Hashdex Commodities Trust, formerly known as Tidal Commodities Trust I, reported a significant decline in its financial performance for the year ending December 31, 2025. The Trust's total net assets decreased by 19.8% to $11.9 million, down from $14.8 million in 2024. This decline was attributed to a combination of a 14.3% reduction in shares outstanding, from 140,000 to 120,000, and a decrease in the net asset value (NAV) per share, which fell from $106.00 to $99.15. The average daily total net assets for the year were approximately $14.5 million, compared to $13.1 million in the previous year.
The Trust underwent a merger with the Hashdex Bitcoin Futures ETF on January 3, 2024, which resulted in a one-for-one exchange of shares. Following the merger, the Fund transitioned its investment strategy to focus on spot bitcoin holdings, with a policy to invest at least 95% of its assets in physical bitcoin. This strategic shift was formalized on March 26, 2024, when the Fund was renamed to reflect its new focus. The Fund's current benchmark is the Nasdaq Bitcoin Reference Price - Settlement (NQBTCS), which is designed to track the price performance of bitcoin.
Operationally, the Fund's performance was impacted by market conditions, with bitcoin prices declining from approximately $93,436.08 at the end of 2024 to about $87,581.77 by the end of 2025. The Fund reported a net loss of $474,450 for the year, a stark contrast to a net income of $10.6 million in 2024. The management fees paid to the Sponsor decreased to $47,520.96 from $119,739 in the previous year, reflecting the reduced asset base and operational scale.
As of December 31, 2025, the Fund held 134.87 bitcoin, valued at $11.8 million, which constituted 99.28% of its total net assets. The Fund's cash and cash equivalents amounted to $52,133, representing 0.44% of its net assets. The Trust's operational structure remains unchanged, with Hashdex Asset Management Ltd. serving as the Sponsor, and U.S. Bank, N.A. acting as the cash custodian. The Trust has no employees, relying on third-party service providers for its operations.
Looking ahead, the Trust's management anticipates that the transition to a spot bitcoin ETF will enhance its market position and attract more investors. However, the Trust acknowledges the inherent volatility and risks associated with bitcoin investments, which may impact future performance. The management remains committed to closely monitoring market conditions and adjusting strategies as necessary to align with the Fund's investment objectives.
About Tidal Commodities Trust I
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