Form 10-Q - Quarterly report [Sections 13 or 15(d)]

Name	Symbol	Market	Type
Hashdex Bitcoin ETF	AMEX:DEFI	AMEX	Exchange Traded Fund

	Price Change	% Change	Price	High Price	Low Price	Open Price	Traded	Last Trade
	0.107	0.10%	109.99	109.88	108.40	108.40	1,238	00:54:30

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒	Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

for the quarterly period ended March 31, 2024

☐	Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

for the transition period from _________ to _________

Commission File Number: 001-41900

Tidal Commodities Trust I
	(Exact name of registrant as specified in its charter)

Delaware

92-6468665

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

234 West Florida Street, Suite 203 Milwaukee, WI 53204

(Address of principal executive offices) (Zip code)

(844) 986-7700

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each Class		Trading Symbol		Name of each exchange on which registered
Shares of beneficial interest, no par value, of Hashdex Bitcoin ETF, a series of the Registrant		DEFI		NYSE Arca, Inc.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated Filer	☒	Smaller reporting company	☒
		Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13 (a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

As of May 13, 2024, there were 160,000 shares of beneficial interest, no par value, of Hashdex Bitcoin ETF issued and outstanding.

Table of Contents

Page

Part I. FINANCIAL INFORMATION

Item 1. Financial Statements	3

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	4

Item 3. Quantitative and Qualitative Disclosures About Market Risk	12

Item 4. Controls and Procedures	12

Part II. OTHER INFORMATION

Item 1. Legal Proceedings	13

Item 1A. Risk Factors applicable to Funds	13

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	13

Item 3. Defaults Upon Senior Securities	13

Item 4. Mine Safety Disclosures	13

Item 5. Other Information	13

Item 6. Exhibits

Part I. FINANCIAL INFORMATION

Item 1. Financial Statements.

Index to Financial Statements

Documents

Page

TIDAL COMMODITIES TRUST I Combined Statements of Assets and Liabilities at March 31, 2024 (Unaudited) and December 31, 2023	F-1
Combined Schedule of Investments at March 31, 2024 (Unaudited) and December 31, 2023	F-2
Combined Statements of Operations (Unaudited) for the three months ended March 31, 2024 and 2023	F-4
Combined Statements of Changes in Net Assets (Unaudited) for the three months ended March 31, 2024 and 2023	F-5
Combined Statements of Cash Flows (Unaudited) for the three months ended March 31, 2024 and 2023	F-6
Notes to Combined Financial Statements	F-8
HASHDEX BITCOIN ETF Statements of Assets and Liabilities at March 31, 2024 (Unaudited) and December 31, 2023	F-20
Schedule of Investments at March 31, 2024 (Unaudited) and December 31, 2023	F-21
Statements of Operations (Unaudited) for the three months ended March 31, 2024 and 2023	F-23
Statements of Changes in Net Assets (Unaudited) for the three months ended March 31, 2024 and 2023	F-24
Statements of Cash Flows (Unaudited) for the three months ended March 31, 2024 and 2023	F-25
Notes to Financial Statements

TIDAL COMMODITIES TRUST I

COMBINED STATEMENTS OF ASSETS AND LIABILITIES

	March 31, 2024 (Unaudited)		December 31, 2023
Assets
Investments (Cost $10,578,023)	$	10,837,413	$	—
Cash and cash equivalents		237,786		1,867,663
Interest receivable		59,811		10,297
Equity in trading accounts:
Cryptocurrency futures contracts		14,259		129,519
Due from broker		233,247		582,908
Total equity in trading accounts		247,506		712,427
Total assets	$	11,382,516	$	2,590,387

Liabilities
Management fee payable to Sponsor		19,207		2,053
Equity in trading accounts:
Cryptocurrency futures contracts		13,475		51,376
Total liabilities	$	32,682	$	53,429

Net assets	$	11,349,834	$	2,536,958

Shares authorized		140,000		50,000

Net asset value per share	$	81.07	$	50.74

Market value per share	$	81.50	$	50.73

The accompanying notes are an integral part of these financial statements.

F-1

TIDAL COMMODITIES TRUST I

COMBINED SCHEDULE OF INVESTMENTS

March 31, 2024

(Unaudited)

Description: Assets	Fair Value		Percentage of Net Assets			Shares

Cryptocurrency
Bitcoin	$	10,837,413		95.49	%		15,331
Total Cryptocurrency (cost $10,578,023)	$	10,837,413		95.49	%

Cash equivalents
Money market funds
First American Government Obligations Fund - Class X, 5.29%	$	237,786		2.10	%		237,786
Total Cash Equivalents (cost $237,786)	$	237,786		2.10	%

			Percentage of			Notional Amount
Description: Assets	Fair Value		Net Assets			(Long Exposure)

Cryptocurrency futures contracts
United States CME Bitcoin Futures contracts
CME Micro Bitcoin Futures April 2024 (21 contracts)	$	14,259		`0.13	%	$	150,213
Total cryptocurrency futures contracts	$	14,259		0.13	%	$	150,213

Description: Liabilities

Cryptocurrency futures contracts
United States CME Bitcoin Futures contracts
CME Bitcoin Futures April 2024 (1 contract)	$	13,475		0.12	%	$	357,650
Total cryptocurrency futures contracts	$	13,475		0.12	%	$	357,650

The accompanying notes are an integral part of these financial statements.

F-2

TIDAL COMMODITIES TRUST I

(FORMERLY TEUCRIUM COMMODITIES TRUST)

SCHEDULE OF INVESTMENTS

December 31, 2023

Description: Assets	Yield			Fair Value		Percentage of Net Assets			Shares

Cash equivalents
Money market funds
U.S. Bank Deposit Account (cost $1,867,663)		5.27	%	$	1,867,663		73.62	%		1,867,663
Total Cash Equivalents (cost $1,867,663)				$	1,867,663		73.62	%

Description: Assets				Fair Value		Percentage of Net Assets			Notional Amount (Long Exposure)

Cryptocurrency futures contracts
United States CME Bitcoin Futures contracts
CME Bitcoin Futures JAN 24 (6 contracts)				$	129,519		5.11	%	$	1,274,500
Total cryptocurrency futures contracts				$	129,519		5.11	%	$	1,274,500

Description: Liabilities

Cryptocurrency futures contracts
United States CME Bitcoin Futures contracts
CME Bitcoin Futures FEB 24 (6 contracts)					51,376		2.03	%	$	1,288,500
Total cryptocurrency futures contracts				$	51,376		2.03	%	$	1,288,500

The accompanying notes are an integral part of these financial statements.

F-3

TIDAL COMMODITIES TRUST I

COMBINED STATEMENTS OF OPERATIONS

(Unaudited)

	Three Months Ended March 31, 2024			Three Months Ended March 31, 2023

Income
Realized and unrealized gain (loss) on trading of cryptocurrency futures contracts:
Realized gain (loss) on cryptocurrency futures contracts	$	7,635,018		$	629,551
Net change in unrealized appreciation/depreciation on investments		259,390			—
Net change in unrealized appreciation/depreciation on cryptocurrency futures contracts		(77,359	)		128,468
Broker interest income		59,803			—
Interest income		118,946			13,448
Total income (loss)		7,995,798			771,467

Expenses
Management fees		42,381			3,395
Professional fees		—			58,820
Distribution and marketing fees		—			1,362
Custodian fees and expenses		—			259
Business permits and license fees		—			10,129
General and administrative expenses		—			—
Broker expenses		16,148			—
Total expenses		58,529			73,965

Expenses waived by the Sponsor		—			(70,570	)

Total expenses, net		58,529			3,395

Net income (loss)	$	7,937,269		$	768,072

The accompanying notes are an integral part of these financial statements.

F-4

TIDAL COMMODITIES TRUST I

COMBINED STATEMENTS OF CHANGES IN NET ASSETS

(Unaudited)

	Three Months Ended March 31, 2024			Three Months Ended March 31, 2023

Operations
Net income (loss)	$	7,937,269		$	768,072
Capital transactions
Issuance of Shares		17,089,625			367,689
Redemption of Shares		(16,214,018	)		—
Net change in the cost of the Underlying Funds		—			—
Total capital transactions		875,607			367,689
Net change in net assets		8,812,876			1,135,761

Net assets, beginning of period	$	2,536,958		$	1,070,263

Net assets, end of period	$	11,349,834		$	2,206,024

The accompanying notes are an integral part of these financial statements.

F-5

TIDAL COMMODITIES TRUST I

STATEMENTS OF CASH FLOWS

(Unaudited)

	Three Months Ended March 31, 2024			Three Months Ended March 31, 2023
Cash flows from operating activities
Net income (loss)	$	7,937,269		$	768,072
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		77,359			(128,468	)
Changes in operating assets and liabilities:
Investments		(10,837,413	)		—
Due from broker		349,661			(109,824	)
Interest receivable		(49,514	)		(2,124	)
Other assets		—			—
Due to broker		—			—
Management fee payable to Sponsor		17,154			408
Other liabilities		—			—
Net cash provided by (used in) operating activities		(2,505,484	)		528,064
Cash flows from financing activities:
Proceeds from sale of Shares		17,089,625			—
Redemption of Shares		(16,214,018	)		—
Net change in cost of the Underlying Funds		—			—
Net cash provided by (used in) financing activities		875,607			—

Net change in cash and cash equivalents		(1,629,877	)		528,064
Cash and cash equivalents, beginning of period		1,867,663			701,969
Cash and cash equivalents, end of period	$	237,786		$	1,230,033

The accompanying notes are an integral part of these financial statements.

F-6

TIDAL COMMODITIES TRUST I

FINANCIAL HIGHLIGHTS

	Three Months Ended			Three Months Ended
	March 31, 2024			March 31, 2023
Per Share Operation Performance
Net asset value at beginning of period	$	50.74		$	21.40
Income (loss) from investment operations:
Investment income		0.62			0.27
Net realized and unrealized gain (loss) on cryptocurrency futures contracts		29.91			15.16
Total expenses		(0.20	)		(0.07	)
Net increase (decrease) in net asset value		30.33			15.36
Net asset value at end of period	$	81.07		$	36.76
Total Return		59.78	%		71.79	%
Ratios to Average Net Assets (Annualized)
Total expenses		1.30	%		20.48	%
Total expenses, net		1.30	%		0.94	%
Net investment income (loss)		2.67	%		2.78	%

The accompanying notes are an integral part of these financial statements.

F-7

NOTES TO FINANCIAL STATEMENTS

March 31, 2024 (Unaudited)

Note 1 – Organization and Significant Accounting Policies

These footnotes represent the footnotes to Hashdex Bitcoin ETF’s Statement of Assets and Liabilities and the Combined Financial Statements of Tidal Commodities Trust I.

Hashdex Bitcoin ETF (the “Fund”) is a series of Tidal Commodities Trust I (“Trust”), a Delaware statutory trust organized on February 10, 2023. The Fund operates pursuant to the First Amended and Restated Declaration of Trust and Trust Agreement (“Trust Agreement”), dated March 10, 2023. The Trust is registered with the U.S. Securities and Exchange Commission (“SEC”) under the Securities Act of 1933, as amended (together with the rules and regulations adopted thereunder, as amended, the “1933 Act”), as an exchange-traded fund. The Fund was formed and is managed and controlled by the Sponsor, a limited liability company formed in Delaware on March 14, 2012. The sponsor of the Fund is Tidal Investments LLC (f/k/a Toroso Investments, LLC, the “Sponsor”), The Sponsor is registered as a commodity pool operator (“CPO”) with the Commodity Futures Trading Commission (“CFTC”) and is a member of the National Futures Association (“NFA”). The Fund intends to be treated as a partnership for U.S. federal income tax purposes.

On January 2, 2024, the initial Form S-1 for DEFI was declared effective by the U.S. Securities and Exchange Commission (“SEC”). The Fund is the successor and surviving entity from the merger (the “Merger”) of the Hashdex Bitcoin Futures ETF (the “Predecessor Fund”) into the Fund. The Predecessor Fund was a series of the Teucrium Commodity Trust (the “Predecessor Trust”) sponsored by Teucrium Trading, LLC (“Prior Sponsor”). The Merger closed on January 3, 2024. In connection with the Merger, the Predecessor Fund shareholders received one Share for each share of the Predecessor Fund they owned prior to the Merger.

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”), and 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 accompanying unaudited financial statements have been prepared in accordance with Rule 10-01 of Regulation S-X promulgated by the SEC and, therefore, do not include all information and footnote disclosures required under accounting principles generally accepted in the United States of America (“GAAP”). The financial information included herein is unaudited; however, such financial information reflects all adjustments which are, in the opinion of management, necessary for the fair presentation of the Fund’s financial statements for the interim period. It is suggested that these interim financial statements be read in conjunction with the financial statements and related notes included in the Trust’s Annual Report on Form 10-K, as well as the most recent Form S-1 filing, as applicable. The operating results through March 31, 2023 are not necessarily indicative of the results to be expected from the full year ended December 31, 2024.

The Fund continuously offers and redeems shares (“Shares”) in blocks of at least 10,000 Shares (each such block, a “Creation Unit”) at an initial price per Share of $25. Only Authorized Participants may purchase and redeem Shares from the Fund and then only in Creation Units. An Authorized Participant is an entity that has entered into an Authorized Participant Agreement with the Trust and the Sponsor. Shares are offered on a continuous basis to Authorized Participants in Creation Units at NAV. Authorized Participants may then offer to the public, from time to time, shares from any Creation Unit they create at a per-share market price. 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.

F-8

Significant accounting policies of the Fund are as follows:

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 Tidal from their independent legal counsel and a Commodity Futures Trading Commission determination that treats bitcoin as a commodity under the Commodity Exchange Act, the Fund intends to take the position that bitcoin and Bitcoin Futures Contracts consist of futures on commodities for purposes of the qualifying income exception under section 7704 of the Code. Accordingly, the Fund expects that at least 90% of the Fund’s gross income for each taxable year will consist of qualifying income and that the Fund will be taxed as a partnership for U.S. federal income tax purposes. Therefore, the Fund does not record a provision for income taxes because the shareholders report their share of the Fund’s income or loss on their income tax returns.

The Fund is required to determine whether a tax position is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Fund will file income tax returns in the U.S. federal jurisdiction and may file income tax returns in various U.S. states and foreign jurisdictions.

The Fund may be subject to potential examination by U.S. federal, U.S. state, or foreign jurisdictional authorities in the area of income taxes. These potential examinations may include among other things questioning the tax classification of the Fund, the timing and amount of deductions, the nexus of income among various tax jurisdictions, and compliance with U.S. federal, U.S. state and foreign tax laws.

Creation and Redemptions

Authorized Purchasers may purchase Creation Baskets consisting of 10,000 Shares from the Fund. The amount of the proceeds required to purchase a Creation Basket will be equal to the NAV of the Shares in the Creation Basket determined as of 4:00 p.m. (ET) on the day the order to create the basket is received in good order.

Authorized Purchasers may redeem Shares from the Fund only in blocks of 10,000 Shares called “Redemption Baskets.” The amount of the redemption proceeds for a Redemption Basket will be equal to the NAV of the Shares in the Redemption Basket determined as of 4:00 p.m. (ET) on the day the order to redeem the basket is received in good order.

The Fund will receive the proceeds from Shares sold or will pay for redeemed Shares within three business days after the trade date of the purchase or redemption, respectively. The amounts due from Authorized Purchasers will be

F-9

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 Registration Statement on Form S-1, filed with the SEC on March 18, 2024, 10,000 Shares represent five Redemption Baskets for the Fund and a minimum level of Shares. If the Fund experienced redemptions that caused the number of Shares outstanding to decrease to the minimum level of Shares required to be outstanding, until the minimum number of Shares is again exceeded through the purchase of a new Creation Basket, there can be no more redemptions by an Authorized Purchaser.

Calculation of Net Asset Value

The Fund’s NAV is calculated by:

	●	Taking the current market value of its total assets;
	●	Subtracting any liabilities; and
	●	Dividing the above total by the number of Shares outstanding.

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Global Fund Services”), the Fund's sub-administrator, 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. (ET). The NAV for a particular trading day will be released after 4:15 p.m. (ET).

To determine the value of Bitcoin Futures Contracts, Global Fund Services uses the settlement price for the Benchmark Component Futures Contracts, as reported on the CME. CME Group staff determines the daily settlements for the Benchmark Component Futures Contracts based on trading activity on CME Globex exchange between 14:59:00 and 15:00:00 Central Time (CT), the settlement period. When a Bitcoin Futures Contract has closed at its daily price fluctuation limit, that limit price will be the daily settlement price that the CME publishes. The Fund will use the published settlement price to 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:

F-10

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.

March 31, 2024

	Level 1		Level 2		Level 3		Balance as of March 31, 2024
Assets:
Cryptocurrency	$	—	$	10,837,413	$	—	$	10,837,413
Money market funds		237,786		—		—		237,786
Bitcoin futures contracts		14,259		—		—		14,259
Total	$	252,045	$	10,837,413	$	—	$	11,089,458

Liabilities:
Bitcoin futures contracts	$	13,475	$	—	$	—	$	13,475

December 31, 2023

	Level 1		Level 2		Level 3		Balance as of December 31, 2023
Assets:
Cash Equivalents	$	1,867,663	$	—	$	—	$	1,867,663
Bitcoin futures contracts		129,519		—		—		129,519
Total	$	1,997,182	$	—	$	—	$	1,997,182

Liabilities:
Bitcoin futures contracts	$	51,376	$	—	$	—	$	51,376

For the three months ended March 31, 2024 and year ended December 31, 2023, the Fund did not have any significant transfers between any of the levels of the fair value hierarchy.

F-11

Derivative Investments

In the normal course of business, the Fund utilizes derivative contracts in connection with its proprietary trading activities. Investments in derivative contracts are subject to additional risks that can result in a loss of all or part of an investment. The Fund’s derivative activities and exposure to derivative contracts are classified by the following primary underlying risks: interest rate, credit, commodity price, and equity price risks. In addition to its primary underlying risks, the Fund is also subject to additional counterparty risk due to inability of its counterparties to meet the terms of their contracts.

Futures Contracts

The Fund is subject to cryptocurrency price risk in the normal course of pursuing its investment objectives. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date.

The purchase and sale of futures contracts requires margin deposits with a Futures Commission Merchant (“FCM”). Subsequent payments (variation margin) are made or received by the Fund each day, depending on the daily fluctuations in the value of the contract, and are recorded as unrealized gains or losses by the Fund. Futures contracts may reduce the Fund’s exposure to counterparty risk since futures contracts are exchange-traded; and the exchange’s clearinghouse, as the counterparty to all exchange-traded futures, guarantees the futures against default.

The Commodity Exchange Act requires an FCM to segregate all customer transactions and assets from the FCM’s proprietary activities. A customer’s cash and other equity deposited with an FCM are considered commingled with all other customer funds subject to the FCM’s segregation requirements. In the event of an FCM’s insolvency, recovery may be limited to the Fund’s pro rata share of segregated customer funds available. It is possible that the recovery amount could be less than the total of cash and other equity deposited.

The following table discloses information about offsetting assets and liabilities presented in the statements of assets and liabilities to enable users of these financial statements to evaluate the effect or potential effect of netting arrangements for recognized assets and liabilities. These recognized assets and liabilities are presented as defined in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Update (“ASU”) No. 2011-11 “Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities” and subsequently clarified in FASB ASU 2013-01 “Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.”

F-12

The following table also 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 as of March 31, 2024.

Offsetting of Financial Assets and Derivative Assets as of March 31, 2024

							(iv) Gross Amount Not Offset In the Statement of Asset and Liabilities
Description	(i) Gross Amount of Recognized Assets		(ii) Gross Amount Offset in the Statement of Assets and		(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	$	14,259	$	—	$	14,259	$	13,475	$	—	$	784

Offsetting of Financial Liabilities and Derivative Assets as of March 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	$	13,475	$	—	$	13,475	$	13,475	$	—		—

Offsetting of Financial Assets and Derivative Assets as of December 31, 2023

							(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	$	129,519	$	—		129,519		51,376	$	—		78,143

Offsetting of Financial Liabilities and Derivative Assets as of December 31, 2023

							(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	$	51,376	$	—		51,376		51,376	$	—	$	—

F-13

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:

Three months ended March 31, 2024.

	Realized Gain (Loss) on Commodity Futures Contracts		Net Change in Unrealized Appreciation/ Depreciation on Commodity Futures Contracts
Cryptocurrency Price
Bitcoin futures contracts	$	7,635,018		(77,359	)

Three months ended March 31, 2023.

	Realized Gain (Loss) on Commodity Futures Contracts		Net Change in Unrealized Appreciation/ Depreciation on Commodity Futures Contracts
Cryptocurrency Price
Bitcoin futures contracts	$	629,551	$	128,468

Volume of Derivative Activities

The average notional market value categorized by primary underlying risk for all futures contracts held was $9.4 million and $1.7 million respectively for the three months ended March 31, 2024, and for the three months ended March 31, 2023.

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.

F-14

Revenue Recognition

Investment transactions are accounted for on a trade-date basis. All such transactions are recorded on the identified cost basis and marked to market daily. Unrealized appreciation or depreciation on investments are reflected in the statements of operations as the difference between the original amount and the fair market value as of the last business day of the year or as of the last date of the financial statements. Changes in the appreciation or depreciation between periods are reflected in the statements of operations.

Brokerage Commissions

The Sponsor recognizes the expense for brokerage commissions for futures contract trades on a per-trade basis. The below table shows the amounts included on the statements of operations as total brokerage commissions paid inclusive of unrealized loss.

Three Months Ended March 31, 2024	$	5,781
Three Months Ended March 31, 2023	$	609

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.

F-15

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 2 – 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 0.90% per annum of the daily NAV of the Fund. The Management Fee is paid in consideration of the Sponsor’s services related to the management of the Fund’s business and affairs, including the provision of commodity futures trading advisory services. Purchases of creation units with cash may cause the Fund to incur certain costs including brokerage commissions and redemptions of creation units with cash may result in the recognition of gains or losses that the Fund might not have incurred if it had made redemptions in-kind. The Fund pays all of its respective brokerage commissions, including applicable exchange fees, National Futures Association fees and give-up fees, and other transaction related fees and expenses charged in connection with trading activities for the Fund’s investments in Commodity Futures Trading Commission regulated investments. The Fund bears other transaction costs related to the futures commission merchants capital requirements on a monthly basis. The Sponsor pays all of the routine operational, administrative and other ordinary expenses of the Fund, generally as determined by the Sponsor, including but not limited to, fees and expenses of the Administrator, Sub-Administrator, Custodian, Distributor, Transfer Agent, licensors, accounting and audit fees and expenses, tax preparation expenses, legal fees, ongoing SEC registration fees, individual Schedule K-1 preparation and mailing fees, and report preparation and mailing expenses. The Fund pays all of its non-recurring and unusual fees and expenses, if any, as determined by the Sponsor. Non-recurring and unusual fees and expenses are unexpected or unusual in nature, such as legal claims and liabilities and litigation costs or indemnification or other unanticipated expenses. Extraordinary fees and expenses also include material expenses which are not currently anticipated obligations of the Fund. Routine operational, administrative and other ordinary expenses are not deemed extraordinary expenses.

The Sponsor has the ability to elect to pay certain expenses on behalf of the Fund or waive the management fee. This election is subject to change by the Sponsor, at its discretion. Expenses paid by the Sponsor or the Prior Sponsor are, if applicable, presented as waived expenses in the statements of operations for the Fund:

Three Months Ended March 31, 2024	$	—
Three Months Ended March 31, 2023		70,570

For the three months ending March 31, 2024, the Sponsor did not waive expenses. For the three months ending March 31, 2023 the Prior Sponsor waived the above expenses.

Administrator

The Fund employs Tidal ETF Services LLC as the Fund’s administrator (the “Administrator”). In turn, the Administrator has engaged U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Global Fund Services”) to act as sub-administrator. The Administrator is a wholly-owned subsidiary of Sponsor. The Administrator also assists the Fund and the Sponsor with certain functions and duties relating to marketing, which include the following: marketing and sales strategy and marketing related services.

F-16

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

In its capacity as the Fund’s custodian, the Custodian, currently U.S. Bank, N.A., holds the Fund’s securities, cash and/or cash equivalents pursuant to a custodial agreement. Global Fund Services, an entity affiliated with U.S. Bank, N.A., is the registrar and transfer agent for the Fund’s Shares. In addition, Global Fund Services also serves as sub-administrator for the Fund, performing certain sub-administrative, and accounting services, and support in preparing certain SEC and CFTC reports on behalf of the Fund.

Bitcoin Custodian

Holdings of the Fund also includes bitcoin. Such investments are held by BitGo Trust Company, Inc. (the “Bitcoin Custodian”) on behalf of the Fund. The Bitcoin Custodian will keep custody of all of the Fund’s bitcoin in a multi-layer, multi-party cold storage or similarly secure technology. The Bitcoin Custodian is responsible for safekeeping passwords, keys or phrases that allow transfers of digital assets (“Security Factors”) safe, secure and confidential. 100% of the private keys will be held in cold storage. The Bitcoin Custodian will establish the Bitcoin Accounts on the Bitcoin Network solely for the Fund. The Bitcoin Custodian will follow valid instructions given by the Sponsor to use the Fund’s Security Factors to effect transfers to and from the Bitcoin Accounts. The Fund’s bitcoin will be held in segregated wallets and will not be commingled with the assets of other customers. The Bitcoin Custodian has an insurance policy that covers, at least partially, risks such as the loss of client assets held in cold storage, including from employee collusion or fraud, physical loss including theft, damage of key material, security breach or hack, and fraudulent transfer.

Marketing Agent

The Fund employs Foreside Fund Services, LLC, a wholly-owned subsidiary of Foreside Financial Group, LLC (d/b/a ACA Group) as the Marketing Agent for the Fund. The Marketing Agent Agreement among the Marketing Agent and the Trust calls for the Marketing Agent to work with the Custodian in connection with the receipt and processing of orders for Creation Baskets and Redemption Baskets and the review and approval of all Fund sales literature and advertising material. The Marketing Agent’s principal business address is Three Canal Plaza, Suite 100, Portland, Maine 04101. The Marketing Agent is a broker-dealer registered with the SEC and a member of FINRA.

Support Agent

The Administrator also assists the Fund and the Sponsor with certain functions and duties relating to administration and marketing, which include the following: marketing and sales strategy and marketing related services.

Digital Asset Adviser

Hashdex Asset Management Ltd. (“Hashdex” or the “Digital Asset Adviser”) is a Cayman Islands investment manager (and an Exempt Reporting Advisor under SEC rules) that specializes in, among other things, the management, research, investment analysis and other investment support services of funds and ETFs with investment strategies involving bitcoin and other crypto assets. As Digital Asset Adviser, Hashdex is responsible for providing the Sponsor and the Administrator with research and analysis regarding bitcoin and bitcoin markets for use in the operation and marketing of the Fund. Hashdex has no role in maintaining, calculating or publishing the Benchmark. Hashdex also has no responsibility for the investment or management of the Fund’s portfolio or for the overall performance or operation of the Fund.

F-17

Note 3 – Transactions with Affiliates

The Trust has no directors, officers or employees and is managed by the Sponsor. The Administrator is a wholly-owned subsidiary of the Sponsor.

Note 4 – Financial Highlights

The following table presents per unit performance data and other supplemental financial data for the three months ended March 31, 2024. This information has been derived from information presented in the financial statements and is presented with total expenses gross of expenses waived by the Sponsor and with total expenses net of expenses waived by the Sponsor, as appropriate.

HASHDEX BITCOIN ETF

FINANCIAL HIGHLIGHTS

	Three Months Ended			Three Months Ended
	March 31, 2024			March 31, 2023
Per Share Operation Performance
Net asset value at beginning of period	$	50.74		$	21.40
Income (loss) from investment operations:
Investment income		0.62			0.27
Net realized and unrealized gain (loss) on cryptocurrency futures contracts		29.91			15.16
Total expenses		(0.20	)		(0.07	)
Net increase (decrease) in net asset value		30.33			15.36
Net asset value at end of period	$	81.07		$	36.76
Total Return		59.78	%		71.79	%
Ratios to Average Net Assets (Annualized)
Total expenses		1.30	%		20.48	%
Total expenses, net		1.30	%		0.94	%
Net investment income (loss)		2.67	%		2.78	%

Note 5 – Merger with Hashdex Bitcoin Futures ETF

As reported by the Tidal Commodities Trust I on a Form 8-K filed with the Securities and Exchange Commission on January 3, 2024 (File No. 001-41900), the Fund completed the successful acquisition by merger (the “Merger”) of the Hashdex Bitcoin Futures ETF, a series of the Teucrium Commodity Trust (the “Acquired Fund”).

Under the terms of the Merger, each shareholder of the Acquired Fund received one share of the Fund for every one share of the Acquired Fund held on January 3, 2024 based on the net asset value per share of the Fund being equal to the net asset value per share of the Acquired Fund determined immediately prior to the Merger closing. The share price used for the delivery of shares of the Acquired Fund was the net asset value per share of the Acquired Fund determined after the close of business of NYSE Arca on January 2, 2024. Consequently, the Merger resulted in a one-for-one exchange of shares between the Acquired Fund and the Fund. Upon the Merger closing, the Fund acquired all the assets of the Acquired Fund and assumed all the liabilities of the Acquired Fund. Upon the Merger closing, all of the Acquired Fund’s shares were cancelled and the Acquired Fund was liquidated.

F-18

The sponsor of the Acquired Fund, Teucrium Trading, LLC (“Teucrium”), is not receiving any compensation dependent on the consummation of the Merger. Pursuant to a certain Amended and Restated ’33 Act Fund Platform Support Agreement, as amended (the “Support Agreement”) among Tidal, Administrator, Hashdex, and Teucrium, Tidal has 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 will never be less than 0.04% of monthly average net assets of the Fund (“Teucrium Compensation”). Any payment of the Teucrium Compensation will be made from the resources of 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 Acquired Fund, representing $2,708,819 of net assets. The combined net assets and shares outstanding of the Fund immediately after the Merger were $2,708,819 and 50,000, respectively, representing a net asset value per share of $54.18.

Note 6 – Conversion to Spot Bitcoin ETF

On March 26, 2024, the Sponsor announced the renaming of the Fund from the Hashdex Bitcoin Futures ETF to the Hashdex Bitcoin ETF. The renaming of the Fund corresponds to its completion of the conversion of its investment strategy to allow the Fund to provide spot bitcoin holdings and its tracking of a new benchmark index effective March 27, 2024.

The Fund’s new benchmark index is the Nasdaq Bitcoin Reference Price - Settlement (NQBTCS), which better reflects the Fund’s new strategy of direct bitcoin investment. Going forward and under normal market conditions, the Fund’s investment policy is to maximize its holdings of physical bitcoin such that it is expected that at least 95% of the Fund’s assets will be invested in spot bitcoin. Up to 5% of the Fund’s remaining assets may be invested in CME-traded bitcoin futures contracts and in cash and cash equivalents.

Note 7 – Subsequent Events

In preparing these financial statements, Management has evaluated the financial statements for the three months ended March 31, 2024 for subsequent events through the date of this filing and noted no material events requiring either recognition through the date of the filing or disclosure herein for the Fund.

F-19

HASHDEX BITCOIN ETF

STATEMENTS OF ASSETS AND LIABILITIES

	March 31, 2024 (Unaudited)		December 31, 2023
Assets
Investments (Cost $10,578,023)	$	10,837,413	$	—
Cash and cash equivalents		237,786		1,867,663
Interest receivable		59,811		10,297
Equity in trading accounts:
Cryptocurrency futures contracts		14,259		129,519
Due from broker		233,247		582,908
Total equity in trading accounts		247,506		712,427
Total assets	$	11,382,516	$	2,590,387

Liabilities
Management fee payable to Sponsor		19,207		2,053
Equity in trading accounts:
Cryptocurrency futures contracts		13,475		51,376
Total liabilities	$	32,682	$	53,429

Net assets	$	11,349,834	$	2,536,958

Shares authorized		140,000		50,000

Net asset value per share	$	81.07	$	50.74

Market value per share	$	81.50	$	50.73

The accompanying notes are an integral part of these financial statements.

F-20

HASHDEX BITCOIN ETF

SCHEDULE OF INVESTMENTS

March 31, 2024

(Unaudited)

Description: Assets	Fair Value		Percentage of Net Assets			Shares

Cryptocurrency
Bitcoin	$	10,837,413		95.49	%		15,331
Total Cryptocurrency (cost $10,578,023)	$	10,837,413		95.49	%

Cash equivalents
Money market funds
First American Government Obligations Fund - Class X, 5.29%	$	237,786		2.10	%		237,786
Total Cash Equivalents (cost $237,786)	$	237,786		2.10	%

Description: Assets	Fair Value		Percentage of Net Assets			Notional Amount (Long Exposure)

Cryptocurrency futures contracts
United States CME Bitcoin Futures contracts
CME Micro Bitcoin Futures April 2024 (21 contracts)	$	14,259		0.13	%	$	150,213
Total cryptocurrency futures contracts	$	14,259		0.13	%	$	150,213

Description: Liabilities

Cryptocurrency futures contracts
United States CME Bitcoin Futures contracts
CME Bitcoin Futures April 2024 (1 contract)	$	13,475	0.12	%	$	357,650
Total cryptocurrency futures contracts	$	13,475	0.12	%	$	357,650

The accompanying notes are an integral part of these financial statements.

F-21

HASHDEX BITCOIN ETF

(FORMERLY HASHDEX BITCOIN FUTURES ETF)

SCHEDULE OF INVESTMENTS

December 31, 2023

Description: Assets	Yield			Fair Value		Percentage of Net Assets			Shares

Cash equivalents
Money market funds
U.S. Bank Deposit Account (cost $1,867,663)		5.27	%	$	1,867,663		73.62	%		1,867,663
Total Cash Equivalents (cost $1,867,663)				$	1,867,663		73.62	%

	Fair Value		Percentage of Net Assets			Notional Amount (Long Exposure)
Description: Assets

Cryptocurrency futures contracts
United States CME Bitcoin Futures contracts
CME Bitcoin Futures JAN 24 (6 contracts)	$	129,519		5.11	%	$	1,274,500
Total cryptocurrency futures contracts	$	129,519		5.11	%	$	1,274,500

Description: Liabilities

Cryptocurrency futures contracts
United States CME Bitcoin Futures contracts
CME Bitcoin Futures FEB 24 (6 contracts)		51,376	2.03	%	$	1,288,500
Total cryptocurrency futures contracts	$	51,376	2.03	%	$	1,288,500

The accompanying notes are an integral part of these financial statements.

F-22

HASHDEX BITCOIN ETF

STATEMENTS OF OPERATIONS

(Unaudited)

	Three Months Ended			Three Months Ended
	March 31, 2024			March 31, 2023
Income
Realized and unrealized gain (loss) on trading of cryptocurrency futures contracts:
Realized gain (loss) on cryptocurrency futures contracts	$	7,635,018		$	629,551
Net change in unrealized appreciation/depreciation on investments		259,390			—
Net change in unrealized appreciation/depreciation on cryptocurrency futures contracts		(77,359	)		128,468
Broker interest income		59,803			—
Interest income		118,946			13,448
Total income (loss)		7,995,798			771,467

Expenses
Management fees		42,381			3,395
Professional fees		—			58,820
Distribution and marketing fees		—			1,362
Custodian fees and expenses		—			259
Business permits and license fees		—			10,129
General and administrative expenses		—			—
Broker expenses		16,148			—
Total expenses		58,529			73,965

Expenses waived by the Sponsor		—			(70,570	)

Total expenses, net		58,529			3,395

Net income (loss)	$	7,937,269		$	768,072

The accompanying notes are an integral part of these financial statements.

F-23

HASHDEX BITCOIN ETF

STATEMENTS OF CHANGES IN NET ASSETS

(Unaudited)

	Three Months Ended			Three Months Ended
	March 31, 2024			March 31, 2023
Operations
Net income (loss)	$	7,937,269		$	768,072
Capital transactions
Issuance of Shares		17,089,625			367,689
Redemption of Shares		(16,214,018	)		—
Net change in the cost of the Underlying Funds		—			—
Total capital transactions		875,607			367,689
Net change in net assets		8,812,876			1,135,761

Net assets, beginning of period	$	2,536,958		$	1,070,263

Net assets, end of period	$	11,349,834		$	2,206,024

The accompanying notes are an integral part of these financial statements.

F-24

HASHDEX BITCOIN ETF

STATEMENT OF CASH FLOWS

(Unaudited)

	Three Months Ended March 31, 2024			Three Months Ended March 31, 2023
Cash flows from operating activities
Net income (loss)	$	7,937,269		$	768,072
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		77,359			(128,468	)
Changes in operating assets and liabilities:
Investments		(10,837,413	)		—
Due from broker		349,661			(109,824	)
Interest receivable		(49,514	)		(2,124	)
Other assets		—			—
Due to broker		—			—
Management fee payable to Sponsor		17,154			408
Other liabilities		—			—
Net cash provided by (used in) operating activities		(2,505,484	)		528,064
Cash flows from financing activities:
Proceeds from sale of Shares		17,089,625			—
Redemption of Shares		(16,214,018	)		—
Net change in cost of the Underlying Funds		—			—
Net cash provided by (used in) financing activities		875,607			—

Net change in cash and cash equivalents		(1,629,877	)		528,064
Cash and cash equivalents, beginning of period		1,867,663			701,969
Cash and cash equivalents, end of period	$	237,786		$	1,230,033

The accompanying notes are an integral part of these financial statements.

F-25

HASHDEX BITCOIN ETF

FINANCIAL HIGHLIGHTS

	Three Months Ended March 31, 2024			Three Months Ended March 31, 2023
Per Share Operation Performance
Net asset value at beginning of period	$	50.74		$	21.40
Income (loss) from investment operations:
Investment income		0.62			0.27
Net realized and unrealized gain (loss) on cryptocurrency futures contracts		29.91			15.16
Total expenses		(0.20	)		(0.07	)
Net increase (decrease) in net asset value		30.33			15.36
Net asset value at end of period	$	81.07		$	36.76
Total Return		59.78	%		71.79	%
Ratios to Average Net Assets (Annualized)
Total expenses		1.30	%		20.48	%
Total expenses, net		1.30	%		0.94	%
Net investment income (loss)		2.67	%		2.78	%

The accompanying notes are an integral part of these financial statements.

F-26

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

This information should be read in conjunction with the financial statements and notes included in Item 1 of Part I of this Quarterly Report (the “Report”). The discussion and analysis which follows may contain trend analysis and other forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 which reflect our current views with respect to future events and financial results. Words such as “anticipate,” “expect,” “intend,” “plan,” “believe,” “seek,” “outlook” and “estimate,” as well as similar words and phrases, signify forward-looking statements. The forward-looking statements of Tidal Commodities Trust I (the “Trust”) are not a guarantee of future results and conditions, and important factors, risks and uncertainties may cause our actual results to differ materially from those expressed in our forward-looking statements. Whether or not actual results and developments will conform to our Sponsor’s expectations and predictions, however, is subject to a number of risks and uncertainties, including the special considerations discussed in this Report; general economic, market and business conditions; changes in laws or regulations, including those concerning taxes, made by governmental authorities or regulatory bodies; the costs and effect of any litigation or regulatory investigations; technology developments regarding the use of bitcoin and other digital assets, including the systems used by Tidal Investments LLC (the “Sponsor”) in its provision of services to the Trust; the Sponsor’s conflict of interest in allocating resources among its different clients and the pursuit of future business or investment opportunities by the Sponsor, its officers and/or affiliated entities; and other world economic and political developments.

These and other risks and uncertainties, which are described in more detail in our Annual Report on Form 10-K, filed with the SEC on April 1, 2024, could cause our actual results to differ materially from those expressed or implied by the forward-looking statements in this report. You should not place undue reliance on any forward-looking statements. Except as expressly required by the Federal securities laws, the Sponsor undertakes no obligation to publicly update or revise any forward-looking statements or the risks, uncertainties or other factors described in this Report, as a result of new information, future events or changed circumstances or for any other reason after the date of this Report.

Overview/Introduction

Tidal Commodities Trust I (“Trust”), a Delaware statutory trust organized on February 10, 2023, is a series trust currently consisting of one series: Hashdex Bitcoin ETF (f/k/a Hashdex Bitcoin Futures ETF) (“DEFI” or the “Fund”). The Fund is a commodity pool. The Fund issues shares of beneficial interest, called “Shares,” representing fractional undivided beneficial interests in the Fund. 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”), and 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 Trust and the Fund operate pursuant to the Trust’s Amended and Restated Declaration of Trust and Trust Agreement (the “Trust Agreement”), dated March 10, 2023. On January 2, 2024, the initial Form S-1 for DEFI was declared effective by the U.S. Securities and Exchange Commission (“SEC”). As noted below, the Fund is the successor to the Predecessor Fund (defined below), which commenced operations in September 2022. The Fund’s shares trade on the NYSE Arca stock exchange (“NYSE Arca”). The current registration statement for DEFI was declared effective by the SEC on January 2, 2024 and registered an indeterminate number of Shares. BitGo Trust Company, Inc (the “Bitcoin Custodian”) is the custodian for the Fund’s bitcoin holdings; and U.S. Bank, N.A. is the custodian for the Fund’s cash and cash equivalents holdings (the “Cash Custodian” and together with the Bitcoin Custodian, the “Custodians”).

The Fund is the successor and surviving entity from the merger (the “Merger”) of the Hashdex Bitcoin Futures ETF (the “Predecessor Fund”) into the Fund. The Predecessor Fund was a series of the Teucrium Commodity Trust (the “Predecessor Trust”) sponsored by Teucrium Trading, LLC (“Prior Sponsor”). The Merger closed on January 3, 2024. In connection with the Merger, the Predecessor Fund shareholders received one Share for each share of the Predecessor Fund they owned prior to the Merger.

The sponsor of the Trust is Tidal Investments LLC, a Delaware limited liability company (the “Sponsor”). The principal office of the Sponsor is Milwaukee, Wisconsin and the Trust is located at 234 West Florida Street, Suite 203, Milwaukee, Wisconsin 53204. The Sponsor is registered as a commodity pool operator (“CPO”) with the Commodity Futures Trading Commission (“CFTC”) and is a member of the National Futures Association (“NFA”). The Fund intends to be treated as a partnership for U.S. federal income tax purposes. The Sponsor has sponsored the Trust since 2023. Sponsoring the Fund will be the Sponsor’s first experience in operating an exchange traded product that invests in crypto-currency futures or directly in bitcoin. The Sponsor’s responsibilities are discussed below in the section entitled “The Sponsor’s Operations.”

While investors will purchase and sell Shares through their broker-dealer, the Fund continuously offers creation baskets consisting of 10,000 Shares (“Creation Baskets”) at their net asset value (“NAV”) to certain financial institutions that have entered into an agreement with the Sponsor (“Authorized Purchasers”).

Recent Developments

Merger with Hashdex Bitcoin Futures ETF

On January 3, 2024, the Trust completed the Merger and acquisition of the Predecessor Fund, a series of the Predecessor Trust, into the Fund, a series of the Trust. The Merger was effected pursuant to an Agreement and Plan of Partnership Merger and Liquidation dated as of October 30, 2023 (the “Plan of Merger”) between the Predecessor Trust, on behalf of its Predecessor Fund series, and the Trust, on behalf of its Fund series.

Pursuant to the Plan of Merger, each Predecessor Fund shareholder received one share of the Fund for every one share of the Predecessor Fund held immediately before the commencement of trading on the NYSE Arca on the Closing Date 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. Effective the Merger closing, the Plan of Merger caused all of the Predecessor Fund’s shares to be cancelled and the Predecessor Fund to be liquidated.

The Merger did not materially modify the rights of Predecessor Fund shareholders with respect to their investment. The Fund has the same investment objective, investment strategies and investment restrictions, and substantially identical investment risks, as those had by the Predecessor Fund. Following the Merger, the Fund is now sponsored by the Sponsor, Tidal Investments LLC (f/k/a Toroso Investments LLC), and the Fund is now managed by portfolio managers employed by the Sponsor. The Fund pays the same management fee rate to the Sponsor, under the same terms, as previously paid by the Predecessor Fund to Teucrium Trading, LLC, the sponsor of the Predecessor Trust and the Predecessor Fund.

The Fund’s shares commenced trading on the NYSE Arca upon the effectiveness of the Merger under the ticker symbol “DEFI.”

Effect of Merger - Conversion to U.S. Spot Bitcoin ETF

On March 26, 2024, the Trust announced that the Fund would be permitted to have spot bitcoin holdings, and that it would track the Benchmark effective March 27, 2024. The Predecessor Fund’s name was the Hashdex Bitcoin Futures ETF, and the Fund’s name is the Hashdex Bitcoin ETF. Effective as of March 27, 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 remaining assets may be invested in CME-traded bitcoin futures contracts and in cash and cash equivalents.

Performance Summary

This report covers the periods from January 1, 2024 to March 31, 2024 for DEFI. Total expenses are presented both gross and net of any expenses waived or paid by the Sponsor that would have been incurred by the Funds (“expenses waived by the Sponsor”).

Per Share Operation Performance
Net asset value at beginning of period	$	50.74
Income (loss) from investment operations:
Investment income		0.62
Net realized and unrealized gain (loss) on commodity futures contracts		29.91
Total expenses, net		(0.20	)
Net increase (decrease) in net asset value	$	30.33
Net asset value at end of period		81.07
Total Return		59.78	%
Ratios to Average Net Assets (Annualized)
Total expenses		1.30	%
Total expenses, net		1.30	%
Net investment income		2.67	%

Market Outlook - The Bitcoin Industry

Bitcoin is a digital asset that serves as the unit of account on an open-source, decentralized, peer-to-peer computer network. Bitcoin may be used to pay for goods and services, stored for future use, or converted to a fiat currency. As of the date of this update, the adoption of bitcoin for these purposes has been limited. The value of bitcoin is not backed by any government, corporation, or other identified body.

The value of bitcoin is determined in part by the supply of (which is limited), and demand for, bitcoin in the markets for exchange that have been organized to facilitate the trading of bitcoin. By design, the supply of bitcoin is limited to 21 million bitcoins. As of the date of this update, there are approximately 19 million bitcoins in circulation.

Bitcoin is maintained on the Bitcoin Network. No single entity owns or operates the Bitcoin Network. The Bitcoin Network is accessed through software and governs bitcoin’s creation and movement. The source code for the Bitcoin Network, often referred to as the Bitcoin Protocol, is open-source, and anyone can contribute to its development.

Price movements for bitcoin are influenced by, among other things, the environment, natural or man-made disasters, governmental oversight and regulation, demographics, economic conditions, infrastructure limitations, existing and future technological developments, and a variety of other factors now known and unknown, any and all of which can have an impact on the supply, demand, and price fluctuations in the bitcoin markets. More generally, cryptocurrency prices may be influenced by economic and monetary events such as changes in interest rates, changes in balances of payments and trade, U.S. and international inflation rates, currency valuations and devaluations, U.S. and international economic events, and changes in the philosophies and emotions of market purchasers. Because the Predecessor Fund invested in futures contracts in a single cryptocurrency, it was not a diversified investment vehicle, and therefore may have been subject to greater volatility than a diversified portfolio of stocks or bonds or a more diversified commodity or cryptocurrency pool. Likewise, because the Fund invests in spot bitcoin and futures contracts in a single cryptocurrency, it is not a diversified investment vehicle, and therefore may be subject to greater volatility than a diversified portfolio of stocks or bonds or a more diversified commodity or cryptocurrency pool.

Market Risk

Trading in instruments such as Futures Contracts will involve the Fund entering into contractual commitments to purchase or sell specific amounts of cryptocurrencies at a specified date in the future. The gross or face amount of the contracts is expected to significantly exceed the future cash requirements of the Fund as the Fund intends to close out any open positions prior to the contractual expiration date. As a result, the Fund’s market risk is the risk of loss arising from the decline in value of the contracts, not from the need to make delivery under the contracts. The Fund considers the “fair value” of derivative instruments to be the unrealized gain or loss on the contracts. The market risk associated with the commitment by the Fund to purchase a specific cryptocurrency will be limited to the aggregate face amount of the contacts held.

The exposure of the Fund to market risk will depend on a number of factors including the markets for the specific cryptocurrency, the volatility of interest rates and foreign exchange rates, the liquidity of the Bitcoin Futures Contracts markets and the relationships among the contracts held by the Fund.

Credit Risk

When the Fund enters into futures contracts, it will be exposed to the credit risk that the counterparty will not be able to meet its obligations. For purposes of credit risk, the counterparty for the futures contracts traded on the CBOT, ICE and CME is the clearinghouse associated with those exchanges. In general, clearinghouses are backed by their members who may be required to share in the financial burden resulting from the nonperformance of one of their members, which should significantly reduce credit risk. Some foreign exchanges are not backed by their clearinghouse members but may be backed by a consortium of banks or other financial institutions. Unlike in the case of exchange traded futures contracts, the counterparty to an over the counter futures contract is generally a single bank or other financial institution. As a result, there will be greater counterparty credit risk in over the counter transactions. There can be no assurance that any counterparty, clearinghouse, or their financial backers will satisfy their obligations to the Fund.

The Sponsor will attempt to manage the credit risk of the Fund by following certain trading limitations and policies. In particular, the Fund intends to post margin and collateral and/or hold liquid assets that will be equal to approximately the face amount of the futures contracts it holds. The Sponsor will implement procedures that will include, but will not be limited to, executing and clearing trades and entering into over the counter transactions only with parties it deems creditworthy and/or requiring the posting of collateral by such parties for the benefit of each Fund to limit its credit exposure.

The CEA requires all FCMs, such as the Fund’s clearing brokers, to meet and maintain specified fitness and financial requirements, to segregate customer funds from proprietary funds and account separately for all customers’ funds and positions, and to maintain specified books and records open to inspection by the staff of the CFTC. The CFTC has similar authority over introducing brokers, or persons who solicit or accept orders for commodity interest trades but who do not accept margin deposits for the execution of trades. The CEA authorizes the CFTC to regulate trading by FCMs and by their officers and directors, permits the CFTC to require action by exchanges in the event of market emergencies, and establishes an administrative procedure under which customers may institute complaints for damages arising from alleged violations of the CEA. The CEA also gives the states powers to enforce its provisions and the regulations of the CFTC.

On November 14, 2013, the CFTC published final regulations that require enhanced customer protections, risk management programs, internal monitoring and controls, capital and liquidity standards, customer disclosures and auditing and examination programs for FCMs. The rules are intended to afford greater assurances to market participants that customer segregated funds and secured amounts are protected, customers are provided with appropriate notice of the risks of futures trading and of the FCMs with which they may choose to do business, FCMs are monitoring and managing risks in a robust manner, the capital and liquidity of FCMs are strengthened to safeguard the continued operations and the auditing and examination programs of the CFTC and the SROs are monitoring the activities of FCMs in a thorough manner.

StoneX and Phillip Capital serve as the Fund’s clearing brokers to execute futures contracts and provide other brokerage-related services.

Results of Operations

The discussion below addresses the material changes in the results of operations for the three months ended March 31, 2024 compared to the same period in 2023.

Total expenses for the current and comparative period are presented both gross and net of any expenses waived or paid by the Prior Sponsor that would have been incurred by the Fund (“expenses waived by the Prior Sponsor”). For all expenses waived in 2023, the Prior Sponsor is not entitled to reimbursement. “Total expenses, net” is after the impact of any expenses waived by the Prior Sponsor, are presented in the same manner as previously reported. There is, therefore, no impact to or change in the Net gain or Net loss in any period for the Trust and the Fund as a result of this change in presentation.

The Fund is the successor and surviving entity from the Merger of the Predecessor Fund into the Fund. The Predecessor Fund was a series of the Teucrium Commodity Trust sponsored by Teucrium Trading, LLC. The Predecessor Fund commenced operations on September 15, 2022. The investment objective of both the Predecessor Fund and the Fund (for the period from January 3, 2024 to March 26, 2024) was for changes in the Fund’s shares’ net asset value (“NAV”) to reflect the daily changes of the price of the Hashdex U.S. Bitcoin Futures Fund Benchmark (the “Prior Benchmark”), less expenses from such Fund’s operations. The Prior Benchmark reflect the average of the closing settlement prices for the first to expire and second to expire bitcoin futures contracts listed on the Chicago Mercantile Exchange (“CME”).

Effective as of March 27, 2024, the Fund’s investment objective and strategy were revised to reflect that the Fund could have spot bitcoin holdings. That is, the Fund’s investment objective is for changes in the Shares’ 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. Under normal market conditions, the Fund’s current 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.

Performance data from September 15, 2022, to January 3, 2024, reflects the performance of the Predecessor Fund. Performance from January 4, 2024, to March 26, 2024, reflects the Fund’s performance under its previous investment strategy, which involved investing in futures contracts. Performance data from March 27, 2024, onward reflect the Fund’s current investment strategy.

On March 31, 2024, the Fund held a total of 22 CME bitcoin futures contracts with a notional value of $507,863 and an asset net fair value of $784. The Fund also held 15,331 Units of spot bitcoin with an asset fair value of $10,837,413.


	Quarter Ended		Quarter Ended
	March 31, 2024		March 31, 2023
Total Net Assets	$	11,349,834	$	2,206,024
Shares Outstanding		140,000		60,004
Net Asset Value per share	$	81.07	$	36.76
Closing Price	$	81.50	$	36.80

Total net assets for the Fund increased year over year by 414%, driven by a combination of an increase in shares outstanding of 79,996 shares or 133% and an increase in the NAV per share of $44.31 or 121%. The change in total net assets year over year was generally due to the interconnected impact of two factors: (i) a surge in net investors flow to the Fund, evidenced by the 121% increase in shares outstanding, particularly following the approval of the spot bitcoin ETF in the USA; and (ii) the Bitcoin price appreciation from $28,586.85 per Bitcoin as of March 31, 2023, to $70,688.52 per Bitcoin as of March 31, 2024, representing an approximate 147% increase during the period April 1, 2023 to March 31, 2024.

For the three months ended March 31, 2024, compared to the three months ended March 31, 2023


	Quarter Ended March 31, 2024			Quarter Ended March 31, 2023
Average daily total net assets	$	18,133,799		$	1,465,004
Net realized and unrealized gain on futures contracts		7,557,659			758,019
Interest income earned on cash equivalents	$	178,749		$	13,448
Annualized interest yield based on average daily total net assets		3.96	%		0.92	%
Net Income	$	7,937,269		$	768,072
Weighted average share outstanding		286,374			50,004
Management Fees	$	42,381		$	3,395
Total gross fees and other expenses excluding management fees	$	16,148		$	73,965
Brokerage Commissions	$	5,781		$	609
Expenses waived by the Sponsor	$	—		$	(70,057	)
Total gross expense ratio		1.30	%		20.48	%
Total expense ratio net of expenses waived by the Sponsor		1.30	%		0.94	%
Net investment gain		59.78	%		2.78	%
Creation of Shares		310,000			10,000
Redemption of Shares		220,000			—

Net Realized Gain or Loss on Futures Contracts

Realized gain or loss on trading of commodity futures contracts is a function of: 1) the change in the price of the particular contracts sold as part of a “roll” in contracts as the nearest to expire contracts are exchanged for the appropriate contract given the investment objective of the fund, 2) the change in the price of particular contracts sold in relation to redemption of shares, 3) the gain or loss associated with rebalancing trades which are made to ensure conformance to the benchmark, 4) the number of contracts held and then sold for either circumstance aforementioned. The Fund recognizes the expense for brokerage commissions for futures contract trades on a per trade basis. Unrealized gain or loss on trading of commodity futures contracts is a function of the change in the price of contracts held on the final date of the period versus the purchase price for each contract and the number of contracts held in each contract month. The Fund conducts creation and redemption transactions only for cash, and, with respect to creation transactions, the cash is used to purchase Bitcoin Futures Contracts only. The Fund will use Bitcoin Futures Contracts for the primary purpose of using such Bitcoin Futures Contracts to acquire physical bitcoin through EFP transactions and to offset cash and receivables for better tracking the Benchmark. The increase in net realized and unrealized gain on futures contracts was related to the increase in the Fund’s net assets and the Bitcoin price appreciation noted above.

The increase in interest and other income year over year was due to an increase in net assets and an increase in Federal Fund Rates. As a result, the amount of interest income earned as a percentage of average daily total net assets was higher in the three months ended March 31, 2024, compared to the three months ended March 31, 2023. The Fund seeks to earn interest and other income in investments that may include, but are not limited to, short-term Treasury Securities, demand deposits, money market funds and investments in commercial paper. These interest rate levels may be lower or higher than the projected interest rates stated in the prospectuses and thus will impact your breakeven point.

The increase in management fee paid to the Sponsor for the three months ended March 31, 2024, compared to the three months ended March 31, 2023, is a result of higher Fund average net assets overall, which was also net of the Sponsor lowering the management fee from 0.94% to 0.90% per annum of the daily NAV of the Fund effective March 26, 2024. Other than the management fee to the Sponsor the Fund incurred brokerage commissions and trading fees. Brokerage commissions are recognized on a per-trade basis to each futures contract’s or bitcoin share’s cost basis. Trading fees for the Fund are recorded in the statement of operations as broker expenses. The actual amount of trading fees to be incurred will vary based upon the trading frequency of the Fund. For the three months ended March 31, 2023, most of the expenses incurred by the Predecessor Fund were associated with the management fee and day-to-day operation of the Fund and the necessary functions related to regulatory compliance. Those were generally based on contracts, which extend for some period of time and up to one year, or commitments regardless of the level of assets under management. For the three months ended March 31, 2023, the Prior Sponsor waived expenses, which resulted in the Predecessor Fund’s annualized net expense ratio of 0.94%, the Prior Sponsor’s annualized management fee. The Sponsor has not elected to waive management fees or other expenses. These factors also explain the decrease in total gross fees and other expenses excluding management fees, as well as the decrease in total gross expense ratio for the three months ended March 31, 2024, compared to the three months ended March 31, 2023

The increase in total brokerage commissions for the three months ended March 31, 2024, compared to the three months ended March 31, 2023, was primarily due to an increase in futures contracts purchased, liquidated, and rolled and the purchase of bitcoin due to the relative net increase in shares outstanding and increase in assets due to the bitcoin price appreciation.

The graph below shows the actual shares outstanding, total net assets (or AUM) and net asset value per share (NAV per share) for the Fund from inception to March 31, 2024 and serves to illustrate the relative changes of these components.

Off Balance Sheet Financing

The Trust or Fund has no obligations, assets or liabilities which would be considered off-balance sheet arrangements as of March 31, 2024. Neither the Trust nor the Fund participates in transactions that create relationships with unconsolidated entities or financial partnerships, often referred to as variable interest entities, which would have been established for the purpose of facilitating off-balance sheet arrangements. Neither the Trust nor the Fund have entered into any off-balance sheet financing arrangements, established any special purpose entities, guaranteed any debt or commitments of other entities, or purchased any non-financial assets.

Liquidity and Capital Resources

The Fund does not anticipate making use of borrowings or other lines of credit to meet its obligations. The Fund meets its liquidity needs in the normal course of business from the proceeds of the sale of its investments, from the cash and cash equivalents that it intends to hold, and/or from the fee waivers provided by the Sponsor. The Fund’s liquidity needs include redeeming its Shares, providing margin deposits for existing Bitcoin Futures Contracts or the purchase of additional Bitcoin Futures Contracts, posting collateral for over-the-counter contracts, and paying expenses.

If the Fund’s ability to obtain exposure to Bitcoin Futures Contracts in accordance with its investment objective is disrupted for any reason including, because of limited liquidity in the bitcoin futures market, a disruption to the bitcoin futures market, or as a result of margin requirements or position limits imposed by the Fund’s futures commission merchants, the CME, or the CFTC, the Fund may not be able to achieve its investment objective and may experience significant losses. Any disruption in the Fund’s ability to obtain exposure to Bitcoin Futures Contracts will cause the Fund’s performance to deviate from the performance of Bitcoin Futures Contracts. In addition, the Fund might grow to a size where a lack of liquidity in the futures market meant that the Fund could not sell enough futures contracts to honor redemption requests.

A market disruption, such as a government taking regulatory or other actions that disrupt the market in bitcoin, can also make it difficult to liquidate a position. Unexpected market illiquidity may cause major losses to investors at any time or from time to time. In addition, the Fund does not intend at this time to establish a credit facility, which would provide an additional source of liquidity, but instead will rely only on the cash and cash equivalents that it holds to meet its liquidity needs. The anticipated value of the positions in Benchmark Component Futures Contracts that the Sponsor will acquire or enter into for the Fund increases the risk of illiquidity. Because Benchmark Component Futures Contracts may be illiquid, the Fund’s holdings may be more difficult to liquidate at favorable prices in periods of illiquid markets and losses may be incurred during the period in which positions are being liquidated.

Critical Accounting Policies

The Trust’s critical accounting policies for the Fund is as follows:

Basis of Presentation

Preparation of the financial statements and related disclosures in conformity with U.S. generally accepted accounting principles (“GAAP”) requires the application of appropriate accounting rules and guidance, as well as the use of estimates, and requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenue and expense and related disclosure of contingent assets and liabilities during the reporting period of the combined financial statements and accompanying notes. The Trust’s application of these policies involves judgments and actual results may differ from the estimates used.

Cryptocurrency Derivative Transactions

The Sponsor has determined that the valuation of cryptocurrency interests that are not traded on a U.S. or internationally recognized futures exchange (such as swaps and other over the counter contracts) involves a critical accounting policy. The values which are used by the Fund for futures contracts will be provided by the broker who will use market prices when available, while over the counter contracts will be valued based on the present value of estimated future cash flows that would be received from or paid to a third party in settlement of these derivative contracts prior to their delivery date. Values will be determined on a daily basis.

Cryptocurrency futures contracts held by the Fund are recorded on the trade date. All such transactions are recorded on the identified cost basis and marked to market daily. Unrealized appreciation or depreciation on commodity or cryptocurrency futures contracts are reflected in the statement of operations as the difference between the original contract 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 statement of operations. Interest on cash equivalents and deposits are recognized on an accrual basis. The Fund earns interest on funds held at the custodian or other financial institutions at prevailing market rates for such investments.

Cash and cash Equivalents

Cash and cash equivalents are cash held at financial institutions in demand-deposit accounts or highly liquid investments with original maturity dates of three months or less at inception. The Fund reports cash equivalents in the statements of assets and liabilities at market value, or at carrying amounts that approximate fair value, because of their highly liquid nature and short-term maturities. The Fund has a substantial portion of assets on deposit with banks. Assets deposited with financial institutions may, at times, exceed federally insured limits.

Fair Value - Definition and Hierarchy

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 Fund and records derivative activities at fair value. Gains and losses from derivative contracts are included in the statement of operations. Derivative contracts include futures contracts related to cryptocurrency prices. Futures, which are listed on a national securities exchange, such as the CME, or reported on another national market, are generally categorized in Level 1 of the fair value hierarchy. OTC derivatives contracts (such as forward and swap contracts) which may be valued using models, depending on whether significant inputs are observable or unobservable, are categorized in Levels 2 or 3 of the fair value hierarchy.

Brokerage Commissions

The Fund recognizes brokerage commissions on a full trade basis.

Derivative Counterparty Margin

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 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 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 or cryptocurrency 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.

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.

Due from/to Broker

Due from/to broker for investments in financial instruments are securities transactions pending settlement. The Trust is subject to credit risk to the extent any broker with whom it conducts business is unable to fulfill contractual obligations on its behalf. The management of the Trust monitors the financial condition of such brokers and does not anticipate any losses from these counterparties.

Sponsor Fee Allocation of Expenses

The Sponsor is responsible for investing the assets of the Fund in accordance with the objectives and policies of the Fund.

The Fund pays the Sponsor a Management Fee, monthly in arrears, in an amount equal to 0.90% per annum of the daily NAV of the Fund. The Management Fee is paid in consideration of the Sponsor’s services related to the management of the Fund’s business and affairs, including the provision of commodity futures trading advisory services. Creation 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, NFA 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 also pays all fees and commissions related to the EFP transactions for the sale and purchase of spot bitcoin, including any bitcoin transaction fees for on-chain transfers of bitcoin. The Fund bears other transaction costs related to the FCM capital requirements on a monthly basis. The Sponsor pays all of the routine operational, administrative and other ordinary expenses of the Fund, generally as determined by the Sponsor, including but not limited to, fees and expenses of the Administrator, Sub-Administrator, 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.

Income Taxes

For U.S. federal income tax purposes, the Fund will be treated as a partnership. Therefore, the Fund does not record a provision for income taxes because the partners report their share of the Fund’s income or loss on their income tax returns. The financial statements reflect the Fund’s transactions without adjustment, if any, required for income tax purposes.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Not applicable.

Item 4. Controls and Procedures

Disclosure Controls and Procedures

The Trust and the Fund maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in the Trust’s periodic reports filed or submitted under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) is recorded, processed, summarized and reported within the time period specified in the SEC’s rules and forms for the Trust and the Fund thereof.

Management of the Sponsor of the Fund (“Management”), including Guillermo Trias, the Sponsor’s Principal Executive Officer and Ronnie Riven, the Sponsor’s Principal Financial Officer, who perform functions equivalent to those of a principal executive officer and principal financial officer of the Trust if the Trust had any officers, have evaluated the effectiveness of the design and operation of the Trust and the Fund’s disclosure controls and procedures (as defined in Rule 13a-15(e) or 15d-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) as of the end of the period covered by this report, and, based upon that evaluation, concluded that the Trust’s and the Fund’s disclosure controls and procedures were effective as of the end of such period, to ensure that information the Trust is required to disclose in the reports that it files or submits with the SEC under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms, and to ensure that information required to be disclosed by the Trust in the reports that it files or submits under the Exchange Act is accumulated and communicated to management of the Sponsor, as appropriate, to allow timely decisions regarding required disclosure. The scope of the evaluation of the effectiveness of the design and operation of its disclosure controls and procedures covers the Trust, as well as separately for the Fund.

The certifications of the Chief Executive Officer and Chief Financial Officer are applicable to the Fund as well as the Trust as a whole.

Changes in Internal Control over Financial Reporting

There has been no change in the Trust’s or the Fund’s internal controls over the financial reporting (as defined in the Rules 13a-15(f) and 15d-15(f) of the Exchange Act) that occurred during the Trust’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trust’s or the Fund’s internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

Neither the Trust, Fund or Sponsor are currently subject to any material legal proceedings, nor, to our knowledge, are any material legal proceedings threatened against Trust, Fund or Sponsor.

Item 1A. Risk Factors applicable to Funds

There have been no material changes to the risk factors previously disclosed in the Trust’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the SEC on April 1, 2024.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Issuer Purchases of DEFI Shares:

The Fund creates and redeems Shares from time to time, but only in one or more Creation Baskets or Redemption Baskets. On any business day, an Authorized Purchaser may place an order with the transfer agent to redeem one or more baskets. By placing a redemption order, an Authorized Purchaser agrees to deliver the baskets to be redeemed through DTC’s book-entry system to the Fund by the end of the next business day following the effective date of the redemption order or by the end of such later business day. Prior to the delivery of the redemption distribution for a redemption order, the Authorized Purchaser must also have wired to the Sponsor’s account at the Custodian the non-refundable transaction fee due for the redemption order. The below table sets forth the number of Shares redeemed during the fiscal quarter ending March 31, 2024.

Period

Total Number

of Shares
Purchased

Average Price Paid
per Share

Total Number of Shares
Purchased as Part of
Publicly Announced
Plans or Programs

Maximum Number (or
Approximate Dollar Value) of
Shares that May Yet Be
Purchased
Under the Plans or Programs

January 1 to January 31, 2024

N/A

February 1 to February 29, 2024

N/A

March 1 to March 31, 2024

220,000

73.70

N/A

Total

220,000

73.70

January 1 to March 31, 2024

220,000

73.70

N/A

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

None.

Item 5. Other Information

(a) None.

(b) Not Applicable.

Item 6. Exhibits

The following exhibits are filed as part of this report as required under Item 601 of Regulation S-K:

Exhibit Number		Exhibit Description

3.1		First Amended and Restated Declaration of Trust and Trust Agreement (incorporated by reference to Exhibit 3.1 to the Registrant’s Registration Statement on Form S-1 (File No. 333-273364), filed with the SEC on July 21, 2023).
31.1*		Rule 13(a)-14(a)/15(d)-14(a) Certification of Principal Executive Officer
31.2*		Rule 13(a)-14(a)/15(d)-14(a) Certification of Principal Financial and Accounting Officer
32.1**		Section 1350 Certification of Principal Executive Officer
32.2**		Section 1350 Certification of Principal Financial and Accounting Officer
104*		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

* Filed herewith.

** Furnished herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Tidal Commodities Trust I (Registrant)

By:	Tidal Investments LLC
	its Sponsor

By:	/s/ Guillermo Trias
Name:	Guillermo Trias
Title:	Chief Executive Officer

By:	/s/ Ronnie Riven
Name:	Ronnie Riven
	Chief Financial Officer

	Date: May 15, 2024

Tidal Commodities Trust I 10-Q

EXHIBIT 31.1

CERTIFICATION

I, Guillermo Trias, certify that:

	1.	I have reviewed this report on Form 10-Q of Tidal Commodities Trust I (the “Registrant”);

	2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

	3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows of the Registrant as of, and for, the periods presented in this report;

	4.	The Registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

	a.	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared;

	b.	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c.	Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	d.	Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

	5.	The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

	a.	all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

	b.	any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

By:	/s/ Guillermo Trias
	Guillermo Trias
	Chief Executive Officer
	Tidal Investments LLC
	Sponsor of Tidal Commodities Trust I

	May 15, 2024

Tidal Commodities Trust I 10-Q

EXHIBIT 31.2

CERTIFICATION

I, Ronnie Riven, certify that:

	1.	I have reviewed this report on Form 10-Q of Tidal Commodities Trust I (the “Registrant”);

	2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

	3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows of the Registrant as of, and for, the periods presented in this report;

	4.	The Registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

	a.	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared;

	b.	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c.	Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	d.	Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

	5.	The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

	a.	all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

	b.	any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

By:	/s/ Ronnie Riven
	Ronnie Riven
	Chief Financial Officer
	Tidal Investments LLC
	Sponsor of Tidal Commodities Trust I

	May 15, 2024

Tidal Commodities Trust I 10-Q

EXHIBIT 32.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

PURSUANT TO SECTION 906 OF

THE SARBANES-OXLEY ACT OF 2002

Pursuant to 18 U.S.C. Section 1350, I, Guillermo Trias, Principal Executive Officer of Tidal Investments LLC, the Sponsor of Tidal Commodities Trust I (the “Registrant”), hereby certify, to the best of my knowledge, that the Registrant’s report on Form 10-Q for the period ended March 31, 2024 (the “Report”), which accompanies this certification, fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

By:	/s/ Guillermo Trias
	Guillermo Trias
	Chief Executive Officer
	Tidal Investments LLC, Sponsor of Tidal Commodities Trust I

	May 15, 2024

Tidal Commodities Trust I 10-Q

EXHIBIT 32.2

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

PURSUANT TO SECTION 906 OF

THE SARBANES-OXLEY ACT OF 2002

Pursuant to 18 U.S.C. Section 1350, I, Ronnie Riven, Principal Financial Officer of Tidal Investments LLC, the Sponsor of Tidal Commodities Trust I (the “Registrant”), hereby certify, to the best of my knowledge, that the Registrant’s report on Form 10-Q for the period ended March 31, 2024, (the “Report”), which accompanies this certification, fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

By:	/s/ Ronnie Riven
	Ronnie Riven
	Principal Financial Officer/Principal Accounting Officer
	Tidal Investments LLC, Sponsor of Tidal Commodities Trust I

	May 15, 2024

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2024	May 13, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31
Entity File Number	001-41900
Entity Registrant Name	Tidal Commodities Trust I
Entity Central Index Key	0001985840
Entity Tax Identification Number	92-6468665
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	234 West Florida Street
Entity Address, Address Line Two	Suite 203
Entity Address, City or Town	Milwaukee
Entity Address, State or Province	WI
Entity Address, Postal Zip Code	53204
City Area Code	844
Local Phone Number	986-7700
Title of 12(b) Security	Shares of beneficial interest, no par value, of Hashdex Bitcoin ETF, a series of the Registrant
Trading Symbol	DEFI
Security Exchange Name	NYSEArca
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		160,000

COMBINED STATEMENTS OF ASSETS AND LIABILITIES - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Assets
Investments (Cost $10,578,023)	$ 10,837,413
Cash and cash equivalents	237,786	1,867,663
Interest receivable	59,811	10,297
Equity in trading accounts:
Cryptocurrency futures contracts	14,259	129,519
Due from broker	233,247	582,908
Total equity in trading accounts	247,506	712,427
Total assets	11,382,516	2,590,387
Liabilities
Management fee payable to Sponsor	19,207	2,053
Equity in trading accounts:
Cryptocurrency futures contracts	13,475	51,376
Total liabilities	32,682	53,429
Net assets	$ 11,349,834	$ 2,536,958
Shares authorized	140,000	50,000
Net asset value per share	$ 81.07	$ 50.74
Market value per share	$ 81.50	$ 50.73
Hashdex Bitcoin ETF [Member]
Assets
Investments (Cost $10,578,023)	$ 10,837,413
Cash and cash equivalents	237,786	1,867,663
Interest receivable	59,811	10,297
Equity in trading accounts:
Cryptocurrency futures contracts	14,259	129,519
Due from broker	233,247	582,908
Total equity in trading accounts	247,506	712,427
Total assets	11,382,516	2,590,387
Liabilities
Management fee payable to Sponsor	19,207	2,053
Equity in trading accounts:
Cryptocurrency futures contracts	13,475	51,376
Total liabilities	32,682	53,429
Net assets	$ 11,349,834	$ 2,536,958
Shares authorized	140,000	50,000
Net asset value per share	$ 81.07	$ 50.74
Market value per share	$ 81.50	$ 50.73

COMBINED STATEMENTS OF ASSETS AND LIABILITIES (Parenthetical)	Mar. 31, 2024 USD ($)
Investments, cost	$ 10,578,023
Hashdex Bitcoin ETF [Member]
Investments, cost	$ 10,578,023

COMBINED SCHEDULE OF INVESTMENTS (Unaudited) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Bitcoin [Member]
Investment Owned, Fair Value	$ 10,837,413
Investment Owned, Net Assets, Percentage	95.49%
Shares	15,331
Bitcoin [Member] \| Hashdex Bitcoin ETF [Member]
Investment Owned, Fair Value	$ 10,837,413
Investment Owned, Net Assets, Percentage	95.49%
Shares	15,331
Cryptocurrency [Member]
Investment Owned, Fair Value	$ 10,837,413
Investment Owned, Net Assets, Percentage	95.49%
Cryptocurrency [Member] \| Hashdex Bitcoin ETF [Member]
Investment Owned, Fair Value	$ 10,837,413
Investment Owned, Net Assets, Percentage	95.49%
Money market funds First American Government Obligations Fund - Class X [Member]
Investment Owned, Fair Value	$ 237,786
Investment Owned, Net Assets, Percentage	2.10%
Shares	237,786
Yield	5.29%
Money market funds First American Government Obligations Fund - Class X [Member] \| Hashdex Bitcoin ETF [Member]
Investment Owned, Fair Value	$ 237,786
Investment Owned, Net Assets, Percentage	2.10%
Shares	237,786
Yield	5.29%
Cash Equivalents [Member]
Investment Owned, Fair Value	$ 237,786	$ 1,867,663
Investment Owned, Net Assets, Percentage	2.10%	73.62%
Cash Equivalents [Member] \| Hashdex Bitcoin ETF [Member]
Investment Owned, Fair Value	$ 237,786	$ 1,867,663
Investment Owned, Net Assets, Percentage	2.10%	73.62%
CME Micro Bitcoin Futures April 2024 Derivative Asset [Member]
Investment Owned, Fair Value	$ 14,259
Investment Owned, Net Assets, Percentage	0.13%
Derivative Asset, Notional Amount	$ 150,213
CME Micro Bitcoin Futures April 2024 Derivative Asset [Member] \| Hashdex Bitcoin ETF [Member]
Investment Owned, Fair Value	$ 14,259
Investment Owned, Net Assets, Percentage	0.13%
Derivative Asset, Notional Amount	$ 150,213
Cryptocurrency Futures Contracts Derivative Asset [Member]
Investment Owned, Fair Value	$ 14,259	$ 129,519
Investment Owned, Net Assets, Percentage	0.13%	5.11%
Derivative Asset, Notional Amount	$ 150,213	$ 1,274,500
Cryptocurrency Futures Contracts Derivative Asset [Member] \| Hashdex Bitcoin ETF [Member]
Investment Owned, Fair Value	$ 14,259	$ 129,519
Investment Owned, Net Assets, Percentage	0.13%	5.11%
Derivative Asset, Notional Amount	$ 150,213	$ 1,274,500
CME Micro Bitcoin Futures April 2024 Derivative Liability [Member]
Investment Owned, Fair Value	$ 13,475
Investment Owned, Net Assets, Percentage	0.12%
Derivative Liability, Notional Amount	$ 357,650
CME Micro Bitcoin Futures April 2024 Derivative Liability [Member] \| Hashdex Bitcoin ETF [Member]
Investment Owned, Fair Value	$ 13,475
Investment Owned, Net Assets, Percentage	0.12%
Derivative Liability, Notional Amount	$ 357,650
Cryptocurrency Futures Contracts Derivative Liability [Member]
Investment Owned, Fair Value	$ 13,475	$ 51,376
Investment Owned, Net Assets, Percentage	0.12%	2.03%
Derivative Liability, Notional Amount	$ 357,650	$ 1,288,500
Cryptocurrency Futures Contracts Derivative Liability [Member] \| Hashdex Bitcoin ETF [Member]
Investment Owned, Fair Value	$ 13,475	$ 51,376
Investment Owned, Net Assets, Percentage	0.12%	2.03%
Derivative Liability, Notional Amount	$ 357,650	$ 1,288,500
Money market funds U.S. Bank Deposit Account [Member]
Investment Owned, Fair Value		$ 1,867,663
Investment Owned, Net Assets, Percentage		73.62%
Shares		1,867,663
Yield		5.27%
Money market funds U.S. Bank Deposit Account [Member] \| Hashdex Bitcoin ETF [Member]
Investment Owned, Fair Value		$ 1,867,663
Investment Owned, Net Assets, Percentage		73.62%
Shares		1,867,663
Yield		5.27%
CME Bitcoin Futures JAN 24 Derivative Asset [Member]
Investment Owned, Fair Value		$ 129,519
Investment Owned, Net Assets, Percentage		5.11%
Derivative Asset, Notional Amount		$ 1,274,500
CME Bitcoin Futures JAN 24 Derivative Asset [Member] \| Hashdex Bitcoin ETF [Member]
Investment Owned, Fair Value		$ 129,519
Investment Owned, Net Assets, Percentage		5.11%
Derivative Asset, Notional Amount		$ 1,274,500
CME Bitcoin Futures FEB 24 Derivative Liability [Member]
Investment Owned, Fair Value		$ 51,376
Investment Owned, Net Assets, Percentage		2.03%
Derivative Liability, Notional Amount		$ 1,288,500
CME Bitcoin Futures FEB 24 Derivative Liability [Member] \| Hashdex Bitcoin ETF [Member]
Investment Owned, Fair Value		$ 51,376
Investment Owned, Net Assets, Percentage		2.03%
Derivative Liability, Notional Amount		$ 1,288,500

COMBINED SCHEDULE OF INVESTMENTS (Unaudited) (Parenthetical)	Mar. 31, 2024 USD ($) Contract	Dec. 31, 2023 USD ($) Contract
Cost \| $	$ 10,578,023
Hashdex Bitcoin ETF [Member]
Cost \| $	10,578,023
Cryptocurrency [Member]
Cost \| $	10,578,023
Cryptocurrency [Member] \| Hashdex Bitcoin ETF [Member]
Cost \| $	$ 10,578,023
Money market funds First American Government Obligations Fund - Class X [Member]
Investment interest rate	5.29%
Money market funds First American Government Obligations Fund - Class X [Member] \| Hashdex Bitcoin ETF [Member]
Investment interest rate	5.29%
Cash Equivalents [Member]
Cost \| $	$ 237,786	$ 1,867,663
Cash Equivalents [Member] \| Hashdex Bitcoin ETF [Member]
Cost \| $	$ 237,786	$ 1,867,663
CME Micro Bitcoin Futures April 2024 Derivative Asset [Member]
Number of futures contracts \| Contract	21
CME Micro Bitcoin Futures April 2024 Derivative Asset [Member] \| Hashdex Bitcoin ETF [Member]
Number of futures contracts \| Contract	21
CME Micro Bitcoin Futures April 2024 Derivative Liability [Member]
Number of futures contracts \| Contract	1
CME Micro Bitcoin Futures April 2024 Derivative Liability [Member] \| Hashdex Bitcoin ETF [Member]
Number of futures contracts \| Contract	1
Money market funds U.S. Bank Deposit Account [Member]
Investment interest rate		5.27%
Cost \| $		$ 1,867,663
Money market funds U.S. Bank Deposit Account [Member] \| Hashdex Bitcoin ETF [Member]
Investment interest rate		5.27%
Cost \| $		$ 1,867,663
CME Bitcoin Futures JAN 24 Derivative Asset [Member]
Number of futures contracts \| Contract		6
CME Bitcoin Futures JAN 24 Derivative Asset [Member] \| Hashdex Bitcoin ETF [Member]
Number of futures contracts \| Contract		6
CME Bitcoin Futures FEB 24 Derivative Liability [Member]
Number of futures contracts \| Contract		6
CME Bitcoin Futures FEB 24 Derivative Liability [Member] \| Hashdex Bitcoin ETF [Member]
Number of futures contracts \| Contract		6

Combined Statements of Operations (Unaudited) - USD ($)	3 Months Ended
Combined Statements of Operations (Unaudited) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Realized and unrealized gain (loss) on trading of cryptocurrency futures contracts:
Realized gain (loss) on cryptocurrency futures contracts	$ 7,635,018	$ 629,551
Net change in unrealized appreciation/depreciation on investments	259,390
Net change in unrealized appreciation/depreciation on cryptocurrency futures contracts	(77,359)	128,468
Broker interest income	59,803
Interest income	118,946	13,448
Total income (loss)	7,995,798	771,467
Expenses
Management fees	42,381	3,395
Professional fees		58,820
Distribution and marketing fees		1,362
Custodian fees and expenses		259
Business permits and license fees		10,129
General and administrative expenses
Broker expenses	16,148
Total expenses	58,529	73,965
Expenses waived by the Sponsor		(70,570)
Total expenses, net	58,529	3,395
Net income (loss)	7,937,269	768,072
Hashdex Bitcoin ETF [Member]
Realized and unrealized gain (loss) on trading of cryptocurrency futures contracts:
Realized gain (loss) on cryptocurrency futures contracts	7,635,018	629,551
Net change in unrealized appreciation/depreciation on investments	259,390
Net change in unrealized appreciation/depreciation on cryptocurrency futures contracts	(77,359)	128,468
Broker interest income	59,803
Interest income	118,946	13,448
Total income (loss)	7,995,798	771,467
Expenses
Management fees	42,381	3,395
Professional fees		58,820
Distribution and marketing fees		1,362
Custodian fees and expenses		259
Business permits and license fees		10,129
General and administrative expenses
Broker expenses	16,148
Total expenses	58,529	73,965
Expenses waived by the Sponsor		(70,570)
Total expenses, net	58,529	3,395
Net income (loss)	$ 7,937,269	$ 768,072

Combined Statements of Changes in Net Assets (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operations
Net income (loss)	$ 7,937,269	$ 768,072
Capital transactions
Issuance of Shares	17,089,625	367,689
Redemption of Shares	(16,214,018)
Net change in the cost of the Underlying Funds
Total capital transactions	875,607	367,689
Net change in net assets	8,812,876	1,135,761
Net assets, beginning of period	2,536,958	1,070,263
Net assets, end of period	11,349,834	2,206,024
Hashdex Bitcoin ETF [Member]
Operations
Net income (loss)	7,937,269	768,072
Capital transactions
Issuance of Shares	17,089,625	367,689
Redemption of Shares	(16,214,018)
Net change in the cost of the Underlying Funds
Total capital transactions	875,607	367,689
Net change in net assets	8,812,876	1,135,761
Net assets, beginning of period	2,536,958	1,070,263
Net assets, end of period	$ 11,349,834	$ 2,206,024

Combined Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
Combined Statements of Cash Flows (Unaudited) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities
Net income (loss)	$ 7,937,269	$ 768,072
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	77,359	(128,468)
Changes in operating assets and liabilities:
Investments	(10,837,413)
Due from broker	349,661	(109,824)
Interest receivable	(49,514)	(2,124)
Other assets
Due to broker
Management fee payable to Sponsor	17,154	408
Other liabilities
Net cash provided by (used in) operating activities	(2,505,484)	528,064
Cash flows from financing activities:
Proceeds from sale of Shares	17,089,625
Redemption of Shares	(16,214,018)
Net change in cost of the Underlying Funds
Net cash provided by (used in) financing activities	875,607
Net change in cash and cash equivalents	(1,629,877)	528,064
Cash and cash equivalents, beginning of period	1,867,663	701,969
Cash and cash equivalents, end of period	237,786	1,230,033
Hashdex Bitcoin ETF [Member]
Cash flows from operating activities
Net income (loss)	7,937,269	768,072
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	77,359	(128,468)
Changes in operating assets and liabilities:
Investments	(10,837,413)
Due from broker	349,661	(109,824)
Interest receivable	(49,514)	(2,124)
Other assets
Due to broker
Management fee payable to Sponsor	17,154	408
Other liabilities
Net cash provided by (used in) operating activities	(2,505,484)	528,064
Cash flows from financing activities:
Proceeds from sale of Shares	17,089,625
Redemption of Shares	(16,214,018)
Net change in cost of the Underlying Funds
Net cash provided by (used in) financing activities	875,607
Net change in cash and cash equivalents	(1,629,877)	528,064
Cash and cash equivalents, beginning of period	1,867,663	701,969
Cash and cash equivalents, end of period	$ 237,786	$ 1,230,033

FINANCIAL HIGHLIGHTS - $ / shares	3 Months Ended
FINANCIAL HIGHLIGHTS - $ / shares	Mar. 31, 2024	Mar. 31, 2023
Per Share Operation Performance
Net asset value at beginning of period	$ 50.74	$ 21.40
Income (loss) from investment operations:
Investment income	0.62	0.27
Net realized and unrealized gain (loss) on cryptocurrency futures contracts	29.91	15.16
Total expenses	(0.20)	(0.07)
Net increase (decrease) in net asset value	30.33	15.36
Net asset value at end of period	$ 81.07	$ 36.76
Total Return	59.78%	71.79%
Ratios to Average Net Assets (Annualized)
Total expenses	1.30%	20.48%
Total expenses, net	1.30%	0.94%
Net investment income (loss)	2.67%	2.78%
Hashdex Bitcoin ETF [Member]
Per Share Operation Performance
Net asset value at beginning of period	$ 50.74	$ 21.40
Income (loss) from investment operations:
Investment income	0.62	0.27
Net realized and unrealized gain (loss) on cryptocurrency futures contracts	29.91	15.16
Total expenses	(0.20)	(0.07)
Net increase (decrease) in net asset value	30.33	15.36
Net asset value at end of period	$ 81.07	$ 36.76
Total Return	59.78%	71.79%
Ratios to Average Net Assets (Annualized)
Total expenses	1.30%	20.48%
Total expenses, net	1.30%	0.94%
Net investment income (loss)	2.67%	2.78%

Organization and Significant Accounting Policies

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Significant Accounting Policies

Note 1 – Organization and Significant Accounting Policies

These footnotes represent the footnotes to Hashdex Bitcoin ETF’s Statement of Assets and Liabilities and the Combined Financial Statements of Tidal Commodities Trust I.

Significant accounting policies of the Fund are as follows:

Use of Estimates

Indemnifications

Cash

Cash includes money market funds held.

Income Taxes

Creation and Redemptions

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.

Fair Value - Definition and Hierarchy

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.

March 31, 2024

	Level 1		Level 2		Level 3		Balance as of March 31, 2024
Assets:
Cryptocurrency	$	—	$	10,837,413	$	—	$	10,837,413
Money market funds		237,786		—		—		237,786
Bitcoin futures contracts		14,259		—		—		14,259
Total	$	252,045	$	10,837,413	$	—	$	11,089,458

Liabilities:
Bitcoin futures contracts	$	13,475	$	—	$	—	$	13,475

December 31, 2023

	Level 1		Level 2		Level 3		Balance as of December 31, 2023
Assets:
Cash Equivalents	$	1,867,663	$	—	$	—	$	1,867,663
Bitcoin futures contracts		129,519		—		—		129,519
Total	$	1,997,182	$	—	$	—	$	1,997,182

Liabilities:
Bitcoin futures contracts	$	51,376	$	—	$	—	$	51,376

For the three months ended March 31, 2024 and year ended December 31, 2023, the Fund did not have any significant transfers between any of the levels of the fair value hierarchy.

Derivative Investments

Futures Contracts

Offsetting of Financial Assets and Derivative Assets as of March 31, 2024

							(iv) Gross Amount Not Offset In the Statement of Asset and Liabilities
Description	(i) Gross Amount of Recognized Assets		(ii) Gross Amount Offset in the Statement of Assets and		(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	$	14,259	$	—	$	14,259	$	13,475	$	—	$	784

Offsetting of Financial Liabilities and Derivative Assets as of March 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	$	13,475	$	—	$	13,475	$	13,475	$	—		—

Offsetting of Financial Assets and Derivative Assets as of December 31, 2023

							(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	$	129,519	$	—		129,519		51,376	$	—		78,143

Offsetting of Financial Liabilities and Derivative Assets as of December 31, 2023

							(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	$	51,376	$	—		51,376		51,376	$	—	$	—

Three months ended March 31, 2024.

	Realized Gain (Loss) on Commodity Futures Contracts		Net Change in Unrealized Appreciation/ Depreciation on Commodity Futures Contracts
Cryptocurrency Price
Bitcoin futures contracts	$	7,635,018		(77,359	)

Three months ended March 31, 2023.

	Realized Gain (Loss) on Commodity Futures Contracts		Net Change in Unrealized Appreciation/ Depreciation on Commodity Futures Contracts
Cryptocurrency Price
Bitcoin futures contracts	$	629,551	$	128,468

Volume of Derivative Activities

Basis of Presentation

Organizational and Offering Costs

Revenue Recognition

Brokerage Commissions

Three Months Ended March 31, 2024	$	5,781
Three Months Ended March 31, 2023	$	609

Due from/to Broker

Expenses

Expenses are recorded using the accrual method of accounting.

Net Income (Loss) per Share

Sponsor Fee Allocation of Expenses and Related Party Transactions

3 Months Ended

Mar. 31, 2024

Sponsor Fee Allocation of Expenses and Related Party Transactions

Note 2 – Sponsor Fee Allocation of Expenses and Related Party Transactions

Three Months Ended March 31, 2024	$	—
Three Months Ended March 31, 2023		70,570

For the three months ending March 31, 2024, the Sponsor did not waive expenses. For the three months ending March 31, 2023 the Prior Sponsor waived the above expenses.

Administrator

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

Bitcoin Custodian

Marketing Agent

Support Agent

Digital Asset Adviser

Transactions with Affiliates

3 Months Ended

Mar. 31, 2024

Investments in and Advances to Affiliates [Abstract]

Transactions with Affiliates

Note 3 – Transactions with Affiliates

The Trust has no directors, officers or employees and is managed by the Sponsor. The Administrator is a wholly-owned subsidiary of the Sponsor.

Financial Highlights

3 Months Ended

Mar. 31, 2024

Investment Company [Abstract]

Financial Highlights

Note 4 – Financial Highlights

HASHDEX BITCOIN ETF

FINANCIAL HIGHLIGHTS

	Three Months Ended			Three Months Ended
	March 31, 2024			March 31, 2023
Per Share Operation Performance
Net asset value at beginning of period	$	50.74		$	21.40
Income (loss) from investment operations:
Investment income		0.62			0.27
Net realized and unrealized gain (loss) on cryptocurrency futures contracts		29.91			15.16
Total expenses		(0.20	)		(0.07	)
Net increase (decrease) in net asset value		30.33			15.36
Net asset value at end of period	$	81.07		$	36.76
Total Return		59.78	%		71.79	%
Ratios to Average Net Assets (Annualized)
Total expenses		1.30	%		20.48	%
Total expenses, net		1.30	%		0.94	%
Net investment income (loss)		2.67	%		2.78	%

Merger with Hashdex Bitcoin Futures ETF

3 Months Ended

Mar. 31, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Merger with Hashdex Bitcoin Futures ETF

Note 5 – Merger with Hashdex Bitcoin Futures ETF

Conversion to Spot Bitcoin ETF

3 Months Ended

Mar. 31, 2024

Accounting Changes and Error Corrections [Abstract]

Conversion to Spot Bitcoin ETF

Note 6 – Conversion to Spot Bitcoin ETF

Subsequent Events

3 Months Ended

Mar. 31, 2024

Subsequent Events [Abstract]

Subsequent Events

Note 7 – Subsequent Events

Organization and Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Use of Estimates

Indemnifications

Cash

Cash includes money market funds held.

Income Taxes

Creation and Redemptions

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.

Fair Value - Definition and Hierarchy

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.

March 31, 2024

	Level 1		Level 2		Level 3		Balance as of March 31, 2024
Assets:
Cryptocurrency	$	—	$	10,837,413	$	—	$	10,837,413
Money market funds		237,786		—		—		237,786
Bitcoin futures contracts		14,259		—		—		14,259
Total	$	252,045	$	10,837,413	$	—	$	11,089,458

Liabilities:
Bitcoin futures contracts	$	13,475	$	—	$	—	$	13,475

December 31, 2023

	Level 1		Level 2		Level 3		Balance as of December 31, 2023
Assets:
Cash Equivalents	$	1,867,663	$	—	$	—	$	1,867,663
Bitcoin futures contracts		129,519		—		—		129,519
Total	$	1,997,182	$	—	$	—	$	1,997,182

Liabilities:
Bitcoin futures contracts	$	51,376	$	—	$	—	$	51,376

For the three months ended March 31, 2024 and year ended December 31, 2023, the Fund did not have any significant transfers between any of the levels of the fair value hierarchy.

Derivative Investments

Futures Contracts

Offsetting of Financial Assets and Derivative Assets as of March 31, 2024

							(iv) Gross Amount Not Offset In the Statement of Asset and Liabilities
Description	(i) Gross Amount of Recognized Assets		(ii) Gross Amount Offset in the Statement of Assets and		(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	$	14,259	$	—	$	14,259	$	13,475	$	—	$	784

Offsetting of Financial Liabilities and Derivative Assets as of March 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	$	13,475	$	—	$	13,475	$	13,475	$	—		—

Offsetting of Financial Assets and Derivative Assets as of December 31, 2023

							(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	$	129,519	$	—		129,519		51,376	$	—		78,143

Offsetting of Financial Liabilities and Derivative Assets as of December 31, 2023

							(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	$	51,376	$	—		51,376		51,376	$	—	$	—

Three months ended March 31, 2024.

	Realized Gain (Loss) on Commodity Futures Contracts		Net Change in Unrealized Appreciation/ Depreciation on Commodity Futures Contracts
Cryptocurrency Price
Bitcoin futures contracts	$	7,635,018		(77,359	)

Three months ended March 31, 2023.

	Realized Gain (Loss) on Commodity Futures Contracts		Net Change in Unrealized Appreciation/ Depreciation on Commodity Futures Contracts
Cryptocurrency Price
Bitcoin futures contracts	$	629,551	$	128,468

Volume of Derivative Activities

Basis of Presentation

Organizational and Offering Costs

Revenue Recognition

Brokerage Commissions

Three Months Ended March 31, 2024	$	5,781
Three Months Ended March 31, 2023	$	609

Due from/to Broker

Expenses

Expenses are recorded using the accrual method of accounting.

Net Income (Loss) per Share

Organization and Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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

March 31, 2024

	Level 1		Level 2		Level 3		Balance as of March 31, 2024
Assets:
Cryptocurrency	$	—	$	10,837,413	$	—	$	10,837,413
Money market funds		237,786		—		—		237,786
Bitcoin futures contracts		14,259		—		—		14,259
Total	$	252,045	$	10,837,413	$	—	$	11,089,458

Liabilities:
Bitcoin futures contracts	$	13,475	$	—	$	—	$	13,475

December 31, 2023

	Level 1		Level 2		Level 3		Balance as of December 31, 2023
Assets:
Cash Equivalents	$	1,867,663	$	—	$	—	$	1,867,663
Bitcoin futures contracts		129,519		—		—		129,519
Total	$	1,997,182	$	—	$	—	$	1,997,182

Liabilities:
Bitcoin futures contracts	$	51,376	$	—	$	—	$	51,376

Offsetting of Financial Assets and Derivative Assets

Offsetting of Financial Assets and Derivative Assets as of March 31, 2024

							(iv) Gross Amount Not Offset In the Statement of Asset and Liabilities
Description	(i) Gross Amount of Recognized Assets		(ii) Gross Amount Offset in the Statement of Assets and		(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	$	14,259	$	—	$	14,259	$	13,475	$	—	$	784

Offsetting of Financial Assets and Derivative Assets as of December 31, 2023

							(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	$	129,519	$	—		129,519		51,376	$	—		78,143

Offsetting of Financial Liabilities and Derivative Assets

Offsetting of Financial Liabilities and Derivative Assets as of March 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	$	13,475	$	—	$	13,475	$	13,475	$	—		—

Offsetting of Financial Liabilities and Derivative Assets as of December 31, 2023

							(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	$	51,376	$	—		51,376		51,376	$	—	$	—

Three months ended March 31, 2024.

	Realized Gain (Loss) on Commodity Futures Contracts		Net Change in Unrealized Appreciation/ Depreciation on Commodity Futures Contracts
Cryptocurrency Price
Bitcoin futures contracts	$	7,635,018		(77,359	)

Three months ended March 31, 2023.

	Realized Gain (Loss) on Commodity Futures Contracts		Net Change in Unrealized Appreciation/ Depreciation on Commodity Futures Contracts
Cryptocurrency Price
Bitcoin futures contracts	$	629,551	$	128,468

The below table shows the amounts included on the statements of operations as total brokerage commissions paid inclusive of unrealized loss.

Three Months Ended March 31, 2024	$	5,781
Three Months Ended March 31, 2023	$	609

Sponsor Fee Allocation of Expenses and Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2024

Expenses paid by the Sponsor or the Prior Sponsor are, if applicable, presented as waived expenses in the statements of operations for the Fund:

Three Months Ended March 31, 2024	$	—
Three Months Ended March 31, 2023		70,570

Financial Highlights (Tables)

3 Months Ended

Mar. 31, 2024

Investment Company [Abstract]

The following table presents per unit performance data and other supplemental financial data for the three months ended March 31, 2024.

HASHDEX BITCOIN ETF

FINANCIAL HIGHLIGHTS

	Three Months Ended			Three Months Ended
	March 31, 2024			March 31, 2023
Per Share Operation Performance
Net asset value at beginning of period	$	50.74		$	21.40
Income (loss) from investment operations:
Investment income		0.62			0.27
Net realized and unrealized gain (loss) on cryptocurrency futures contracts		29.91			15.16
Total expenses		(0.20	)		(0.07	)
Net increase (decrease) in net asset value		30.33			15.36
Net asset value at end of period	$	81.07		$	36.76
Total Return		59.78	%		71.79	%
Ratios to Average Net Assets (Annualized)
Total expenses		1.30	%		20.48	%
Total expenses, net		1.30	%		0.94	%
Net investment income (loss)		2.67	%		2.78	%

Schedule of fair values of investments disaggregated into three levels of fair value hierarchy (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Assets:
Cryptocurrency	$ 10,837,413
Bitcoin futures contracts	14,259	129,519
Total	11,089,458	1,997,182
Liabilities:
Bitcoin futures contracts	13,475	51,376
Cryptocurrency [Member]
Assets:
Cryptocurrency	10,837,413
Money Market Funds [Member]
Assets:
Cash Equivalents	237,786
Bitcoin Futures Contracts [Member]
Assets:
Bitcoin futures contracts	14,259	129,519
Liabilities:
Bitcoin futures contracts	13,475	51,376
Cash Equivalents [Member]
Assets:
Cash Equivalents		1,867,663
Fair Value, Inputs, Level 1 [Member]
Assets:
Total	252,045	1,997,182
Fair Value, Inputs, Level 1 [Member] \| Cryptocurrency [Member]
Assets:
Cryptocurrency
Fair Value, Inputs, Level 1 [Member] \| Money Market Funds [Member]
Assets:
Cash Equivalents	237,786
Fair Value, Inputs, Level 1 [Member] \| Bitcoin Futures Contracts [Member]
Assets:
Bitcoin futures contracts	14,259	129,519
Liabilities:
Bitcoin futures contracts	13,475	51,376
Fair Value, Inputs, Level 1 [Member] \| Cash Equivalents [Member]
Assets:
Cash Equivalents		1,867,663
Fair Value, Inputs, Level 2 [Member]
Assets:
Total	10,837,413
Fair Value, Inputs, Level 2 [Member] \| Cryptocurrency [Member]
Assets:
Cryptocurrency	10,837,413
Fair Value, Inputs, Level 2 [Member] \| Money Market Funds [Member]
Assets:
Cash Equivalents
Fair Value, Inputs, Level 2 [Member] \| Bitcoin Futures Contracts [Member]
Assets:
Bitcoin futures contracts
Liabilities:
Bitcoin futures contracts
Fair Value, Inputs, Level 2 [Member] \| Cash Equivalents [Member]
Assets:
Cash Equivalents
Fair Value, Inputs, Level 3 [Member]
Assets:
Total
Fair Value, Inputs, Level 3 [Member] \| Cryptocurrency [Member]
Assets:
Cryptocurrency
Fair Value, Inputs, Level 3 [Member] \| Money Market Funds [Member]
Assets:
Cash Equivalents
Fair Value, Inputs, Level 3 [Member] \| Bitcoin Futures Contracts [Member]
Assets:
Bitcoin futures contracts
Liabilities:
Bitcoin futures contracts
Fair Value, Inputs, Level 3 [Member] \| Cash Equivalents [Member]
Assets:
Cash Equivalents

Offsetting of Financial Assets and Derivative Assets (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement	$ 14,259	$ 129,519
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset
Derivative Asset, Total	14,259	129,519
Derivative Asset, Subject to Master Netting Arrangement, Deduction of Financial Instrument Not Offset	13,475	51,376
Derivative Asset, Subject to Master Netting Arrangement, Collateral, Obligation to Return Security Not Offset
Derivative Asset, Including Not Subject to Master Netting Arrangement, after Offset and Deduction, Total	$ 784	$ 78,143

Offsetting of Financial Liabilities and Derivative Assets (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement	$ 13,475	$ 51,376
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset
Derivative Liability, Total	13,475	51,376
Derivative Liability, Subject to Master Netting Arrangement, Deduction of Financial Instrument Not Offset	13,475	51,376
Derivative Liability, Subject to Master Netting Arrangement, Collateral, Right to Reclaim Security Not Offset
Derivative Liability, Including Not Subject to Master Netting Arrangement, after Offset and Deduction, Total

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: (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Gain (Loss) on Sale of Derivatives	$ 7,635,018	$ 629,551
Unrealized Gain (Loss) on Derivatives	$ (77,359)	$ 128,468

The below table shows the amounts included on the statements of operations as total brokerage commissions paid inclusive of unrealized loss. (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Payments for Brokerage Fees	$ 5,781	$ 609

Organization and Significant Accounting Policies (Details Narrative) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Block of shares issued and redeemed	10,000
Initial price per share	$ 25
Derivative, Notional Amount	$ 9.4	$ 1.7

Expenses paid by the Sponsor or the Prior Sponsor are, if applicable, presented as waived expenses in the statements of operations for the Fund: (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Related Party Transactions [Abstract]
Investment Company, Voluntary Fee Waived		$ 70,570

Sponsor Fee Allocation of Expenses and Related Party Transactions (Details Narrative)	3 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
Percentage of private keys held in cold storage	100.00%

The following table presents per unit performance data and other supplemental financial data for the three months ended March 31, 2024. (Details) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Per Share Operation Performance
Net asset value at beginning of period	$ 50.74	$ 21.40
Income (loss) from investment operations:
Investment income	0.62	0.27
Net realized and unrealized gain (loss) on cryptocurrency futures contracts	29.91	15.16
Total expenses	(0.20)	(0.07)
Net increase (decrease) in net asset value	30.33	15.36
Net asset value at end of period	$ 81.07	$ 36.76
Total Return	59.78%	71.79%
Ratios to Average Net Assets (Annualized)
Total expenses	1.30%	20.48%
Total expenses, net	1.30%	0.94%
Net investment income (loss)	2.67%	2.78%
Hashdex Bitcoin ETF [Member]
Per Share Operation Performance
Net asset value at beginning of period	$ 50.74	$ 21.40
Income (loss) from investment operations:
Investment income	0.62	0.27
Net realized and unrealized gain (loss) on cryptocurrency futures contracts	29.91	15.16
Total expenses	(0.20)	(0.07)
Net increase (decrease) in net asset value	30.33	15.36
Net asset value at end of period	$ 81.07	$ 36.76
Total Return	59.78%	71.79%
Ratios to Average Net Assets (Annualized)
Total expenses	1.30%	20.48%
Total expenses, net	1.30%	0.94%
Net investment income (loss)	2.67%	2.78%

Merger with Hashdex Bitcoin Futures ETF (Details Narrative) - USD ($)	Jan. 03, 2024	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Net assets	$ 2,708,819	$ 11,349,834	$ 2,536,958	$ 2,206,024	$ 1,070,263
Shares outstanding	50,000
Net asset value per share	$ 54.18	$ 81.07	$ 50.74	$ 36.76	$ 21.40
Hashdex Bitcoin Futures ETF [Member]
Business Acquisition [Line Items]
Number of shares issued	50,000
Value of shares issued	$ 2,708,819
Number of shares acquired	50,000
Value of shares acquired	$ 2,708,819
Teucrium Trading LLC [Member]
Business Acquisition [Line Items]
Percentage of management fee agreed to provide	7.00%
Minimum percentage of monthly net assets for fee	0.04%

Conversion to Spot Bitcoin ETF (Details Narrative) - Hashdex Bitcoin ETF [Member]	Mar. 26, 2024
Spot Bitcoin [Member]
Percentage of Fund's assets	95.00%
CME-traded Bitcoin Futures Contracts, Cash and Cash Equivalents [Member]
Percentage of Fund's assets	5.00%

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DEFI Hashdex Bitcoin ETF