DEFIHIGH SIGNALMANAGEMENT10-K

DEFI underwent a significant strategic transformation, changing its investment approach from bitcoin futures to direct bitcoin holdings while reducing its asset base and share count.

The fund fundamentally altered its investment strategy by moving from futures-based bitcoin exposure to direct bitcoin ownership, which could significantly impact risk profile, tracking accuracy, and operational complexity. The concurrent reduction in assets under management and outstanding shares suggests either strategic downsizing or investor redemptions during this transition period.

Comparing 2026-03-31 vs 2025-03-25View on EDGAR →
FINANCIAL ANALYSIS

The fund's financial position contracted meaningfully, with total assets declining roughly 20% to $11.9M and stockholders' equity falling proportionally. Share buyback activity was substantially reduced compared to the prior period, while the fund maintained improved liquidity with cash holdings increasing meaningfully. The dramatic reduction in total liabilities and lower buyback activity suggests a more conservative financial posture during the strategic transition.

FINANCIAL STATEMENT CHANGES
Total Liabilities
Balance Sheet
-77.9%
$12K→$3K

Liabilities reduced 77.9% — deleveraging improves balance sheet strength and financial flexibility.

Cash & Equivalents
Balance Sheet
+75.7%
$30K→$52K

Cash position surged 75.7% — strong cash generation or capital raise providing significant financial cushion.

Share Buybacks
Cash Flow
-74.5%
$18.1M→$4.6M

Buyback activity reduced 74.5% — capital being redeployed elsewhere or cash conservation underway.

Total Assets
Balance Sheet
-19.9%
$14.9M→$11.9M

Total assets contracted 19.9% — asset sales, write-downs, or balance sheet optimization underway.

Stockholders Equity
Balance Sheet
-19.8%
$14.8M→$11.9M

Equity decreased 19.8% — buybacks or losses reducing book value, monitor solvency ratios.

LANGUAGE CHANGES
NEW — 2026-03-31
PRIOR — 2025-03-25
ADDED
Employer Identification No.) Wilmington Trust, National Association 1100 N.
As of December 31, 2025, there were 120,000 shares of beneficial interest, no par value, of Hashdex Bitcoin ETF issued and outstanding.
Market for Registrant s Common Equity, Related Stockholder Matters and Issuer Purchase of Equity Securities 25 Item 6.
Business Overview Hashdex Commodities Trust (f/k/a Tidal Commodities Trust I, prior to January 16, 2026) (the 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 s assets consist of bitcoin and, potentially, limited amounts of cash.
The Trust and the Fund operate pursuant to the Trust s Second Amended and Restated Declaration of Trust and Trust Agreement (the Trust Agreement ), dated January 15, 2026.
The principal address of the Fund is 1100 North Market Street, Suite 1300, Wilmington, DE 19801 and the telephone number of the Fund is (302) 651-1000.
(the Sponsor or Hashdex ), which receives a management fee (the Management Fee ).
As of December 31, 2025, the Sponsor served as sponsor, investment manager, or investment adviser to over 9 pooled investment vehicles across multiple jurisdictions, including investment strategies relating to crypto asset markets.
Prior to January 16, 2026, the Fund s sponsor was Tidal Investments LLC (f/k/a Toroso Investments, LLC) ( Tidal ).
REMOVED
As of December 31, 2024, there were 140,000 shares of beneficial interest, no par value, of Hashdex Bitcoin ETF issued and outstanding.
Market for Registrants Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 40 Item 6.
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 invests in bitcoin, bitcoin futures contracts ( Bitcoin Futures Contracts ) listed on the Chicago Mercantile Exchange Inc.
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.
As noted below, the Fund is the successor to the Predecessor Fund (defined below), which commenced operations in September 2022.
The current registration statement for DEFI was declared effective by the SEC on January 2, 2024 and registered an indeterminate number of Shares.
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 ).
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