Thu, May 15, 9:33 PM (38 days ago)
**Hashdex Bitcoin ETF (DEFI) Q1 2025 Financial Summary** **Company Overview:** Hashdex Bitcoin ETF (DEFI), a series of Tidal Commodities Trust I, focuses on tracking the price of Bitcoin. The fund primarily invests in spot Bitcoin, with up to 5% in Bitcoin futures and cash equivalents. **Financial Performance (Q1 2025 vs. Q1 2024):** - **Revenue & Profit Margins:** - Q1 2025 saw a net loss of $1,733,048 due to a $1,712,846 unrealized loss on investments, compared to a net income of $7,937,269 in Q1 2024, driven by a $7,635,018 realized gain on futures contracts. - The fund's total expenses were $20,385 in Q1 2025, down from $58,529 in Q1 2024. - **Cash Flow:** - Net cash used in operating activities was $28,956 in Q1 2025, compared to $2,505,484 in Q1 2024. - The fund had no financing activities in Q1 2025, while Q1 2024 saw $875,607 in financing inflows. - **Earnings Changes:** - Net asset value per share decreased from $106.00 to $93.62, reflecting an 11.68% total return loss. - The fund's total net assets increased by 15.48% year-over-year, driven by Bitcoin price appreciation. - **Quarterly Performance Discussion:** - The fund's performance was negatively impacted by Bitcoin price depreciation and a shift in investment strategy to spot Bitcoin. - Management fees decreased due to lower average net assets and a reduced fee rate. **Trends & Uncertainties:** - **Bitcoin Price Volatility:** The fund's performance is highly sensitive to Bitcoin price fluctuations. - **Regulatory Environment:** Changes in regulations could impact the fund's operations and performance. - **Market Liquidity:** The fund may face liquidity challenges if the Bitcoin futures market becomes illiquid. **Future Operations & Impact:** - The fund aims to maximize spot Bitcoin holdings, with up to 5% in futures and cash equivalents. - The sponsor pays routine operational expenses, while the fund covers non-recurring and unusual fees. - The fund does not anticipate using borrowings or lines of credit to meet obligations. **Key Metrics (Q1 2025):** - Total Net Assets: $13,106,337 - Shares Outstanding: 140,000 - Net Asset Value per Share: $93.62 - Total Expense Ratio: 0.56% **Conclusion:** Hashdex Bitcoin ETF faced challenges in Q1 2025 due to Bitcoin price depreciation and a strategic shift. However, the fund remains focused on tracking Bitcoin's price and managing operational expenses efficiently. Investors should be aware of the fund's sensitivity to Bitcoin price volatility and regulatory changes.