DEFI 8-K
Hashdex Commodities Trust (DEFI)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): February 3, 2025
Tidal Commodities Trust I
(Exact Name of Registrant as Specified in Its Charter)
Delaware
(State or Other Jurisdiction of Incorporation)
| 001-41900 | 92-6468665 | |
| (Commission File Number) | (IRS Employer Identification No.) | |
|
234 West Florida Street, Suite 203 Milwaukee, WI |
53204 | |
| (Address of Principal Executive Offices) | (Zip Code) |
(844) 986-7700
(Registrant’s Telephone Number, Including Area Code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
| Shares of Hashdex Bitcoin ETF | DEFI | NYSE Arca, Inc. |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 1.01. Entry into a Material Definitive Agreement.
As of February 3, 2025, the Amended and Restated ‘33 Act Fund Platform Support Agreement by and among Tidal Investments LLC (the “Sponsor”), Tidal ETF Services LLC, Hashdex Asset Management Ltd., and Teucrium Trading, LLC, dated October 24, 2023 (the “Support Agreement”), which sets forth the terms and conditions applicable to the launch, marketing, promotion, development, and ongoing operation of the Hashdex Bitcoin ETF (the “Fund”), as well the respective rights in profits and obligations for expenses, was amended to reflect the voluntary withdrawal of the Prior Sponsor from the Support Agreement. Accordingly, the Prior Sponsor no longer has rights to any revenue generated by the Fund and has no further financial or operational obligations related to Fund costs, expenses, or liabilities.
Item 8.01 Other Events.
Effective February 10, 2025, the management fee paid by the Fund to the Sponsor will be reduced from an annual rate of 0.90% to an annual rate of 0.25% of the average daily net assets of the Fund, calculated daily and paid monthly.
Item 9.01. Financial Statements and Exhibits.
| Exhibit 10.8 | First Amendment to the ‘33 Act Fund Platform Support Agreement. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| TIDAL COMMODITIES TRUST I | ||
| By: Tidal Investments LLC, as Sponsor | ||
| /s/ Guillermo Trias | ||
| Date: February 7, 2025 |
Name: Guillermo Trias Title: Chief Executive Officer of Tidal Investment LLC, as Sponsor | |
Exhibit 10.8
First Amendment to the ‘33 Act Fund Platform Support Agreement
This First Amendment to the ‘33 Act Fund Platform Support Agreement dated October 24, 2023, is entered into as of February 3, 2025 (the “First Amendment”), by and among Tidal Investments LLC (f/k/a Toroso Investments, LLC) (“Toroso”), Tidal ETF Services LLC ( “Tidal”), Hashdex Asset Management Ltd. (“Hashdex”), and Teucrium Trading, LLC (“Teucrium”). Each of Toroso, Tidal, Hashdex, and Teucrium may be referred to herein as a “Party,” or collectively, as the “Parties”.
BACKGROUND:
| A. | On October 24, 2023, the Parties executed an Amended and Restated ‘33 Act Fund Platform Support Agreement (the “Agreement”). |
| B. | The Agreement relates to, inter alia, the ongoing operation of the Hashdex Bitcoin ETF (f/k/a the Hashdex Bitcoin Futures ETF) (the “Fund”). |
| C. | Teucrium Trading, LLC now wishes to voluntarily withdraw as a Party to the Agreement, and the Parties mutually desire to amend the Agreement in order to formally remove Teucrium from its provisions. |
NOW, THEREFORE, in consideration of the representations, warranties, and covenants set forth in the Agreement, the Parties hereby agree to enter into this First Amendment as follows:
1. Withdrawal of Teucrium.
1.1. In accordance with Section 5.2(iii), Teucrium hereby notifies the other Parties of its voluntary withdrawal as a party to the Agreement, and each of the other Parties acknowledges Teucrium’s withdrawal and removal from the Agreement.
1.2. Toroso, Tidal and Hashdex (the “Remaining Parties”), hereby mutually agree to waive the 180-days' written notice for voluntary withdrawal provided in Section 5.2(iii) of the Agreement. Consequently, this First Amendment and Teucrium’s withdrawal from the Agreement shall be deemed effective immediately as of the date hereof. The Parties mutually agree that the waiver of the 180-day notice period shall not result in any penalties, liabilities, or further actions arising from the early withdrawal of Teucrium.
1.3. For the avoidance of doubt, upon Teucrium’s withdrawal from the Agreement, Teucrium shall not be required or entitled to provide services to the Fund.
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1.4. In accordance with Section 5.4 of the Agreement, Teucrium hereby expressly forfeits its rights to any revenue generated by the Fund after the effective date of this First Amendment. Teucrium waives any and all compensation related to the Fund and shall not be entitled to any fees, profits, or reimbursements associated with the Fund or the New Fund (as defined in the Agreement). This waiver expressly includes, but is not limited to, the New Fund Teucrium Fee, as defined in Section 5.3 of Schedule A. For the avoidance of doubt, the Fund has no existing financial obligations to Teucrium.
1.4.1. In consideration of Teucrium’s forfeiture of any and all rights to revenue, fees, profits, or other compensation related to the Fund or the New Fund (as defined in the Agreement), Hashdex agrees to pay Teucrium a one-time payment of [ ] dollars (US $[ ]) (the “Termination Payment”). The Termination Payment shall be paid within ten (10) business days following the effective date of this First Amendment. Teucrium acknowledges and agrees that the Termination Payment constitutes full and final satisfaction of any and all claims it may have against the Fund, Hashdex, or any other Party to the Agreement, whether accrued, existing, or anticipated. Upon receipt of the Termination Payment, Teucrium expressly releases, waives, and forever discharges the Fund, Hashdex, and the Remaining Parties to the Agreement from any and all liabilities, claims, demands, or rights to compensation, whether known or unknown, arising out of or related to its rights to compensation under the Agreement.
1.5. The Agreement is hereby terminated with respect to Teucrium, and Teucrium shall have no further financial or operational obligations related to Fund costs, expenses, or liabilities arising after the effective date of this First Amendment. Teucrium further acknowledges that it has no existing financial obligations with respect to Fund costs or expenses as of the effective date.
1.6. For the avoidance of doubt, the rights and obligations under Section 7 (“Limitation of Liability”), Section 8 (“Indemnification”), and Section 9 (“Confidential Information”) survive Teucrium’s withdrawal from the Agreement.
2. Miscellaneous.
2.1. Ratification. All other terms and conditions established in the Agreement, which are not directly impacted by Teucrium’s withdrawal, are hereby formally ratified. These terms shall endure and remain to be in full force and effect between the Remaining Parties.
2.2. Entire Agreement. This First Amendment is solely and exclusively among the Parties hereto and represents the entire understanding and agreement among the Parties with respect to the subject matter hereof, and supersedes all other negotiations, understandings, and representations (if any) made by and among such Parties.
2.3. Notices. Any notice required or permitted to be given by a Party to another Party shall be in writing and shall be deemed to have been given on the date delivered personally or by courier service, or three days after sent by e-mail, registered or certified mail, postage prepaid, return receipt requested, or on the date sent and confirmed received by facsimile transmission to the other Party’s address set forth below, or such other address(es) as may be specified in writing by one Party to another Party.
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If to Toroso:
Tidal Investments LLC
Attn: Dan Carlson
234 West Florida Street, Suite 203
Milwaukee, Wisconsin 53204e-mail: [email protected]
If to Tidal:
Tidal ETF Services LLC
Attn: Eric Falkeis
234 West Florida Street, Suite 203
Milwaukee, Wisconsin 53204
e-mail: [email protected]
If to Hashdex:
Hashdex Asset Management Ltd.
Attn.: Julia Castelo Branco Rocha
Av. Ataulfo de Paiva, 1120, Loja A, Leblon
Rio de Janeiro, RJ, 22440-035 – Brazil
e-mail: [email protected]/[email protected]
If to Teucrium:
Teucrium Trading, LLC
Attn: Sal Gilbertie/Cory Mullen-Rusin
Three Main Street, Suite 215
Burlington, VT 05401
email: [email protected]/[email protected]
or, to such other address as any Party may designate by notice complying with the terms of this Section 2.3 and deemed given upon receipt.
2.4. Severability. If any part of this First Amendment or any other agreement entered into pursuant hereto is contrary to, prohibited by, or deemed invalid under applicable law or regulation, such provision shall be inapplicable and deemed omitted to the extent so contrary, prohibited, or invalid, but the remainder hereof shall not be invalidated thereby and shall be given full force and effect so far as possible.
2.5. Governing Law. This First Amendment will be governed by and construed in accordance with the laws of the State of New York without giving effect to the principles of conflicts of laws.
[First Amendment to the Support Agreement signature page follows.]
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In Witness Whereof, each Party has caused this Amendment to be signed and delivered by a duly authorized officer.
| Tidal Investments LLC | |||
| By: | /s/ Eric Falkeis | ||
| Print Name: | Eric Falkeis | ||
| Title: | CEO | ||
| Date: | |||
| Tidal ETF Services LLC | |||
| By: | /s/ Eric Falkeis | ||
| Print Name: | Eric Falkeis | ||
| Title: | CEO | ||
| Date: | |||
| Hashdex Asset Management Ltd. | |||
| By: | /s/ Bruno Ramos de Sousa | ||
| Print Name: | Bruno Ramos de Sousa | ||
| Title: | Director | ||
| Date: | |||
| Teucrium Trading, LLC | |||
| By: | /s/ Sal Gilbertie | ||
| Print Name: | Sal Gilbertie | ||
| Title: | CEO | ||
| Date: | |||
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