What changed in this filing

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Item 1. Financial Statements

2026-05-12 compared with 2025-11-14 · 638 added, 702 removed, 179 unchanged (88% of the section changed)

Financial Statements.

to Financial Statements

TIDAL COMMODITIES TRUST I

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

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

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

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

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

Index to Financial Statements

HASHDEX COMMODITIES TRUST

Combined Statements of Assets and Liabilities at March 31, 2026 (Unaudited) and December 31, 2025

Combined Schedule of Investments at March 31, 2026 (Unaudited) and December 31, 2025

Combined Statements of Operations (Unaudited) for the three months ended March 31, 2026 and 2025

Combined Statements of Changes in Net Assets (Unaudited) for the three months ended March 31, 2026 and 202 5

Combined Statements of Cash Flows (Unaudited) for the three months ended March 31, 2025

HASHDEX BITCOIN ETF

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

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

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

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

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

Notes to Financial Statements

COMMODITIES TRUST I

STATEMENTS OF ASSETS AND LIABILITIES

Statements of Assets and Liabilities at March 31, 2026 (Unaudited) and December 31, 2025

Schedule of Investments at March 31, 2026 (Unaudited) and December 31, 2025

Statements of Operations (Unaudited) for the three months ended March 31, 2026 and 2025

Statements of Changes in Net Assets (Unaudited) for the three months ended March 31, 2026 and 2025

Statements of Cash Flows (Unaudited) for the three months ended March 31, 2025

Notes to Financial Statements (Unaudited)

HASHDEX COMMODITIES TRUST

(FORMERLY, TIDAL COMMODITIES TRUST

COMBINED STATEMENTS OF ASSETS

AND LIABILITIES

March 31, 2026 (Unaudited)

December 31, 2025

Investments (1)

14 unchanged sentences

(2) Cost basis $ 50,674 $ 52,133

accompanying notes are an integral part of these financial statements.

COMMODITIES TRUST I

The accompanying notes are an integral part of these financial

HASHDEX COMMODITIES TRUST

(FORMERLY, TIDAL COMMODITIES

COMBINED SCHEDULE OF INVESTMENTS

Percentage of

March 31, 2026

Percentage of Net Assets

Cryptocurrency

4 unchanged sentences

Total Cash Equivalents (cost $ 50,674 )

accompanying notes are an integral part of these financial statements.

COMMODITIES TRUST I

Total Investments (cost $ 9,756,710 )

Other Assets in Excess of Liabilities

Total Net Assets

The accompanying notes are an integral part of these financial

HASHDEX COMMODITIES TRUST

(FORMERLY, TIDAL COMMODITIES

COMBINED SCHEDULE OF INVESTMENTS

Percentage of

December 31, 2025

Percentage of Net Assets

Cryptocurrency

4 unchanged sentences

Total Cash Equivalents (cost $ 52,133 )

accompanying notes are an integral part of these financial statements.

COMMODITIES TRUST I

STATEMENTS OF OPERATIONS

Three Months Ended

September 30, 2025

September 30, 2024

September 30, 2025

Nine Months Ended

September 30, 2024 *

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

Realized gain (loss) on cryptocurrency futures contracts

Realized gain (loss) on investments

Net change in unrealized appreciation (depreciation) on investments

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

Total Investments (cost $ 9,758,169 )

Other Assets in Excess of Liabilities

Total Net Assets

The accompanying notes are an integral

part of these financial statements.

HASHDEX COMMODITIES TRUST

(FORMERLY, TIDAL COMMODITIES TRUST I)

COMBINED STATEMENTS OF OPERATIONS

Three Months Ended March 31, 2026 (Unaudited)

Three Months Ended March 31, 2025 (Unaudited)

INVESTMENT INCOME (LOSS)

Broker interest income

Interest income

Total income (loss)

Management fees

1 unchanged sentence

Total Expenses

Total expenses, net

Net income (loss)

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

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

accompanying notes are an integral part of these financial statements.

COMMODITIES TRUST I

STATEMENTS OF CHANGES IN NET ASSETS

September 30, 2025

Nine Months Ended

September 30, 2024 *

Net income (loss)

Capital transactions

Issuance of Shares

Redemption of Shares

( 4,611,472 )

Net Investment Loss

REALIZED AND CHANGE IN UNREALIZED GAIN (LOSS)

Net Realized gain (loss) on cryptocurrency futures contracts

Net Realized gain (loss) on investments

Net change in unrealized appreciation (depreciation) on investments

( 2,671,064 )

Total capital transactions

( 1,712,846 )

Net change in net assets

Net assets, beginning of period

Net assets, end of period

Net asset value per share at beginning of period

Net asset value per share at end of period

Creation of Shares

Redemption of Shares

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

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

accompanying notes are an integral part of these financial statements.

COMMODITIES TRUST I COMBINED

STATEMENTS OF CASH FLOWS

September 30, 2025

Nine Months Ended

September 30, 2024 *

Cash flows from operating activities

Net income (loss)

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

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

Unrealized gain (loss) on investments

Net realized and change in unrealized gain (loss)

( 2,671,064 )

Changes in operating assets and liabilities:

Purchases of Investments

( 1,712,846 )

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

$ ( 2,677,042 )

Sales of investments

Realized gain (loss) on investments

$ ( 1,733,048 )

The accompanying notes are an integral

part of these financial statements.

HASHDEX COMMODITIES TRUST

(FORMERLY, TIDAL COMMODITIES TRUST

COMBINED STATEMENTS OF CHANGES IN

Three Months Ended March 31, 2026 (Unaudited)

Three Months Ended March 31, 2025 (Unaudited)

INCREASE (DECREASE) IN NET ASSETS:

Net investment loss

Net realized gain (loss)

Net change in unrealized appreciation (depreciation)

( 2,671,064 )

( 1,712,846 )

Net increase (decrease) in net assets resulting from operations

( 2,677,042 )

( 1,733,048 )

CAPITAL SHARE TRANSACTIONS

Shares issued

Shares redeemed

Net increase (decrease) in net assets from capital share transactions

Total increase (decrease) in net assets

$ ( 2,677,042 )

$ ( 1,733,048 )

Beginning of Period

End of Period

The accompanying notes are an integral

part of these financial statements.

HASHDEX COMMODITIES TRUST

(FORMERLY, TIDAL COMMODITIES TRUST

OF CASH FLOWS

Effective for the three month ended March 31,

2026, the Trust has elected to discontinue the presentation of the Statement of Cash Flows.

This change is in accordance with the guidance

under FASB ASC 230, which exempts certain investment companies from presenting a Statement of Cash flows when specific criteria are met.

The Trust noted that as of and for the three month ended March 31, 2026, these criteria were met where substantially all investments were

highly liquid in Level 1 or Level 2 of the fair value hierarchy as shown in Note 2, all investments are carried at fair value, the Trust

carried no debt, and the combined statements of changes in net assets is presented.

The table below concerns Statements of Cash Flows

for the three months ended March 31, 2025:

Three Months Ended March 31, 2025

CASH FLOWS FROM OPERATING ACTIVITIES

Net income (loss)

$ ( 1,733,048 )

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

Net change in unrealized appr.

(depr.) on investments

Changes in operating assets and liabilities:

Due from broker

2 unchanged sentences

Net cash provided by (used in) operating activities

( 2,481,993 )

CASH FLOWS FROM FINANCING ACTIVITIES

1 unchanged sentence

Redemption of Shares

( 4,611,472 )

( 18,085,070 )

Net cash provided by (used in) financing activities

( 2,467,158 )

Net change in cash and cash equivalents

( 1,855,250 )

Cash and cash equivalents, beginning of period

Cash and cash equivalents, end of period

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

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

accompanying notes are an integral part of these financial statements.

OF ASSETS AND LIABILITIES

30, 2025 (Unaudited)

The accompanying notes are an integral

part of these financial statements.

HASHDEX BITCOIN ETF

STATEMENTS OF ASSETS AND LIABILITIES

March 31, 2026 (Unaudited)

December 31, 2025

Investments (1)

14 unchanged sentences

(2) Cost basis $ 50,674 $ 52,133

accompanying notes are an integral part of these financial statements.

The accompanying notes are an integral

part of these financial statements.

HASHDEX BITCOIN ETF

SCHEDULE OF INVESTMENTS

Percentage of

March 31, 2026

Percentage of Net Assets

Cryptocurrency

4 unchanged sentences

Total Cash Equivalents (cost $ 50,674 )

accompanying notes are an integral part of these financial statements.

Total Investments (cost $ 9,756,710 )

Other Assets in Excess of Liabilities

Total Net Assets

The accompanying notes are an integral

part of these financial statements.

HASHDEX BITCOIN ETF

SCHEDULE OF INVESTMENTS

Percentage of

December 31, 2025

Percentage of Net Assets

Cryptocurrency

4 unchanged sentences

Total Cash Equivalents (cost $ 52,133 )

accompanying notes are an integral part of these financial statements.

OF OPERATIONS

Three Months Ended

September 30, 2025

September 30, 2024

September 30, 2025

Nine Months Ended

September 30, 2024 *

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

Realized gain (loss) on cryptocurrency futures contracts

Realized gain (loss) on investments

Net change in unrealized appreciation (depreciation) on investments

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

Total Investments (cost $ 9,758,169 )

Other Assets in Excess of Liabilities

Total Net Assets

The accompanying notes are an integral

part of these financial statements.

HASHDEX BITCOIN ETF

STATEMENTS OF OPERATIONS

Three Months Ended March 31, 2026 (Unaudited)

Three Months Ended March 31, 2025 (Unaudited)

INVESTMENT INCOME (LOSS)

Broker interest income

Interest income

Total income (loss)

Management fees

1 unchanged sentence

Total Expenses

Total expenses, net

Net income (loss)

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

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

accompanying notes are an integral part of these financial statements.

Net Investment Loss

REALIZED AND CHANGE IN UNREALIZED GAIN (LOSS)

Net Realized gain (loss) on cryptocurrency futures contracts

Net Realized gain (loss) on investments

Net change in unrealized appreciation (depreciation) on investments

( 2,671,064 )

( 1,712,846 )

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

Net realized and change in unrealized gain (loss)

( 2,671,064 )

( 1,712,846 )

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

$ ( 2,677,042 )

$ ( 1,733,048 )

The accompanying notes are an integral

part of these financial statements.

HASHDEX BITCOIN ETF

STATEMENTS OF CHANGES IN NET ASSETS

September 30, 2025

Nine Months Ended

September 30, 2024 *

Net income (loss)

Capital transactions

Issuance of Shares

Redemption of Shares

Three Months Ended March 31, 2026 (Unaudited)

Three Months Ended March 31, 2025 (Unaudited)

INCREASE (DECREASE) IN NET ASSETS:

Net investment loss

Net realized gain (loss)

Net change in unrealized appreciation (depreciation)

( 2,671,064 )

( 1,712,846 )

Total capital transactions

Net increase (decrease) in net assets resulting from operations

( 2,677,042 )

Net change in net assets

Net assets, beginning of period

Net assets, end of period

Net asset value per share at beginning of period

Net asset value per share at end of period

Creation of Shares

Redemption of Shares

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

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

accompanying notes are an integral part of these financial statements.

BITCOIN ETF STATEMENTS OF

September 30, 2025

Nine Months Ended

September 30, 2024 *

Cash flows from operating activities

Net income (loss)

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

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

Unrealized gain (loss) on investments

( 1,733,048 )

Changes in operating assets and liabilities:

Purchases of Investments

CAPITAL SHARE TRANSACTIONS

Shares issued

Shares redeemed

Net increase (decrease) in net assets from capital share transactions

Total increase (decrease) in net assets

$ ( 2,677,042 )

$ ( 1,733,048 )

Sales of investments

Realized gain (loss) on investments

Beginning of Period

End of Period

The accompanying notes are an integral

part of these financial statements.

OF CASH FLOWS

Effective for the three months ended March 31,

2026, the Trust has elected to discontinue the presentation of the Statement of Cash Flows.

This change is in accordance with the guidance

under FASB ASC 230, which exempts certain investment companies from presenting a Statement of Cash flows when specific criteria are met.

The Trust noted that as of and for the three months ended March 31, 2026, these criteria were met where substantially all investments

were highly liquid in Level 1 or Level 2 of the fair value hierarchy as shown in Note 2, all investments are carried at fair value, the

Trust carried no debt, and the combined statements of changes in net assets is presented.

The table below concerns Statements of Cash Flows

for the three months ended March 31, 2025:

Three Months Ended March 31, 2025

CASH FLOWS FROM OPERATING ACTIVITIES

Net income (loss)

$ ( 1,733,048 )

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

Net change in unrealized appr.

(depr.) on investments

Changes in operating assets and liabilities:

Due from broker

2 unchanged sentences

Net cash provided by (used in) operating activities

( 2,481,993 )

CASH FLOWS FROM FINANCING ACTIVITIES

1 unchanged sentence

Redemption of Shares

( 4,611,472 )

( 18,085,070 )

Net cash provided by (used in) financing activities

( 2,467,158 )

Net change in cash and cash equivalents

( 1,855,250 )

Cash and cash equivalents, beginning of period

Cash and cash equivalents, end of period

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

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

accompanying notes are an integral part of these financial statements.

NOTES TO FINANCIAL

September 30, 2025 (Unaudited)

Note 1 – Organization and Significant Accounting

These footnotes represent the

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

Hashdex Bitcoin ETF (the “Fund”)

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

Fund operates pursuant to the First Amended and Restated Declaration of Trust and Trust Agreement (“Trust Agreement”),

dated March 10, 2023.

The Fund is currently the Trust’s only publicly offered series.

The accompanying notes are an integral

part of these financial statements.

HASHDEX COMMODITIES TRUST

NOTES TO FINANCIAL STATEMENTS

March 31, 2026 (Unaudited)

Note 1 - Organization and Significant Accounting Policies

These footnotes represent the footnotes to the

Financial Statements of Hashdex Bitcoin 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 as of March

31, 2026 and December 31, 2025 represent the assets and liabilities and schedule of investments, and Combined Financial Statements for

the three months ended March 31, 2026 and the three months ended March 31, 2025 represent the statement of operations, changes in net

assets 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

The Fund is an exchange-traded fund (“ETF”) 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.

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

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

The Fund was formed and is managed and

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

The Sponsor is registered as a commodity

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

Futures Association (“NFA”).

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

income tax purposes.

The Trust and Fund qualify as an investment

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

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

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

On January 2, 2024, the initial Form S-1

for DEFI was declared effective by the U.S.

Securities and Exchange Commission (“SEC”).

The Fund is the successor and

surviving entity from the merger (the “Merger”) of the Hashdex Bitcoin Futures ETF (the “Predecessor Fund”)

into the Fund.

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

by Teucrium Trading, LLC (“Prior Sponsor”).

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 ETF.

The Fund is managed and controlled by Hashdex Asset Management

(“Hashdex” or 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 the

Fund 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 of beneficial interest no par value (the “Share”) for each share of

the Predecessor Fund they owned prior to the Merger.

See Note 5 - Merger with Hashdex Bitcoin Futures ETF for more information

on the Merger.

On March 26, 2024,

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

The renaming of

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

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

The Fund’s investment objective is for changes in the

Shares’ net asset value (“NAV”) to reflect the daily changes of the price of the Nasdaq Bitcoin Reference Price

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

The Benchmark is designed

to track the price performance of bitcoin.

The Fund invests in bitcoin, bitcoin futures contracts (“Bitcoin Futures Contracts”)

listed on the Chicago Mercantile Exchange Inc.

(“CME”), cash and cash equivalents.

Under normal market conditions,

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

assets will be invested in spot bitcoin.

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

and in cash and cash equivalents.

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

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

The Fund currently offers one class of

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

The Fund may issue an Unlimited number

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.

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

During the years ended December 31, 2025 and 2024,

the Fund invested 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.

Effective after the close of trading on

January 15, 2026, Tidal withdrew as the sponsor of the Trust and simultaneously appointed Hashdex Asset Management Ltd.

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

Following the Sponsor Replacement, Tidal no longer has any involvement

in the operations, management or marketing of the Fund.

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 consist of bitcoin and cash.

The Fund will not hold any assets other than

bitcoin and cash.

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.

The Fund continuously offers and redeems

Shares in blocks of 10,000 Shares (each such block, a “Creation Unit”) at a price per Share equal to NAV.

Only “Authorized

Participants” may purchase and redeem Shares from the Fund and then only in Creation Units at NAV.

An Authorized Participant

is an entity that has entered into an Authorized Participant Agreement with the Trust and the Sponsor.

Shares are offered on a

continuous basis to Authorized Participants in Creation Units at NAV.

Authorized Participants may then offer to the public, from

time to time, shares from any Creation Unit they create at a per-share market price.

The form of Authorized Participant Agreement

sets forth the terms and conditions under which an Authorized Participant may purchase or redeem a Creation Unit.

Authorized Participants

will not receive from the Fund, the Sponsor, or any of their affiliates, any fee or other compensation in connection with their

sale of Shares to the public.

An Authorized Participant may receive commissions or fees from investors who purchase Shares through

their commission or fee-based brokerage accounts.

Significant accounting policies of the Fund are as follows:

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

Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 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

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.

Generally Accepted Accounting Principles (the “U.S.

GAAP”) requires management to make estimates

and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at

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

results could differ from those estimates.

The preparation of financial statements in conformity

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 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.

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

2 unchanged sentences

Cash includes money market funds held.

income tax purposes, the Fund will be classified as a publicly traded partnership.

A publicly traded partnership is generally taxable

as a corporation for U.S.

federal income tax purposes unless 90% or more of the publicly traded partnership’s gross income

for each taxable year of its existence consists of qualifying income as defined in section 7704(d) of the Internal Revenue Code

of 1986, as amended (the “Code”).

Qualifying income is defined as generally including, in pertinent part, interest

(other than from a financial business), dividends, and gains from the sale or disposition of capital assets held for the production

of interest or dividends.

In the case of a partnership of which a principal activity is the buying and selling of commodities,

other than as inventory, or of futures, forwards, and options with respect to commodities, qualifying income also includes income

and gains from commodities and from futures, forwards, options with respect to commodities and, provided the partnership is a trader

or investor with respect to such assets, swaps and other notional principal contracts with respect to commodities.

There is very

limited authority on the U.S.

federal income tax treatment of bitcoin and no direct authority on bitcoin derivatives, such as Bitcoin

Futures Contracts.

Based on an opinion received by Tidal from their independent legal counsel and a Commodity Futures Trading Commission

determination that treats bitcoin as a commodity under the Commodity Exchange Act, the Fund intends to take the position that bitcoin

and Bitcoin Futures Contracts consist of futures on commodities for purposes of the qualifying income exception under section 7704

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

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

market funds are valued at their net asset value.

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

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

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.

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.

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 of 1936, as amended (the

“CEA”), the Fund intends to take the position that bitcoin and Bitcoin Futures Contracts consist of futures on

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

Accordingly, the Fund expects that at

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

as a partnership for U.S.

federal income tax purposes.

Therefore, the Fund

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

their income tax returns.

The Fund is required to determine whether

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

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

The Fund will file income tax returns

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

Therefore, the Fund does not record a provision for income taxes because the

shareholders report their share of the Fund’s income or loss on their income tax returns.

The Fund is required to determine whether a tax

position is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related

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

The Fund will file income tax returns in the U.S.

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

states and foreign jurisdictions.

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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.

These potential examinations may include,

among other things, questioning the tax classification of the Fund, the timing and amount of deductions, the nexus of income among various

tax jurisdictions, and compliance with U.S.

federal, U.S.

state and foreign tax laws.

Creation and Redemptions

Authorized Purchasers may purchase

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

The amount of the proceeds required to purchase a Creation Basket

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

(ET) on the day the order to create the

basket is received in good order.

Authorized Purchasers may redeem Shares

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

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

(ET) on the day

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

The Fund will receive the proceeds from

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

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

shares receivable.

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

assets and liabilities as payable for Shares redeemed.

As outlined in the Trust’s most recent

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

If the Fund experienced redemptions that caused the number of Shares outstanding to decrease to the minimum level of Shares

required to be outstanding, until the minimum number of Shares is again exceeded through the purchase of a new Creation Basket,

there can be no more redemptions by an Authorized Purchaser.

Calculation of Net Asset Value

The Fund’s NAV is calculated by:

● Taking the current market value of its total assets;

● Subtracting any liabilities;

The Fund’s NAV per Share is calculated by:

● taking the current market value of its total assets, including spot bitcoin and cash, pursuant to policies

established from time to time by the Sponsor or otherwise described herein,

● subtracting any liabilities, and

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

Services, LLC, doing business as U.S.

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

(the “Sub-Administrator”), will calculate the NAV of the Fund once each trading day.

Global Fund Services will calculate

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

The NAV for a particular trading day will

be released after 4:15 p.m.

To determine the value of Bitcoin Futures

Contracts, Global Fund Services uses the settlement price for the Benchmark Component Futures Contracts, as reported on the CME.

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

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

When a Bitcoin Futures Contract has closed

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

The Fund will

use the published settlement price to determine the NAV of its Shares on that day.

If the CME halted trading in Bitcoin Futures

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

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

Such valuation is generally deemed a

Level 1 valuation.

The value of the Bitcoin held by the Fund

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

This methodology has been

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

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

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

for each contract on that day.

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

different tenors and extrapolate this curve to zero days tenor.

This approach is designed to give more importance to contracts

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

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

Such Valuation is generally deemed a Level 2 valuation.

Bancorp Fund Services, LLC, doing business

Bank Global Fund Services (“Global Fund Services”) serves as the Fund’s administrator (the “Administrator”)

and calculates the NAV of the Fund once each trading day.

It calculates the NAV as of the earlier of the close of regular trading on the

Exchange or 4:00 p.m.

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

Valuation of Bitcoin

In determining the value of the Fund’s holdings,

the Fund will value the bitcoin held by the Fund at fair value.

Fair value is the price that would be received to sell an asset or paid

to transfer a liability in an orderly transaction between market participants on the measurement date.

The Fund identifies and determines

the Fund’s principal market (or in the absence of a principal market, the most advantageous market) for bitcoin consistent with

the application of fair value measurement framework in FASB ASC 820-10 “Fair Value Measurement”.

The principal market is the

market with the greatest volume and level of activity that can be accessed.

The Sponsor’s valuation procedures provide for the designation

of the Sponsor to determine the valuation sources and policies to prepare the Trust’s financial statements in accordance with GAAP.

The Sponsor obtains relevant volume and level of activity information and based on initial analyses will select an exchange market as

the Trust’s principal market.

The NAV and NAV per Share will be calculated using the fair value of the bitcoin held by the Fund

based on the price provided by this exchange market, as of 4:00 p.m.

New York time on the measurement date for GAAP purposes.

will update its principal market analysis periodically and as needed to the extent that events have occurred, or activities have changed

in a manner that could change the Sponsor’s determination of the principal market.

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 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.

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.

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.

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.

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

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.

March 31, 2026

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

September 30, 2025

Balance as of

September 30, 2025

March 31, 2026

Cryptocurrency

Money market funds

December 31, 2024

Balance as of

December 31, 2025

Cryptocurrency

Money market funds

For the three months

ended March 31, 2026, the Fund did not have any significant transfers between any of the levels of the fair value hierarchy.

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 FBSP methodology applied throughout

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

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.

The following represents

the changes in quantity and the fair value of bitcoin on March 31, 2026 (Unaudited) and December 31, 2025:

Schedule of investment in bitcoin

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Bitcoin withdrawn

( 4,732,281 )

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

( 2,671,064 )

Net realized gain on investments in bitcoin

Ending balance as of September 30, 2025

Ending balance as of March 31, 2026

Beginning balance as of January 1, 2025

3 unchanged sentences

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

months ended September 30, 2025 and the year ended December 31, 2024, the Fund did not have any significant transfers between any

of the levels of the fair value hierarchy.

Organizational and Offering Costs

All organizational

and initial offering costs for the Trust and the Fund were borne directly by Tidal, in its role as the Trust’s former sponsor.

Trust and the Fund do not have an obligation to reimburse Tidal 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.

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.

Prior to the Sponsor Replacement, the Fund

used Bitcoin Futures Contracts for the primary purpose of acquiring physical bitcoin through CME’s EFP Transactions (“EFP”)

and to offset cash and receivables for better tracking the Benchmark.

Following the Sponsor Replacement, the Fund acquires and disposes

of bitcoin without the use of Bitcoin Futures Contracts.

The remaining items of this Note 2 – Significant Accounting Policies relate

to the Funds previous use of Bitcoin Futures Contracts.

Derivative Investments

In the normal course of business,

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

Investments in derivative contracts

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

The Fund’s derivative activities

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

interest rate, credit, commodity

price, and equity price risks.

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

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

In the normal course of business, the

Fund utilized 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 were classified by the following primary underlying risks:

interest rate, credit, commodity price, and equity price

In addition to its primary underlying risks, the Fund was 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 (“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.

The Fund was 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.

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

against default.

The CEA requires

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

A customer’s cash and other

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

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

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

The following table discloses information

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

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

These recognized

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

Standards Update (“ASU”) No.

2011-11 “Balance Sheet (Topic 210):

Disclosures about Offsetting Assets and Liabilities”

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

Clarifying the Scope of Disclosures about Offsetting

Assets and Liabilities.”

The following tables identify

the net gain and loss amounts included in the statements of operations as realized and unrealized gains and losses on trading of

cryptocurrency futures contracts categorized by primary underlying risk:

Nine months ended September 30, 2025.

Net Change in

Realized Gain

Appreciation/

Depreciation on

Commodity Futures

Cryptocurrency Price

futures contracts

Three months ended September 30, 2025.

Net Change in

Realized Gain

Appreciation/

Depreciation on

Commodity Futures

Cryptocurrency Price

futures contracts

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

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

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.

recognized assets and liabilities are presented as defined in the FASB Accounting Standards Update (“ASU”) No.

2011-11, Balance

Sheet (Topic 210):

Disclosures about Offsetting Assets and Liabilities , and subsequently clarified in FASB ASU 2013-01, Balance

Sheet (Topic 210):

Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities .

As of March 31, 2026 and December 31, 2025, there

were no derivative instruments included in the Combined Statements of Assets and Liabilities.

Volume of Monthly Derivative Activities

The average notional market value categorized by primary

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

September 30, 2025.

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

Basis of Presentation

The preparation of these financial statements

in conformity with U.S.

generally accepted accounting principles requires management to make estimates and assumptions that affect

the reported amount of net assets and liabilities and disclosure of contingent assets and liabilities at the balance sheet date.

Actual results could differ from those estimates.

Organizational and Offering Costs

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.

The average notional market value categorized

by primary underlying risk for Bitcoin Futures Contracts held was $ 0 and $ 0 for the three months ended March 31, 2026 and March 31, 2025,

respectively.

On January 16, 2026, following the Sponsor Replacement, the Fund’s investment strategy was revised to eliminate investment

in Bitcoin Futures Contracts.

Brokerage Commissions

The Sponsor recognizes the expense for

brokerage commissions for futures contract trades on a per-trade basis.

The below table shows the amounts included on the statements

of operations as total brokerage commissions.

Three Months Ended September 30, 2025

Three Months Ended September 30, 2024

Nine Months Ended September 30, 2025

Nine Months Ended September 30, 2024

The amount recorded by the Fund for the

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

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

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

Margin is the minimum amount of funds that

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

in futures contracts.

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

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

or sales price of the contract.

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

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

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

the initial margin.

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

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

the contract.

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

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

Over the counter trading generally

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

one or both parties to address credit exposure.

The Sponsor recognizes the expense for brokerage

commissions for futures contract trades on a per-trade basis.

The three moth ended March 31, 2025 and the three month ended March 31,

2026 there were no amounts included on the statements of operations as total brokerage commissions.

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

Futures contracts are customarily bought and sold on an 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

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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.

“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

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

When a trader sells an option, on the other

hand, he or she is required to deposit margin in an amount determined by the margin requirements established for the underlying interest

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

The margin requirements imposed on the selling

of options, although adjusted to reflect the probability that out-of-the-money options will not be exercised, can in fact be higher than

those imposed in dealing in the futures markets directly.

Complicated margin requirements apply to spreads and conversions, which are

complex trading strategies in which a trader acquires a mixture of options positions and positions in the underlying interest.

Ongoing or “maintenance”

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

When the market value of a particular open futures contract

changes to a point where the margin on deposit does not satisfy maintenance margin requirements, a margin call is made by the broker.

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

With respect to the Fund’s

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

Finally, many major U.S.

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

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

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

Expenses are recorded using the accrual method of accounting.

Net Income (Loss) per Share

Net income (loss) per share is the difference

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

The weighted average number of units outstanding

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

The weighted average units are equal to the

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

of time the units were outstanding during such period.

Note 2 – Sponsor Fee Allocation of Expenses and Related

Party Transactions

Effective February 10, 2025, the Fund

pays the Sponsor a management fee, monthly in arrears, in an amount equal to 0.25 % per annum of the daily net assets of the Fund

(the “Management Fee”).

Prior to February 10, 2025, the annualized rate was 0.90 %.

The Management Fee is paid in consideration

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

commodity futures trading advisory services.

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

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

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

The Fund pays all of its respective brokerage commissions, including

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

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

The Fund bears other

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

The Sponsor pays all of the routine operational,

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

fees and expenses of the Administrator (as defined below), Sub-Administrator, Cash Custodian and Bitcoin Custodian (as defined

below), Marketing Agent (as defined below), Transfer Agent (as defined below), licensors, accounting and audit fees and expenses,

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

report preparation and mailing expenses.

The Fund pays all of its non-recurring and unusual fees and expenses, if any, as determined

by the Sponsor.

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

and litigation costs or indemnification or other unanticipated expenses.

Extraordinary fees and expenses also include material

expenses which are not currently anticipated obligations of the Fund.

Routine operational, administrative and other ordinary expenses

are not deemed extraordinary expenses.

The Sponsor has the ability to elect to

pay certain expenses on behalf of the Fund or waive the management fee.

This election is subject to change by the Sponsor, at its

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

of operations for the Fund:

For the nine months ending September 30, 2025 and September

30, 2024, the Sponsor did not waive expenses.

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

Note 3 - Sponsor Fee Allocation of Expenses and Related Party Transactions

The Fund pays the Sponsor a management fee

(the “Management Fee”), monthly in arrears, in an amount equal to 0.25 % per annum of the daily NAV of the Fund.

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

The Fund employs Tidal ETF Services LLC

as the Fund’s administrator (the “Administrator”).

In turn, the Administrator has engaged U.S.

Bancorp Fund Services,

LLC, doing business as U.S.

Bank Global Fund Services (“Global Fund Services”) to act as sub-administrator.

The Administrator

is a wholly-owned subsidiary of Sponsor.

The Administrator also assists the Fund and the Sponsor with certain functions and duties

relating to marketing, which include the following:

marketing and sales strategy and marketing related services.

Cash Custodian, Registrar, Transfer Agent, Fund Sub-Administrator

In its capacity as the Fund’s custodian,

the Custodian, currently U.S.

Bank, N.A., holds the Fund’s securities, cash and/or cash equivalents pursuant to a custodial

Effective January 16, 2026, the Fund employs Global

Fund Services as the Fund’s administrator.

As the Administrator, Global Fund Services performs certain administrative and accounting

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

Prior to January 16, 2026, the Fund employed Tidal

ETF Services LLC as the Fund’s administrator.

In turn, Tidal ETF Services LLC engaged Global Fund Services to act as sub-administrator.

Tidal ETF Services LLC is a wholly-owned subsidiary of Tidal.

While serving as the Fund’s administrator, Tidal ETF Services LLC

also assisted the Fund and Tidal 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

Bank, N.A., in its capacity as the Fund’s

cash custodian (the “Cash Custodian”), holds the Fund’s securities, cash and/or cash equivalents pursuant to a custodial

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

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

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.

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

Bitcoin Custodian

Holdings of the Fund

also includes bitcoin.

Such investments are held by BitGo Trust Company, Inc.

(the “Bitcoin Custodian”) on behalf of

The 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.

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.

Custodian is responsible for safekeeping passwords, keys or phrases that allow transfers of digital assets (the “Security Factors”)

to be 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 cover, at least

partially, risks such as the loss of client assets held in cold storage, including from employee collusion or fraud, physical loss including

theft, damage of key material, security breach or hack, and fraudulent transfer.

Marketing Agent

The Fund employs Foreside Fund Services,

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

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

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

and approval of all Fund sales literature and advertising material.

The Marketing Agent’s principal business address is Three

Canal Plaza, Suite 100, Portland, Maine 04101.

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

Support Agent

The Administrator also assists the Fund and the Sponsor

with certain functions and duties relating to administration and marketing, which include the following:

marketing and sales strategy

and marketing related services.

Digital Asset Adviser

Hashdex Asset Management

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

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

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

As Digital Asset Adviser,

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

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

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

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

or operation of the Fund.

Effective January 16, 2026,

the Fund employs Paralel Distributors LLC as the marketing agent for the Fund (the “Marketing Agent”).

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 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 1700

Broadway, Suite 1850, Denver CO 80290.

The Marketing Agent is a broker-dealer registered with the SEC and a member of the Financial Industry

Regulatory Authority (“FINRA”).

Prior to January 16, 2026, 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 for the Fund (“Foreside”).

Foreside’s principal

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

Foreside is a broker-dealer registered with the SEC and a member

D ig ital Asset

Prior to becoming the Fund’s

sponsor on January 16, 2026, Hashdex served as the Fund’s digital asset adviser.

As the digital asset adviser, Hashdex was responsible

for providing Tidal and Tidal ETF Services LLC 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.

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 the Sponsor.

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

Note 5 - Financial Highlights

The following tables present per unit performance

data and other supplemental financial data for the three and nine months ended September 30, 2025 and 2024.

This information has

been derived from information presented in the financial statements and is presented with total expenses gross of expenses waived

by the Sponsor and with total expenses net of expenses waived by the Sponsor, as appropriate.

HASHDEX BITCOIN

(FORMERLY HASHDEX BITCOIN FUTURES ETF)

FINANCIAL HIGHLIGHTS

September 30,2025

September 30,2024

September 30, 2025

September 30, 2024 *

data and other supplemental financial data for the three months ended March 31, 2026 and 2025.

This information has been derived from

information presented in the financial statements.

For the three months ended

March 31, 2026

For the three months ended

March 31, 2025

Per share operation performance

Net asset value at beginning of period

Net asset value per share, beginning of period

Income (loss) from investment operations:

6 unchanged sentences

Total expenses

Total expenses, net

Net investment income (loss)

* Reflects the operations of the Hashdex Bitcoin Futures

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

Please see Note 5 for more information.

Note 5 – Merger with Hashdex Bitcoin Futures

As reported by the Tidal Commodities

Trust I on a Form 8-K filed with the Securities and Exchange Commission on January 3, 2024 (File No.

001-41900), the Fund completed

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

Trust (the “Acquired Fund”).

Under the terms of the Merger,

each shareholder of the Acquired Fund received one share of the Fund for every one share of the Acquired Fund held on January 3,

2024 based on the net asset value per share of the Fund being equal to the net asset value per share of the Acquired Fund determined

immediately prior to the Merger closing.

The share price used for the delivery of shares of the Acquired Fund was the net asset

value per share of the Acquired Fund determined after the close of business of NYSE Arca on January 2, 2024.

Consequently, the

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

Upon the Merger closing, the Fund acquired

all the assets of the Acquired Fund and assumed all the liabilities of the Acquired Fund.

Upon the Merger closing, all of the Acquired

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

On January 3, 2024, the Fund issued

50,000 shares at net asset value of $ 2,708,819 for 50,000 shares the Acquired Fund, representing $ 2,708,819 of net assets.

combined net assets and shares outstanding of the Fund immediately after the Merger were $ 2,708,819 and 50,000 , respectively, representing

a net asset value per share of $ 54.18 .

Note 6 – Conversion to Spot Bitcoin ETF

On March 26, 2024, the Sponsor

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

The renaming of the Fund corresponds

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

of a new benchmark index effective March 27, 2024.

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

Going forward

and under normal market conditions, the Fund’s investment policy is to maximize its holdings of physical bitcoin such that

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

Up to 5 % of the Fund’s remaining

assets may be invested in CME-traded bitcoin futures contracts and in cash and cash equivalents.

Net investment loss

Note 6 - Segment Reporting

In accordance with the FASB Accounting

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

Improvements to Reportable Segment Disclosures, the Fund

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

The Fund’s investment activities

are managed by the Sponsor, which serves as the Chief Operating Decision Maker (“CODM”).

The Sponsor is responsible

for assessing the Fund’s financial performance and allocating resources.

In making these assessments, the Sponsor evaluates

the Fund’s financial results on an aggregated basis, rather than by separate segments.

As such, the Fund does not allocate

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

The Fund primarily generates income

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

Expenses incurred, including management

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

segments or business lines.

Management has determined that

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

requirements in accordance with applicable accounting standards.

In accordance with the FASB ASU 2023-07,

Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures (“ASU 2023-07”), the Fund has evaluated

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

Effective as of January 16, 2026, the

Fund’s investment activities are managed by the Chief Financial Officer of Sponsor, which serves as the Fund’s Chief Operating

Decision Maker (the “CODM”).

Prior to January 16, 2026, the Fund’s investment activities were managed by Tidal, which

served as the Fund’s CODM.

The CODM is responsible for assessing the Fund’s financial performance and allocating resources.

In making these assessments, the CODM 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 of the Sponsor 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 7 - Capital Share Transactions

The Trust creates and redeems Shares on a continuous

basis but only in Baskets of 10,000 Shares.

Only Authorized Participants can place orders to receive Baskets in exchange for cash or in-kind

for crypto assets.

The Sponsor and the Trust engage in crypto

asset transactions for converting cash into crypto assets and crypto assets into cash (in association with redemption orders).

Administrator calculates the cost to purchase (or sell in the case of a redemption order) the amount of the assets represented by

the Baskets being created (or redeemed).

The amount of assets is equal to the combined NAV of the number of Shares included in the

Baskets being created (or redeemed) determined as of 4:00 p.m.

on the day the order to create or redeem Baskets is properly

Capital share transactions in the Trust were as

March 31, 2026

For the three months ended

Shares issued

Shares redeemed

Note 8 - Subsequent Events

In preparing these

financial statements, Management has evaluated the financial statements for the nine months ended September, 30, 2025 for subsequent

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

or disclosure herein for the Fund, except for the following described below.

Amendments to the Declaration of Trust:

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

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

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

Declaration of Trust can be found here:

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

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

("Hashdex") to serve as

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

Hashdex will thereafter serve as sole

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

It is expected that the Sponsor Replacement will

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

amendment to the Fund's registration statement.

In preparing these financial

statements, management of the Sponsor has evaluated the financial statements for the three months ended March 31, 2026 for subsequent

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

herein for the Fund.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements