Tidal Commodities Trust I Files 2023 Annual Report on Form 10-K
Ticker: DEFI · Form: 10-K · Filed: Apr 1, 2024 · CIK: 1985840
Sentiment: neutral
Topics: 10-K, Tidal Commodities Trust I, Hashdex Bitcoin ETF, DEFI, NYSE Arca
TL;DR
<b>Tidal Commodities Trust I filed its 2023 annual report, detailing its structure and listing its shares on NYSE Arca.</b>
AI Summary
Tidal Commodities Trust I (DEFI) filed a Annual Report (10-K) with the SEC on April 1, 2024. Tidal Commodities Trust I filed its 2023 Form 10-K on April 1, 2024. The Trust's principal executive offices are located at 234 West Florida Street, Suite 203, Milwaukee, WI 53204. The Trust's shares of beneficial interest in the Hashdex Bitcoin ETF are registered on NYSE Arca, Inc. under the trading symbol DEFI. The Trust is incorporated in Delaware and has an IRS Employer Identification No. of 92-6468665. The Trust has filed all required reports for the preceding 12 months and has been subject to such filing requirements for the past 90 days.
Why It Matters
For investors and stakeholders tracking Tidal Commodities Trust I, this filing contains several important signals. This filing provides a comprehensive overview of the Trust's operations and financial status for the fiscal year ended December 31, 2023. The report confirms the listing of the Hashdex Bitcoin ETF shares (DEFI) on NYSE Arca, a key detail for investors tracking the fund.
Risk Assessment
Risk Level: low — Tidal Commodities Trust I shows low risk based on this filing. The filing is a routine annual report (10-K) and does not contain significant new financial data or operational changes that would indicate elevated risk.
Analyst Insight
Review the full 10-K filing for detailed financial statements and risk factors related to the Hashdex Bitcoin ETF.
Key Numbers
- 2023-12-31 — Fiscal Year End (Conformed period of report)
- 2024-04-01 — Filing Date (Filed as of date)
- 001-41900 — Commission File Number (SEC File Number)
- DEFI — Trading Symbol (Shares of beneficial interest, no par value, of Hashdex Bitcoin ETF)
Key Players & Entities
- Tidal Commodities Trust I (company) — Registrant name
- 2023 (date) — Fiscal year end
- April 1, 2024 (date) — Filing date
- 234 West Florida Street, Suite 203, Milwaukee, WI 53204 (address) — Principal executive offices
- DEFI (ticker) — Trading Symbol
- Hashdex Bitcoin ETF (company) — Series of the Registrant
- NYSE Arca, Inc. (company) — Exchange where registered
- Delaware (jurisdiction) — State of incorporation
FAQ
When did Tidal Commodities Trust I file this 10-K?
Tidal Commodities Trust I filed this Annual Report (10-K) with the SEC on April 1, 2024.
What is a 10-K filing?
A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by Tidal Commodities Trust I (DEFI).
Where can I read the original 10-K filing from Tidal Commodities Trust I?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Tidal Commodities Trust I.
What are the key takeaways from Tidal Commodities Trust I's 10-K?
Tidal Commodities Trust I filed this 10-K on April 1, 2024. Key takeaways: Tidal Commodities Trust I filed its 2023 Form 10-K on April 1, 2024.. The Trust's principal executive offices are located at 234 West Florida Street, Suite 203, Milwaukee, WI 53204.. The Trust's shares of beneficial interest in the Hashdex Bitcoin ETF are registered on NYSE Arca, Inc. under the trading symbol DEFI..
Is Tidal Commodities Trust I a risky investment based on this filing?
Based on this 10-K, Tidal Commodities Trust I presents a relatively low-risk profile. The filing is a routine annual report (10-K) and does not contain significant new financial data or operational changes that would indicate elevated risk.
What should investors do after reading Tidal Commodities Trust I's 10-K?
Review the full 10-K filing for detailed financial statements and risk factors related to the Hashdex Bitcoin ETF. The overall sentiment from this filing is neutral.
How does Tidal Commodities Trust I compare to its industry peers?
The filing pertains to a cryptocurrency-focused investment trust, specifically one offering exposure to Bitcoin futures.
Are there regulatory concerns for Tidal Commodities Trust I?
The filing is made under the Securities Exchange Act of 1934, requiring regular reporting for publicly traded securities.
Industry Context
The filing pertains to a cryptocurrency-focused investment trust, specifically one offering exposure to Bitcoin futures.
Regulatory Implications
The filing is made under the Securities Exchange Act of 1934, requiring regular reporting for publicly traded securities.
What Investors Should Do
- Review the full 10-K for detailed financial statements and disclosures.
- Analyze the risk factors section for potential investment considerations.
- Monitor future filings for updates on the Hashdex Bitcoin ETF performance and operations.
Year-Over-Year Comparison
This is the initial 10-K filing for the period ending December 31, 2023, as indicated by the filing date and the absence of prior year comparative data within this document.
Filing Stats: 4,619 words · 18 min read · ~15 pages · Grade level 11.7 · Accepted 2024-04-01 16:24:57
Filing Documents
- defi-10k_123123.htm (10-K) — 948KB
- ex4-1.htm (EX-4.1) — 60KB
- ex31-1.htm (EX-31.1) — 21KB
- ex31-2.htm (EX-31.2) — 21KB
- ex32-1.htm (EX-32.1) — 7KB
- ex32-2.htm (EX-32.2) — 7KB
- ex97-1.htm (EX-97.1) — 50KB
- defi10k123123002.jpg (GRAPHIC) — 6KB
- defi10k123123004.jpg (GRAPHIC) — 47KB
- defi10k123123005.jpg (GRAPHIC) — 5KB
- defi10k123123006.jpg (GRAPHIC) — 3KB
- 0001999371-24-004291.txt ( ) — 2577KB
- defi-20231231.xsd (EX-101.SCH) — 13KB
- defi-20231231_cal.xml (EX-101.CAL) — 13KB
- defi-20231231_def.xml (EX-101.DEF) — 48KB
- defi-20231231_lab.xml (EX-101.LAB) — 91KB
- defi-20231231_pre.xml (EX-101.PRE) — 82KB
- defi-10k_123123_htm.xml (XML) — 106KB
forward-looking statements in this Annual Report appears in the section captioned "Risk Factors" and elsewhere in
forward-looking statements in this Annual Report appears in the section captioned "Risk Factors" and elsewhere in this Annual Report. Readers are cautioned not to place undue reliance on forward-looking statements because of the risks and uncertainties related to them and to the risk factors. Except as may be required by law, we do not undertake any obligation to update the forward-looking Table of Contents Part I Item 1.
Business
Business 4 Item 1A.
Risk Factors
Risk Factors 33 Item 1B. Unresolved Staff Comments 65 Item 1C. Cybersecurity 65 Item 2.
Properties
Properties 66 Item 3.
Legal Proceedings
Legal Proceedings 66 Item 4. Mine Safety Disclosures 66 PART II Item 5. Market for Registrants Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 66 Item 6. [Reserved]. 66 Item 7.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 66 Item 7A.
Quantitative and Qualitative Disclosures about Market Risk
Quantitative and Qualitative Disclosures about Market Risk 69 Item 8.
Financial Statements and Supplementary Data
Financial Statements and Supplementary Data 70 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 71 Item 9A.
Controls and Procedures
Controls and Procedures 71 Item 9B. Other Information 72 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. 72 PART III Item 10. Directors, Executive Officers and Corporate Governance 72 Item 11.
Executive Compensation
Executive Compensation 73 Item 12.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 73 Item 13. Certain Relationships and Related Transactions, and Director Independence 74 Item 14. Principal Accountant Fees and Services 74 PART IV Item 15. Exhibits and Financial Statement Schedules 74 Item 16. Form 10-K Summary 74 3 PART I Item 1. Business Overview 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. However, as of December 31, 2023, the Fund was not operational and had not yet begun trading on the NYSE Arca stock exchange ("NYSE Arca"