Wed, Aug 14, 9:37 PM (153 days ago)
For the quarter ending June 30, 2024, Tidal Commodities Trust I (Hashdex Bitcoin ETF) reported significant changes in its financial performance. Total net assets surged to $10,949,470, a remarkable 465% increase year-over-year, driven by a 220% rise in shares outstanding and a 76% increase in net asset value (NAV) per share. The NAV per share rose to $68.43, reflecting strong market performance as Bitcoin prices appreciated from $30,477.25 to $59,874.22 during the period. The fund’s income was impacted by realized and unrealized losses on futures contracts totaling $(2,022,552) for the quarter, contrasting with a gain of $56,845 in the same period last year. Total expenses were reported at 0.90%, significantly lower than the prior year's 12.67%, with management fees increasing due to higher average net assets. Cash flow from operations showed a net cash outflow of $(4,304,227), influenced by substantial investments in Bitcoin. The fund's strategy has shifted towards maximizing physical Bitcoin holdings, with expectations that at least 95% of assets will be in spot Bitcoin, while maintaining limited exposure to futures contracts. The report highlights a strong outlook amidst evolving market conditions and increased investor interest in Bitcoin ETFs.