Tidal Commodities Trust I reported significant growth in its financial performance for the nine months ended September 30, 2024, compared to the same period in 2023. Total assets surged to $9.4 million, up from $2.6 million at the end of 2023. Net assets also increased substantially, reaching $9.4 million from $2.5 million. The number of shares outstanding rose dramatically to 130,000 from 50,000, with the net asset value per share climbing to $72.25 from $50.74.
The company experienced a notable turnaround in income, reporting total income of $6.3 million for the nine months ended September 30, 2024, compared to just $570,609 in the prior year. This increase was driven by a realized gain on cryptocurrency futures contracts, which amounted to $7.5 million for the nine-month period, a significant rise from $524,179 in the previous year. The net change in unrealized appreciation on investments also improved, showing a gain of $877,410 for the third quarter of 2024, contrasting with a loss of $765,531 for the same period in 2023.
Expenses decreased sharply, with total expenses for the nine months ending September 30, 2024, at $107,252, down from $235,133 in the previous year. For the third quarter alone, expenses were $22,838, significantly lower than $95,227 in the same quarter of 2023. This reduction in expenses contributed to a net income of $6.2 million for the nine months ended September 30, 2024, compared to a net income of $555,118 in the prior year. The net income for the third quarter was $314,110, a recovery from a net loss of $266,799 in the same quarter of 2023.
The company also reported substantial activity in its share issuance, with 18.7 million shares issued in the nine months ended September 30, 2024, compared to 367,689 shares in the same period of 2023. However, there was a significant redemption of shares amounting to $(18.1 million) in 2024, compared to $(323,940) in 2023.
Cash and cash equivalents at the end of the period were reported at $12,413, a decrease from $1.2 million in the previous year, reflecting a net change in cash and cash equivalents of $(1.9 million) for the nine months ended September 30, 2024, compared to an increase of $479,853 in 2023.
About Tidal Commodities Trust I
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