Teucrium Trust NAV Dips to $11M Amid Bitcoin ETF Liquidation

TL;DR

WEAT's NAV dropped to $11 million, signaling a tough half-year for commodity performance, so tread carefully.

AI Summary

Teucrium Commodity Trust (WEAT) reported a net asset value of $11,009,654 as of June 30, 2025, a decrease from $12,632,301 at December 31, 2024. The filing highlights the transfer of the Hashdex Bitcoin Futures ETF to the Tidal Commodities Trust I, which was liquidated on January 3, 2024. The Trust's operations for the period January 1, 2025, to June 30, 2025, reflect the activity of its underlying funds, including Teucrium Corn Fund, Teucrium Sugar Fund, Teucrium Soybean Fund, and Teucrium Wheat Fund. The Trust holds significant investments in money market funds, including $1,250,000 in a US Bank Deposit Account and $15,000,000 in Goldman Sachs Financial Square Government Fund Institutional Class as of June 30, 2025. Commercial paper holdings include $2,500,000 in Broadcom Inc. and $2,500,000 in Brookfield Infrastructure Holdings Canada Inc. The Teucrium Agricultural Fund's holdings in the underlying funds are eliminated from the combined statements to avoid double-counting shares outstanding. No specific revenue or net income figures were provided for the current period, but the decrease in net asset value suggests a challenging period.

Why It Matters

This filing matters for investors as the decrease in Net Asset Value (NAV) from $12.6 million to $11 million indicates a potential decline in the value of the underlying commodity investments, impacting shareholder returns. The liquidation of the Hashdex Bitcoin Futures ETF on January 3, 2024, removes a potentially volatile asset, which could be seen as a risk reduction or a missed opportunity depending on market sentiment for Bitcoin. For customers, the continued focus on agricultural commodities like corn, sugar, soybeans, and wheat means their investment exposure remains tied to these specific markets. The competitive landscape for commodity ETFs is intense, and a declining NAV could make WEAT less attractive compared to peers with stronger performance.

Risk Assessment

Risk Level: medium — The risk level is medium due to the decrease in Net Asset Value from $12,632,301 at December 31, 2024, to $11,009,654 at June 30, 2025, indicating a decline in the trust's overall value. Additionally, the liquidation of the Hashdex Bitcoin Futures ETF on January 3, 2024, while removing a volatile asset, also signifies a change in the trust's composition and potential for past underperformance in that specific segment.

Analyst Insight

Investors should closely monitor the performance of the underlying agricultural commodity funds (corn, sugar, soybean, wheat) as the overall NAV has declined. Consider re-evaluating WEAT's role in a diversified portfolio, especially if seeking exposure to a broader range of commodities or if agricultural prices face headwinds.

Financial Highlights

total Assets

$11,009,654

cash Position

$1,250,000

Key Numbers

• $11,009,654 — Net Asset Value (as of June 30, 2025, a decrease from prior period)
• $12,632,301 — Net Asset Value (as of December 31, 2024)
• $15,000,000 — Investment in Goldman Sachs Financial Square Government Fund Institutional Class (as of June 30, 2025)
• $1,250,000 — Investment in US Bank Deposit Account (as of June 30, 2025)
• $2,500,000 — Commercial Paper from Broadcom Inc. (as of June 30, 2025)
• $2,500,000 — Commercial Paper from Brookfield Infrastructure Holdings Canada Inc. (as of June 30, 2025)
• January 3, 2024 — Liquidation Date (date of Hashdex Bitcoin Futures ETF liquidation)

Key Players & Entities

• Teucrium Commodity Trust (company) — filer of the 10-Q
• Hashdex Bitcoin Futures ETF (company) — ETF transferred and liquidated
• Tidal Commodities Trust I (company) — recipient of the transferred ETF
• Teucrium Agricultural Fund (company) — fund whose holdings are eliminated from combined statements
• Goldman Sachs Financial Square Government Fund Institutional Class (company) — money market fund investment
• Broadcom Inc. (company) — issuer of commercial paper
• Brookfield Infrastructure Holdings Canada Inc. (company) — issuer of commercial paper
• US Bank Deposit Account (company) — money market fund investment

FAQ

Risk Factors

• Commodity Price Volatility [high — market]: The Trust's net asset value decreased from $12,632,301 as of December 31, 2024, to $11,009,654 as of June 30, 2025. This decline is primarily driven by the performance of the underlying commodity funds, which are subject to significant price fluctuations in agricultural and other commodity markets.
• Fund Liquidation and Transfer [medium — operational]: The Hashdex Bitcoin Futures ETF was transferred to the Tidal Commodities Trust I and subsequently liquidated on January 3, 2024. While this event predates the current reporting period, it indicates potential restructuring and operational complexities within the Trust's investment strategy.
• Concentration in Money Market Funds [medium — financial]: As of June 30, 2025, the Trust holds substantial investments in money market funds, including $15,000,000 in Goldman Sachs Financial Square Government Fund Institutional Class and $1,250,000 in a US Bank Deposit Account. While these provide liquidity, they may offer lower returns compared to direct commodity investments.
• Commercial Paper Holdings [medium — financial]: The Trust has invested $2,500,000 in Broadcom Inc. commercial paper and $2,500,000 in Brookfield Infrastructure Holdings Canada Inc. commercial paper as of June 30, 2025. These holdings introduce credit risk associated with the issuing corporations.

Industry Context

The Teucrium Commodity Trust operates within the diversified commodity investment sector, focusing on agricultural and potentially other commodities through its underlying funds. The sector is characterized by high volatility driven by global supply and demand, weather patterns, geopolitical events, and macroeconomic factors. Competition exists from other commodity ETFs and futures-based investment vehicles.

Regulatory Implications

As a publicly traded investment vehicle, the Trust is subject to SEC regulations and reporting requirements, including the filing of 10-Q statements. Changes in commodity regulations or financial market oversight could impact the Trust's operations and investment strategies.

What Investors Should Do

1. Monitor underlying commodity prices
2. Assess credit risk of commercial paper holdings
3. Evaluate the Trust's liquidity and cash management

Key Dates

• 2024-01-03: Liquidation of Hashdex Bitcoin Futures ETF — Indicates a past restructuring event and potential shift in the Trust's investment focus or operational management.
• 2025-06-30: Reporting Period End — Date as of which the Net Asset Value of $11,009,654 was reported, showing a decrease from the prior period.
• 2024-12-31: Prior Period End — Date as of which the Net Asset Value was $12,632,301, providing a benchmark for the current period's decline.

Glossary

Net Asset Value (NAV)

The per-share market value of a fund, calculated by taking the total value of its assets, subtracting liabilities, and dividing by the number of outstanding shares. (The primary indicator of the Trust's overall value and performance, which has shown a decrease in the current period.)

Commercial Paper

Unsecured, short-term debt instruments issued by corporations to finance short-term liabilities. Typically has a maturity of less than 270 days. (Represents a portion of the Trust's investments, introducing credit risk from the corporate issuers like Broadcom Inc. and Brookfield Infrastructure Holdings Canada Inc.)

Money Market Funds

A type of mutual fund that invests in short-term debt instruments, aiming to maintain a stable net asset value (typically $1 per share) and provide liquidity. (Significant holdings in these funds, such as the Goldman Sachs Financial Square Government Fund Institutional Class, indicate a focus on capital preservation and liquidity.)

Underlying Funds

In the context of Teucrium Commodity Trust, these are the specific commodity funds (e.g., Corn, Sugar, Soybean, Wheat) whose performance and assets form the basis of the Trust's value. (The performance of these underlying funds directly impacts the Trust's overall Net Asset Value.)

Year-Over-Year Comparison

The Net Asset Value of Teucrium Commodity Trust has decreased from $12,632,301 as of December 31, 2024, to $11,009,654 as of June 30, 2025, indicating a challenging performance period. While specific revenue and net income figures for the current period are not detailed in the provided summary, the decline in NAV suggests negative performance in the underlying commodity holdings or other operational factors.

Filing Documents

• tags20250630_10q.htm (10-Q) — 5322KB
• ex_826261.htm (EX-31.1) — 13KB
• ex_826262.htm (EX-31.2) — 13KB
• ex_826263.htm (EX-32.1) — 4KB
• ex_826264.htm (EX-32.2) — 4KB
• caneaum63025.jpg (GRAPHIC) — 102KB
• cornaum63025.jpg (GRAPHIC) — 102KB
• corncons63025.jpg (GRAPHIC) — 48KB
• cornprice63025.jpg (GRAPHIC) — 48KB
• cornyld63025.jpg (GRAPHIC) — 51KB
• soybaum63025.jpg (GRAPHIC) — 99KB
• soyprice63025.jpg (GRAPHIC) — 69KB
• sugar2025.jpg (GRAPHIC) — 41KB
• tagsum63025.jpg (GRAPHIC) — 90KB
• weataum63025.jpg (GRAPHIC) — 77KB
• whtprice63025.jpg (GRAPHIC) — 55KB
• 0001437749-25-025918.txt ( ) — 28845KB
• tect-20250630.xsd (EX-101.SCH) — 100KB
• tect-20250630_cal.xml (EX-101.CAL) — 127KB
• tect-20250630_def.xml (EX-101.DEF) — 766KB
• tect-20250630_lab.xml (EX-101.LAB) — 287KB
• tect-20250630_pre.xml (EX-101.PRE) — 830KB
• tags20250630_10q_htm.xml (XML) — 5834KB

FINANCIAL INFORMATION

Part I. FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 3 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 63 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 108 Item 4.

Controls and Procedures

Controls and Procedures 112

OTHER INFORMATION

Part II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 113 Item 1A.

Risk Factors

Risk Factors 113 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 114 Item 3. Defaults Upon Senior Securities 116 Item 4. Mine Safety Disclosures 116 Item 5. Other Information 116 Item 6. Exhibits 117 2 Table of Contents

FINANCIAL INFORMATION

Part I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. Index to Financial Statements Documents Page TEUCRIUM COMMODITY TRUST Combined Statements of Assets and Liabilities at June 30, 2025 (Unaudited) and December 31, 2024 F-1 Combined Schedule of Investments at June 30, 2025 (Unaudited) and December 31, 2024 F-2 Combined Statements of Operations (Unaudited) for the three and six months ended June 30, 2025 and 2024 F-6 Combined Statements of Changes in Net Assets (Unaudited) for the six months ended June 30, 2025 and 2024 F-7 Combined Statements of Cash Flows (Unaudited) for the six months ended June 30, 2025 and 2024 F-8 Teucrium Corn Fund Statements of Assets and Liabilities at June 30, 2025 (Unaudited) and December 31, 2024 F-9 Teucrium Corn Fund S chedule of Investments at June 30, 2025 (Unaudited) and December 31, 2024 F-10 Teucrium Corn Fund S tatements of Operations (Unaudited) for the three and six months ended June 30, 2025 and 2024 F-12 Teucrium Corn Fund S tatements of Changes in Net Assets (Unaudited) for the six months ended June 30, 2025 and 2024 F-13 Teucrium Corn Fund S tatements of Cash Flows (Unaudited) for the six months ended June 30, 2025 and 2024 F-14 Teucrium Soybean Fund Statements of Assets and Liabilities at June 30, 2025 (Unaudited) and December 31, 2024 F-15 Teucrium Soybean Fund S chedule of Investments at June 30, 2025 (Unaudited) and December 31, 2024 F-16 Teucrium Soybean Fund S tatements of Operations (Unaudited) for the three and six months ended June 30, 2025 and 2024 F-18 Teucrium Soybean Fund S tatements of Changes in Net Assets (Unaudited) for the six months ended June 30, 2025 and 2024 F-19 Teucrium Soybean Fund S tatements of Cash Flows (Unaudited) for the six months ended June 30, 2025 and 2024 F-20 Teucrium Sugar Fund Statements of Assets and Liabilities at June 30, 2025 (Unaudited) and December 31, 2024 F-21 Teucrium Sugar Fund S chedule of Investments at June 30, 2025 (Unaudit

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