Thu, Nov 14, 10:32 PM (29 days ago)
For the quarter ended September 30, 2024, Tidal Commodities Trust I (DEFI) reported significant growth in net assets, totaling $9,392.5K, up 462% year-over-year, driven by a surge in shares outstanding and Bitcoin price appreciation. The net asset value (NAV) per share increased to $72.25, reflecting a 116% rise. The Fund's strategy transitioned from Bitcoin futures to direct Bitcoin holdings, aiming for at least 95% of assets in spot Bitcoin. Quarterly performance showed a net income of $314.1K versus a loss of $266.8K in the same period last year. Realized and unrealized gains on investments were $335.4K, contrasting with a loss of $283.8K in Q3 2023. Management fees increased due to higher average net assets, while total expenses, net of waivers, were stable at 0.92%. The Fund's liquidity is primarily managed through cash and cash equivalents, with a focus on maintaining adequate collateral for futures contracts. Future operations may face uncertainties from market volatility and regulatory changes affecting cryptocurrency investments.