Tidal Commodities Trust I Files 10-Q for Q1 2024

TL;DR

<b>Tidal Commodities Trust I filed its Q1 2024 10-Q report</b>, detailing its financial position and operations for the quarter ending March 31, 2024.

AI Summary

Tidal Commodities Trust I (DEFI) filed a Quarterly Report (10-Q) with the SEC on May 15, 2024. The filing covers the quarterly period ending March 31, 2024. The company's business address is 234 West Florida Street, Suite 203, Milwaukee, WI 53204. The SEC file number for Tidal Commodities Trust I is 001-41900. The trust is incorporated in Delaware (DE) with a fiscal year end of December 31. The filing includes data for defi:HashdexBitcoinETFMember and defi:BitcoinMember as of March 31, 2024.

Why It Matters

For investors and stakeholders tracking Tidal Commodities Trust I, this filing contains several important signals. This 10-Q filing provides investors with an update on the financial health and performance of Tidal Commodities Trust I for the first quarter of 2024. Understanding the details within this report is crucial for assessing the trust's current holdings, liabilities, and overall market position, particularly concerning its cryptocurrency and derivative assets.

Risk Assessment

Risk Level: low — Tidal Commodities Trust I shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags or significant negative developments, indicating a low level of immediate risk based solely on this document.

Analyst Insight

Review the specific asset allocations and derivative positions detailed in the 10-Q to understand the trust's exposure to cryptocurrency market volatility.

Key Numbers

• 2024-03-31 — Reporting Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-15 — Filing Date (FILED AS OF DATE)
• 001-41900 — SEC File Number (SEC FILE NUMBER)
• DE — State of Incorporation (STATE OF INCORPORATION)

Key Players & Entities

• Tidal Commodities Trust I (company) — FILER
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-05-15 (date) — FILED AS OF DATE
• 001-41900 (other) — SEC FILE NUMBER
• DE (other) — STATE OF INCORPORATION
• MILWAUKEE (location) — CITY
• WI (location) — STATE
• defi:HashdexBitcoinETFMember (company) — Asset Type

FAQ

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-15: Filing Date — Date the 10-Q report was officially filed with the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides a comprehensive update on the company's financial performance and position during the quarter.)

defi:HashdexBitcoinETFMember

Likely refers to an entity or fund related to a Bitcoin ETF managed by Hashdex. (Indicates a significant holding or focus on Bitcoin within the trust's portfolio.)

defi:BitcoinMember

Represents Bitcoin as an asset or holding. (Highlights the trust's direct or indirect exposure to the cryptocurrency Bitcoin.)

Filing Documents

• tct-10q_033124.htm (10-Q) — 823KB
• ex31-1.htm (EX-31.1) — 9KB
• ex31-2.htm (EX-31.2) — 9KB
• ex32-1.htm (EX-32.1) — 3KB
• ex32-2.htm (EX-32.2) — 3KB
• defi10q_001.jpg (GRAPHIC) — 68KB
• 0001999371-24-006171.txt (&nbsp;) — 3949KB
• defi-20240331.xsd (EX-101.SCH) — 26KB
• defi-20240331_cal.xml (EX-101.CAL) — 45KB
• defi-20240331_def.xml (EX-101.DEF) — 111KB
• defi-20240331_lab.xml (EX-101.LAB) — 182KB
• defi-20240331_pre.xml (EX-101.PRE) — 162KB
• tct-10q_033124_htm.xml (XML) — 613KB

FINANCIAL INFORMATION

Part I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements 3

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

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

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 12

Controls and Procedures

Item 4. Controls and Procedures 12

OTHER INFORMATION

Part II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 13

Risk Factors applicable to Funds

Item 1A. Risk Factors applicable to Funds 13

Unregistered Sales of Equity Securities and Use of Proceeds

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

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 13

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 13

Other Information

Item 5. Other Information 13

Exhibits 14

Item 6. Exhibits 14 2 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 F-20 Schedule of Investments at March 31, 2024 (Unaudited) and December 31, 2023 F-21 F-23 F-24 F-25

Notes to Financial Statements

Notes to Financial Statements 3 TIDAL COMMODITIES TRUST I COMBINED 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

NOTES TO FINANCIAL STATEMENTS

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 Shar

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