ( 474,450 ) $ 10,581,435 The accompanying notes are an integral part of these financial statements. 44 HASHDEX BITCOIN ETF STATEMENTS OF CHANGES IN NET ASSETS Year Ended Year Ended December 31, 2025 December 31, 2024 Operations Net income (loss) $ ( 474,450 ) $ 10,581,435 Capital transactions Issuance of Shares 2,144,314 19,806,062 Redemption of Shares ( 4,611,472 ) ( 18,085,070 ) Total capital transactions ( 2,467,158 ) 1,720,992 Net change in net assets ( 2,941,608 ) 12,302,427 Net assets, beginning of period $ 14,839,385 $ 2,536,958 Net assets, end of period $ 11,897,777 $ 14,839,385 Net asset value per share at beginning of period $ 106.00 $ 50.74 Net asset value per share at end of period $ 99.15 $ 106.00 Creation of Shares 20,000 340,000 Redemption of Shares ( 40,000 ) ( 250,000 ) The accompanying notes are an integral part of these financial statements 45 HASHDEX BITCOIN ETF STATEMENTS OF CASH FLOWS Year Ended Year Ended December 31, 2025 December 31, 2024 Cash flows from operating activities Net income (loss) $ ( 474,450 ) $ 10,581,435 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Net change in unrealized appreciation (depreciation) on investments 1,507,715 ( 3,613,946 ) Net change in unrealized appreciation (depreciation) on cryptocurrency futures contracts — 78,239 Net realized (gain) loss on sale of investments ( 1,083,215 ) 529,068 Changes in operating assets and liabilities: Purchases of investments ( 2,256,022 ) ( 13,520,786 ) Proceeds from sale of investments 4,732,281 1,892,631 Due from broker 72,436 474,598 Interest receivable ( 80 ) 10,212 Management fee payable to Sponsor ( 9,054 ) 9,567 Net cash provided by (used in) operating activities 2,489,611 ( 3,558,982 ) Cash flows from financing activities: Proceeds from sale of Shares 2,144,314 19,806,069 Redemption of Shares ( 4,611,472 ) ( 18,085,070 ) Net cash provided by (used in) financing activities ( 2,467,158 ) 1,720,999 Net change in cash and cash equivalents 22,453 ( 1,837,983 ) Cash and cash equivalents, beginning of period 29,680 1,867,663 Cash and cash equivalents, end of period $ 52,133 $ 29,680 The accompanying notes are an integral part of these financial statements. 46 NOTES TO FINANCIAL STATEMENTS December 31, 2025 Note 1 - Organization These 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 “Trust”). 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. The 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”. The Trust is registered with the U.S. 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. Prior to January 16, 2026 the Fund’s sponsor was Tidal Investments LLC (f/k/a Toroso Investments, LLC) (“Tidal”). On 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. 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. On March 26, 2024, the Sponsor announced the renaming of the Fund from the Hashdex Bitcoin Futures ETF to the Hashdex Bitcoin ETF. The renaming of the Fund corresponds to its completion of the conversion of its investment strategy to allow the Fund to provide spot bitcoin holdings and its tracking of a new benchmark index effective March 27, 2024. The Fund’s investment objective is for changes in the Shares’ net asset value (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 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. As 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. The Fund 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. 47 The Fund currently offers one class of Shares that has no front-end sales load, no deferred sales charge, and no redemption fee. The Fund may issue an Unlimited number of Shares of beneficial interest, with a $ 0 .00 par value. All Shares of the Fund have equal rights and privileges. Note 2 – Significant Accounting Policies The Trust and Fund qualify as an investment company solely for accounting purposes and not for any other purpose, and follow the accounting and reporting guidance under the Financial Accounting Stands Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies, but are not registered, and are not required to be registered, as an investment company under the Investment Company Act of 1940, as amended. Significant accounting policies of the Fund are as follows: The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP” or “GAAP”). Use of Estimates The 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 In the normal course of business, the Fund enters into contracts that contain a variety of representations which provide general indemnifications. The Fund’s maximum exposure under these arrangements cannot be known; however, the Fund expects any risk of loss to be remote. Cash Cash includes money market funds held. Income Taxes For U.S. federal income tax purposes, the Fund will be classified as a publicly traded partnership. A publicly traded partnership is generally taxable as a corporation for U.S. federal income tax purposes unless 90% or more of the publicly traded partnership’s gross income for each taxable year of its existence consists of qualifying income as defined in section 7704(d) of the Internal Revenue Code of 1986, as amended (the “Code”). Qualifying income is defined as generally including, in pertinent part, interest (other than from a financial business), dividends, and gains from the sale or disposition of capital assets held for the production of interest or dividends. In the case of a partnership of which a principal activity is the buying and selling of commodities, other than as inventory, or of futures, forwards, and options with respect to commodities, qualifying income also includes income and gains from commodities and from futures, forwards, options with respect to commodities and, provided the partnership is a trader or investor with respect to such assets, swaps and other notional principal contracts with respect to commodities. There is very limited authority on the U.S. federal income tax treatment of bitcoin and no direct authority on bitcoin derivatives, such as Bitcoin Futures Contracts. Based on an opinion received by 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. 48 The Fund is required to determine whether a tax position is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Fund will file income tax returns in the U.S. federal jurisdiction and may file income tax returns in various U.S. states and foreign jurisdictions. The Fund may be subject to potential examination by U.S. federal, U.S. state, or foreign jurisdictional authorities in the area of income taxes. These potential examinations may include among other things questioning the tax classification of the Fund, the timing and amount of deductions, the nexus of income among various tax jurisdictions, and compliance with U.S. federal, U.S. state and foreign tax laws. Calculation of Net Asset Value The Fund’s NAV is calculated by: ● Taking the current market value of its total assets; ● Subtracting any liabilities; and ● Dividing the above total by the number of Shares outstanding. U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (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. E.T. The NAV for a particular trading day will be released after 4:15 p.m. E.T. To 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. The value of the bitcoin held by the Fund will be determined using a “Futures-Based Spot Price” (or “FBSP”) methodology. This methodology has been chosen by the Sponsor specifically to calculate the Fund’s NAV, isolating it from data from unregulated bitcoin exchanges. The methodology to derive the settlement prices of Bitcoin Futures Contracts on the CME involves a calculation that is a function of both the length of time (the tenor) until each Bitcoin Futures Contract is due for settlement, and the final settlement price for each contract on that day. The calculation is based on estimating a simple quadratic function to fit the prices across the different tenors and extrapolate this curve to zero days tenor. This approach is designed to give more importance to contracts that are due for settlement in the near term, considering that the prices of these near-term contracts are more reliable indicators of the current spot price of bitcoin and are also more heavily traded. Such valuation is generally deemed a Level 2 valuation. Fair Value - Definition and Hierarchy In accordance with GAAP, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. In determining fair value, the Fund uses various valuation approaches. In accordance with GAAP, a fair value hierarchy for inputs is used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s assumptions about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The fair value hierarchy is categorized into three levels based on the inputs as follows: 49 Level 1 ─ Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. Valuation adjustments and block discounts are not applied to Level 1 financial instruments. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these financial instruments does not entail a significant degree of judgment. Level 2 ─ Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. Level 3 ─ Valuations based on inputs that are unobservable and significant to the overall fair value measurement. The availability of valuation techniques and observable inputs can vary from financial instrument to financial instrument and is affected by a wide variety of factors including the type of financial instrument, whether the financial instrument is new and not yet established in the marketplace, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Those estimated values do not necessarily represent the amounts that may be ultimately realized due to the occurrence of future circumstances that cannot be reasonably determined. Because of the inherent uncertainty of valuation, those estimated values may be materially higher or lower than the values that would have been used had a ready market for the financial instruments existed. Accordingly, the degree of judgment exercised by the Fund in determining fair value is greatest for financial instruments categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy, within which the fair value measurement in its entirety falls, is determined based on the lowest level input that is significant to the fair value measurement. Schedule of fair values of investments disaggregated into three levels of fair value hierarchy TIDAL COMMODITIES TRUST I December 31, 2025 Level 1 Level 2 Level 3 Balance as of December 31, 2025 Assets: Cryptocurrency $ 11,812,267 $ — $ — $ 11,812,267 Money market funds 52,133 — — 52,133 Total $ 11,864,400 $ — $ — $ 11,864,400 December 31, 2024 Level 1 Level 2 Level 3 Balance as of December 31, 2024 Assets: Cryptocurrency $ — $ 14,713,026 $ — $ 14,713,026 Money market funds 29,680 — — 29,680 Total $ 29,680 $ 14,713,026 $ — $ 14,742,706 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. For the year ended December 31, 2024, the Trust 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. HASHDEX BITCOIN ETF December 31, 2025 Level 1 Level 2 Level 3 Balance as of December 31, 2025 Assets: Cryptocurrency $ 11,812,267 $ — $ — $ 11,812,267 Money market funds 52,133 — — 52,133 Total $ 11,864,400 $ — $ — $ 11,864,400 50 December 31, 2024 Level 1 Level 2 Level 3 Balance as of December 31, 2024 Assets: Cryptocurrency $ — $ 14,713,026 $ — $ 14,713,026 Money market funds 29,680 — — 29,680 Total $ 29,680 $ 14,713,026 $ — $ 14,742,706 As of December 31, 2025, the Fund'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. 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 Bitcoin Fair Value Beginning balance as of January 1, 2025 157.85 $ 14,713,026 Bitcoin contributed 23.52 2,256,022 Bitcoin withdrawn ( 46.50 ) ( 4,732,281 ) Net change in unrealized appreciation (depreciation) from investments in bitcoin — ( 1,507,715 ) Net realized gain on investments in bitcoin — 1,083,215 Ending balance as of December 31, 2025 134.87 $ 11,812,267 Bitcoin Fair Value Beginning balance as of January 1, 2024 — $ — Bitcoin contributed 192.31 13,520,786 Bitcoin withdrawn ( 34.46 ) ( 1,892,631 ) Net change in unrealized appreciation (depreciation) from investments in bitcoin — 3,613,946 Net realized gain on investments in bitcoin — ( 529,076 ) Ending balance as of December 31, 2024 157.85 $ 14,713,026 Derivative Investments In the normal course of business, the Fund utilizes derivative contracts in connection with its proprietary trading activities. Investments in derivative contracts are subject to additional risks that can result in a loss of all or part of an investment. The Fund’s derivative activities and exposure to derivative contracts are classified by the following primary underlying risks: interest rate, credit, commodity price, and equity price risks. In addition to its primary underlying risks, the Fund is also subject to additional counterparty risk due to the inability of its counterparties to meet the terms of their contracts. Futures Contracts The Fund is subject to cryptocurrency price risk in the normal course of pursuing its investment objectives. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date. The purchase and sale of futures contracts requires margin deposits with a Futures Commission Merchant (the “FCM”). Subsequent payments (variation margin) are made or received by the Fund each day, depending on the daily fluctuations in the value of the contract, and are recorded as unrealized gains or losses by the Fund. Futures contracts may reduce the Fund’s exposure to counterparty risk since futures contracts are exchange-traded; and the exchange’s clearinghouse, as the counterparty to all exchange-traded futures, guarantees the futures against default. The Commodity Exchange Act requires an FCM to segregate all customer transactions and assets from the FCM’s proprietary activities. A customer’s cash and other equity deposited with an FCM are considered commingled with all other customer funds subject to the FCM’s segregation requirements. In the event of an FCM’s insolvency, recovery may be limited to the Fund’s pro rata share of segregated customer funds available. It is possible that the recovery amount could be less than the total of cash and other equity deposited. 51 The following table discloses information about offsetting assets and liabilities presented in the statements of assets and liabilities to enable users of these financial statements to evaluate the effect or potential effect of netting arrangements for recognized assets and liabilities. These recognized assets and liabilities are presented as defined in the FASB Accounting Standards Update (the “ASU”) No. 2011-11 “Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities” and subsequently clarified in FASB ASU 2013-01 “Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.” The following 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. TIDAL COMMODITIES TRUST I Offsetting of Financial Assets and Derivative Assets as of December 31, 2025 (iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Description (i) Gross Amount of Recognized Assets (ii) Gross Amount Offset in the Statement of Assets and Liabilities (iii) = (i-ii) Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due to Broker (v) = (iii)-(iv) Net Amount Cryptocurrency Price Bitcoin futures contracts $ — $ — — — $ — $ — Offsetting of Financial Liabilities and Derivative Assets as of December 31, 2024 * (iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Description (i) Gross Amount of Recognized Assets (ii) Gross Amount Offset in the Statement of Assets and Liabilities (iii) = (i-ii) Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due to Broker (v) = (iii)-(iv) Net Amount Cryptocurrency Price Bitcoin futures contracts $ — $ — — — $ — $ — * 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. 52 HASHDEX BITCOIN ETF (FORMERLY HASHDEX BITCOIN FUTURES ETF) Offsetting of Financial Assets and Derivative Assets as of December 31, 2025 (iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Description (i) Gross Amount of Recognized Assets (ii) Gross Amount Offset in the Statement of Assets and Liabilities (iii) = (i-ii) Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due to Broker (v) = (iii)-(iv) Net Amount Cryptocurrency Price Bitcoin futures contracts $ — $ — — — $ — $ — Offsetting of Financial Liabilities and Derivative Assets as of December 31, 2024* (iv) Gross Amount Not Offset in the Statement of Assets and Liabilities Description (i) Gross Amount of Recognized Assets (ii) Gross Amount Offset in the Statement of Assets and Liabilities (iii) = (i-ii) Net Amount Presented in the Statement of Assets and Liabilities Futures Contracts Available for Offset Collateral, Due to Broker (v) = (iii)-(iv) Net Amount Cryptocurrency Price Bitcoin futures contracts $ — $ — — — $ — $ — * 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. The following tables identify the net gain and loss amounts included in the statements of operations as realized and unrealized gains and losses on trading of cryptocurrency futures contracts categorized by primary underlying risk : TIDAL COMMODITIES TRUST I Year ended December 31, 2025. Realized Gain (Loss) on Commodity Futures Contracts Net Change in Unrealized Depreciation on Commodity Futures Contracts Cryptocurrency Price Bitcoin futures contracts $ ( 4,173 ) $ — 53 Year ended December 31, 2024.* Realized Gain on Commodity Futures Contracts Net Change in Unrealized Depreciation on Commodity Futures Contracts Cryptocurrency Price Bitcoin futures contracts $ 7,526,022 $ ( 78,239 ) * 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. HASHDEX BITCOIN ETF (FORMERLY HASHDEX BITCOIN FUTURES ETF) Year ended December 31, 2025. Realized Gain (Loss) on Commodity Futures Contracts Net Change in Unrealized Depreciation on Commodity Futures Contracts Cryptocurrency Price Bitcoin futures contracts $ ( 4,173 ) $ — Year ended December 31, 2024.* Realized Gain on Commodity Futures Contracts Net Change in Unrealized Depreciation on Commodity Futures Contracts Cryptocurrency Price Bitcoin futures contracts $ 7,526,022 $ ( 78,239 ) * 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. Volume of Derivative Activities The 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. Basis of Presentation The preparation of these financial statements in conformity with U.S. 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. Actual results could differ from those estimates. Organizational and Offering Costs All organizational and initial offering costs for the Trust and the Fund were borne directly by the Sponsor. The Trust and the Fund do not have an obligation to reimburse the Sponsor for organization and offering costs paid on their behalf. Revenue Recognition Investment transactions are accounted for on a trade-date basis. All such transactions are recorded on the identified cost basis and marked to market daily. Unrealized appreciation or depreciation on investments are reflected in the statements of operations as the difference between the original amount and the fair market value as of the last business day of the year or as of the last date of the financial statements. Changes in the appreciation or depreciation between periods are reflected in the statements of operations. 54 Brokerage Commissions The Sponsor recognizes the expense for brokerage commissions for futures contract trades on a per-trade basis. The below table shows the amounts included on the statements of operations as total brokerage commissions . TIDAL COMMODITIES TRUST I Year Ended December 31, 2025 $ 148 Year Ended December 31, 2024* $ 6,407 * 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. HASHDEX BITCOIN ETF (FORMERLY HASHDEX BITCOIN FUTURES ETF) Year Ended December 31, 2025 $ 148 Year Ended December 31, 2024* $ 6,407 * 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. Due from/to Broker The amount recorded by the Fund for the amount due from and to the clearing broker includes, but is not limited to, cash held by the broker, amounts payable to the clearing broker related to open transactions, payables for cryptocurrency futures accounts liquidating to an equity balance on the clearing broker’s records and amounts of brokerage commissions paid and recognized as unrealized losses. Margin is the minimum amount of funds that must be deposited by a cryptocurrency interest trader with the trader’s broker to initiate and maintain an open position in futures contracts. A margin deposit acts to assure the trader’s performance of the futures contracts purchased or sold. Futures contracts are customarily bought and sold on initial margin that represents a very small percentage of the aggregate purchase or sales price of the contract. Because of such low margin requirements, price fluctuations occurring in the futures markets may create profits and losses that, in relation to the amount invested, are greater than customary in other forms of investment or speculation. As discussed below, adverse price changes in the futures contract may result in margin requirements that greatly exceed the initial margin. In addition, the amount of margin required in connection with a particular futures contract is set from time to time by the exchange on which the contract is traded and may be modified from time to time by the exchange during the term of the contract. Brokerage firms, such as the Fund’s clearing brokers, carrying accounts for traders in commodity interest contracts generally require higher amounts of margin as a matter of policy to further protect themselves. Over the counter trading generally involves the extension of credit between counterparties, so the counterparties may agree to require the posting of collateral by one or both parties to address credit exposure. When a trader purchases an option, there is no margin requirement; however, the option premium must be paid in full. When a trader sells an option, on the other hand, he or she is required to deposit margin in an amount determined by the margin requirements established for the underlying interest and, in addition, an amount substantially equal to the current premium for the option. The margin requirements imposed on the selling of options, although adjusted to reflect the probability that out-of-the-money options will not be exercised, can in fact be higher than those imposed in dealing in the futures markets directly. Complicated margin requirements apply to spreads and conversions, which are complex trading strategies in which a trader acquires a mixture of options positions and positions in the underlying interest. Ongoing or “maintenance” margin requirements are computed each day by a trader’s clearing broker. When the market value of a particular open futures contract changes to a point where the margin on deposit does not satisfy maintenance margin requirements, a margin call is made by the broker. If the margin call is not met within a reasonable time, the broker may close out the trader’s position. With respect to the Fund’s trading, the Fund (and not its shareholders personally) is subject to margin calls. Finally, many major U.S. exchanges have passed certain cross margining arrangements involving procedures pursuant to which the futures and options positions held in an account would, in the case of some accounts, be aggregated and margin requirements would be assessed on a portfolio basis, measuring the total risk of the combined positions. 55 Expenses Expenses are recorded using the accrual method of accounting. Net Income (Loss) per Share Net income (loss) per share is the difference between the NAV per unit at the beginning of each period and at the end of each period. The weighted average number of units outstanding was computed for purposes of disclosing net income (loss) per weighted average unit. The weighted average units are equal to the number of units outstanding at the end of the period, adjusted proportionately for units created or redeemed based on the amount of time the units were outstanding during such period. Note 3 - Sponsor Fee Allocation of Expenses and Related Party Transactions The 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. From 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 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. 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 During 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. The Administrator is a wholly-owned subsidiary of Sponsor. The Administrator also assisted the Fund and the Sponsor with certain functions and duties relating to marketing, which included the following: marketing and sales strategy and marketing related services. Cash Custodian, Registrar, Transfer Agent, Fund Sub-Administrator In its capacity as the Fund’s 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 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. 56 Bitcoin Custodian The Fund’s bitcoin investments are held by BitGo Trust Company, Inc. (the “Bitcoin Custodian”) on behalf of the Fund. The Bitcoin Custodian will keep custody of all of the Fund’s bitcoin in a multi-layer, multi-party cold storage or similarly secure technology. 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 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 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. Marketing Agent During 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. Support Agent During 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 services. D ig ital Asset Adviser Hashdex Asset Management Ltd. (“Hashdex” or the “Digital Asset Adviser”) is a Cayman Islands investment manager (and an Exempt Reporting Advisor under SEC rules) that specializes in, among other things, the management, research, investment analysis and other investment support services of funds and ETFs with investment strategies involving bitcoin and other crypto assets. As Digital Asset Adviser 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. Note 4 - Transactions with Affiliates The Trust has no directors, officers or employees and is managed by the Sponsor. The Administrator is a wholly owned subsidiary of Tidal. 57 Note 5 - Financial Highlights The 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 per share, beginning of period $ 106.00 $ 50.74 Income (loss) from investment operations: Net Investment income (1) ( 0.36 ) 0.27 Net realized and unrealized gain (loss) on investments and cryptocurrency futures contracts ( 6.49 ) 54.99 Net increase (decrease) in net asset value ( 6.85 ) 55.26 Net asset value at end of period $ 99.15 $ 106.00 Total return (2) ( 6.46 )% 108.91 % Ratios to average net assets: Total expenses 0.33 % 1.03 % Net expenses 0.33 % 1.03 % Net investment loss ( 0.32 )% 0.37 % (1) Based on average shares outstanding during the year (2) Not Annualized Note 6 - Merger with Hashdex Bitcoin Futures ETF As 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 Merger of the Fund with the Predecessor Fund. Pursuant 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. The sponsor of the Predecessor Fund, Teucrium, did not receive any compensation dependent on the consummation of the Merger. Pursuant to a certain Amended and Restated ‘33 Act Fund Platform Support Agreement, as amended (the “Support Agreement”) among Tidal, Administrator, 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. On 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 . 58 Note 7 - Conversion to Spot Bitcoin ETF On March 26, 2024, Tidal 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 current benchmark index is the Nasdaq Bitcoin Reference Price - Settlement (NQBTCS), which better reflects the Fund’s current strategy of direct bitcoin investment. 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. 59 Note 8 - Segment Reporting In 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. During 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, 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. 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 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. 2023-09, 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. federal 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. Note 10 - Subsequent Events In 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. Effective 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. Upon 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. The Fund 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. The Fund will not hold any assets other than bitcoin and cash. In 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. 60 Also 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. In 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. Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure None.