false
2024
Q3
--12-31
0001985840
0001985840
2024-01-01
2024-09-30
0001985840
2024-09-30
0001985840
2023-12-31
0001985840
defi:HashdexBitcoinETFMember
2024-09-30
0001985840
defi:HashdexBitcoinETFMember
2023-12-31
0001985840
defi:BitcoinMember
2024-09-30
0001985840
defi:CryptocurrencyMember
2024-09-30
0001985840
defi:MoneyMarketFundsFirstAmericanGovernmentObligationsFundClassXMember
2024-09-30
0001985840
us-gaap:CashEquivalentsMember
2024-09-30
0001985840
defi:MoneyMarketFundsUSBankDepositAccountMember
2023-12-31
0001985840
us-gaap:CashEquivalentsMember
2023-12-31
0001985840
defi:CMEMicroBitcoinFuturesJan2024DerivativeAssetMember
2023-12-31
0001985840
defi:CryptocurrencyFuturesContractsDerivativeAssetMember
2023-12-31
0001985840
defi:CMEMicroBitcoinFuturesFeb2024DerivativeLiabilityMember
2023-12-31
0001985840
defi:CryptocurrencyFuturesContractsDerivativeLiabilityMember
2023-12-31
0001985840
defi:HashdexBitcoinETFMember
defi:BitcoinMember
2024-09-30
0001985840
defi:HashdexBitcoinETFMember
defi:CryptocurrencyMember
2024-09-30
0001985840
defi:HashdexBitcoinETFMember
defi:MoneyMarketFundsFirstAmericanGovernmentObligationsFundClassXMember
2024-09-30
0001985840
defi:HashdexBitcoinETFMember
us-gaap:CashEquivalentsMember
2024-09-30
0001985840
defi:HashdexBitcoinETFMember
defi:MoneyMarketFundsUSBankDepositAccountMember
2023-12-31
0001985840
defi:HashdexBitcoinETFMember
us-gaap:CashEquivalentsMember
2023-12-31
0001985840
defi:HashdexBitcoinETFMember
defi:CMEMicroBitcoinFuturesJan2024DerivativeAssetMember
2023-12-31
0001985840
defi:HashdexBitcoinETFMember
defi:CryptocurrencyFuturesContractsDerivativeAssetMember
2023-12-31
0001985840
defi:HashdexBitcoinETFMember
defi:CMEMicroBitcoinFuturesFeb2024DerivativeLiabilityMember
2023-12-31
0001985840
defi:HashdexBitcoinETFMember
defi:CryptocurrencyFuturesContractsDerivativeLiabilityMember
2023-12-31
0001985840
2024-07-01
2024-09-30
0001985840
2023-07-01
2023-09-30
0001985840
2023-01-01
2023-09-30
0001985840
defi:HashdexBitcoinETFMember
2024-07-01
2024-09-30
0001985840
defi:HashdexBitcoinETFMember
2023-07-01
2023-09-30
0001985840
defi:HashdexBitcoinETFMember
2024-01-01
2024-09-30
0001985840
defi:HashdexBitcoinETFMember
2023-01-01
2023-09-30
0001985840
2022-12-31
0001985840
2023-09-30
0001985840
defi:HashdexBitcoinETFMember
2022-12-31
0001985840
defi:HashdexBitcoinETFMember
2023-09-30
0001985840
us-gaap:FairValueInputsLevel1Member
2024-09-30
0001985840
us-gaap:FairValueInputsLevel2Member
2024-09-30
0001985840
us-gaap:FairValueInputsLevel3Member
2024-09-30
0001985840
us-gaap:FairValueInputsLevel1Member
defi:CryptocurrencyMember
2024-09-30
0001985840
us-gaap:FairValueInputsLevel2Member
defi:CryptocurrencyMember
2024-09-30
0001985840
us-gaap:FairValueInputsLevel3Member
defi:CryptocurrencyMember
2024-09-30
0001985840
us-gaap:FairValueInputsLevel1Member
us-gaap:MoneyMarketFundsMember
2024-09-30
0001985840
us-gaap:FairValueInputsLevel2Member
us-gaap:MoneyMarketFundsMember
2024-09-30
0001985840
us-gaap:FairValueInputsLevel3Member
us-gaap:MoneyMarketFundsMember
2024-09-30
0001985840
us-gaap:MoneyMarketFundsMember
2024-09-30
0001985840
us-gaap:FairValueInputsLevel1Member
2023-12-31
0001985840
us-gaap:FairValueInputsLevel2Member
2023-12-31
0001985840
us-gaap:FairValueInputsLevel3Member
2023-12-31
0001985840
us-gaap:FairValueInputsLevel1Member
us-gaap:CashEquivalentsMember
2023-12-31
0001985840
us-gaap:FairValueInputsLevel2Member
us-gaap:CashEquivalentsMember
2023-12-31
0001985840
us-gaap:FairValueInputsLevel3Member
us-gaap:CashEquivalentsMember
2023-12-31
0001985840
us-gaap:FairValueInputsLevel1Member
defi:BitcoinFuturesContractsMember
2023-12-31
0001985840
us-gaap:FairValueInputsLevel2Member
defi:BitcoinFuturesContractsMember
2023-12-31
0001985840
us-gaap:FairValueInputsLevel3Member
defi:BitcoinFuturesContractsMember
2023-12-31
0001985840
defi:BitcoinFuturesContractsMember
2023-12-31
0001985840
2024-06-30
0001985840
2023-06-30
0001985840
defi:HashdexBitcoinETFMember
2024-06-30
0001985840
defi:HashdexBitcoinETFMember
2023-06-30
0001985840
defi:TeucriumTradingLLCMember
2024-01-02
2024-01-03
0001985840
defi:HashdexBitcoinFuturesETFMember
2024-01-02
2024-01-03
0001985840
2024-01-03
0001985840
defi:HashdexBitcoinETFMember
defi:SpotBitcoinMember
2024-03-26
0001985840
defi:HashdexBitcoinETFMember
defi:CMETradedBitcoinFuturesContractsCashAndCashEquivalentsMember
2024-03-26
iso4217:USD
xbrli:shares
iso4217:USD
xbrli:shares
xbrli:pure
defi:Contract
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
☒ |
Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
for the quarterly period ended September 30, 2024
OR
☐ |
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
for the transition period from _______ to
_______
Commission File Number: 001-41900
Tidal
Commodities Trust I
(Exact name of registrant as specified in its charter)
Delaware |
|
92-6468665 |
(State or other jurisdiction of
incorporation or organization) |
|
(I.R.S. Employer
Identification No.) |
234 West Florida Street, Suite 203 Milwaukee, WI 53204 |
(Address of principal executive offices) (Zip code)
(Registrant’s telephone
number, including area code)
Securities registered pursuant to Section 12(b)
of the Act:
Title of each Class |
|
Trading Symbol |
|
Name of each exchange on which registered |
Shares of beneficial interest, no par value, of Hashdex Bitcoin ETF, a series of the Registrant |
|
DEFI |
|
NYSE Arca, Inc. |
Indicate by check mark whether the registrant
(1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements
for the past 90 days. ☒ Yes ☐
No
Indicate by check mark whether the registrant
has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405
of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒
Yes ☐ No
Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.
See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,”
and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer |
☐ |
Accelerated filer |
☐ |
Non-accelerated Filer |
☒ |
Smaller reporting company |
☒ |
|
|
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.
Indicate by check mark whether the registrant
is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐
Yes ☒ No
As of September 30, 2024, there were 130,000 shares of beneficial interest,
no par value, of Hashdex Bitcoin ETF issued and outstanding.
Part I. FINANCIAL INFORMATION
Item 1. Financial Statements.
Index to Financial Statements
Documents |
Page |
TIDAL COMMODITIES TRUST I |
|
|
|
Combined Statements of Assets and Liabilities at September 30, 2024 (Unaudited) and December 31, 2023 |
F-1 |
Combined Schedule of Investments at September 30, 2024 (Unaudited) and December 31, 2023 |
F-2 |
Combined Statements of Operations (Unaudited) for the three and nine months ended September 30, 2024 and 2023 |
F-4 |
Combined Statements of Changes in Net Assets (Unaudited) for the nine months ended September 30, 2024 and 2023 |
F-5 |
Combined Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2024 and 2023 |
F-6 |
|
|
HASHDEX BITCOIN ETF |
|
|
|
Statements of Assets and Liabilities at September 30, 2024 (Unaudited) and December 31, 2023 |
F-7 |
Schedule of Investments at September 30, 2024 (Unaudited) and December 31, 2023 |
F-8 |
Statements of Operations (Unaudited) for the nine months ended September 30, 2024 and 2023 |
F-10 |
Statements of Changes in Net Assets (Unaudited) for the nine months ended September 30, 2024 and 2023 |
F-11 |
Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2024 and 2023 |
F-12 |
Notes to Financial Statements |
F-13 |
TIDAL COMMODITIES TRUST I
COMBINED STATEMENTS OF ASSETS AND LIABILITIES
| |
September 30, 2024 (Unaudited) | | |
December 31, 2023* | |
Assets | |
| | | |
| | |
Investments (Cost $10,145,099 and $0, respectively) | |
$ | 9,379,568 | | |
$ | — | |
Cash and cash equivalents (cost $12,413 and $1,867,663, respectively) | |
| 12,413 | | |
| 1,867,663 | |
Interest receivable | |
| 43 | | |
| 10,297 | |
Equity in trading accounts: | |
| | | |
| | |
Cryptocurrency futures contracts | |
| — | | |
| 129,519 | |
Due from broker | |
| 7,072 | | |
| 582,908 | |
Total equity in trading accounts | |
| 7,072 | | |
| 712,427 | |
Total assets | |
$ | 9,399,096 | | |
$ | 2,590,387 | |
| |
| | | |
| | |
Liabilities | |
| | | |
| | |
Management fee payable to Sponsor | |
| 6,568 | | |
| 2,053 | |
Equity in trading accounts: | |
| | | |
| | |
Cryptocurrency futures contracts | |
| — | | |
| 51,376 | |
Total liabilities | |
$ | 6,568 | | |
$ | 53,429 | |
| |
| | | |
| | |
Net assets | |
$ | 9,392,528 | | |
$ | 2,536,958 | |
| |
| | | |
| | |
Shares Outstanding | |
| 130,000 | | |
| 50,000 | |
| |
| | | |
| | |
Net asset value per share | |
$ | 72.25 | | |
$ | 50.74 | |
| |
| | | |
| | |
Market value per share | |
$ | 72.39 | | |
$ | 50.73 | |
The accompanying notes are an integral part
of these financial statements.
TIDAL COMMODITIES TRUST
I
COMBINED SCHEDULE OF INVESTMENTS
September 30, 2024 (Unaudited)
Description: Assets | |
Fair Value | | |
Percentage of Net Assets | | |
Shares | |
Cryptocurrency | |
| | | |
| | | |
| | |
Bitcoin | |
$ | 9,379,568 | | |
| 99.86 | % | |
| 14,800 | |
Total Cryptocurrency (cost $10,145,099) | |
$ | 9,379,568 | | |
| 99.86 | % | |
| | |
| |
| | | |
| | | |
| | |
Cash equivalents | |
| | | |
| | | |
| | |
Money market funds | |
| | | |
| | | |
| | |
First American Government Obligations Fund - Class X, 4.82% | |
$ | 12,413 | | |
| 0.14 | % | |
| 12,413 | |
Total Cash Equivalents (cost $12,413) | |
$ | 12,413 | | |
| 0.14 | % | |
| | |
The accompanying notes are an integral part
of these financial statements.
TIDAL COMMODITIES TRUST I
SCHEDULE OF INVESTMENTS
December 31, 2023*
Description: Assets | |
Yield | | |
Fair Value | | |
Percentage of Net Assets | | |
Shares | |
Cash equivalents | |
| | | |
| | | |
| | | |
| | |
Money market funds | |
| | | |
| | | |
| | | |
| | |
U.S. Bank Deposit Account (cost $1,867,663)* | |
| 5.27 | % | |
$ | 1,867,663 | | |
| 73.62 | % | |
| 1,867,663 | |
Total Cash Equivalents (cost $1,867,663)* | |
| | | |
$ | 1,867,663 | | |
| 73.62 | % | |
| | |
Description: Assets | |
Fair Value | | |
Percentage of Net Assets | | |
Notional Amount (Long Exposure) | |
| |
| | |
| | |
| |
Cryptocurrency futures contracts | |
| | | |
| | | |
| | |
United States CME Bitcoin Futures contracts | |
| | | |
| | | |
| | |
CME Bitcoin Futures JAN 24 (6 contracts)* | |
$ | 129,519 | | |
| 5.11 | % | |
$ | 1,274,500 | |
Total cryptocurrency futures contracts* | |
$ | 129,519 | | |
| 5.11 | % | |
$ | 1,274,500 | |
Description: Liabilities | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | |
Cryptocurrency futures contracts | |
| | | |
| | | |
| | |
United States CME Bitcoin Futures contracts | |
| | | |
| | | |
| | |
CME Bitcoin Futures FEB 24 (6 contracts)* | |
| 51,376 | | |
| 2.03 | % | |
$ | 1,288,500 | |
Total cryptocurrency futures contracts* | |
$ | 51,376 | | |
| 2.03 | % | |
$ | 1,288,500 | |
The accompanying notes are an integral part
of these financial statements.
TIDAL COMMODITIES TRUST I
COMBINED STATEMENTS OF OPERATIONS
(Unaudited)
| |
Three Months Ended September 30, 2024 | | |
Three Months Ended September 30, 2023* | | |
Nine Months Ended September 30, 2024* | | |
Nine Months Ended September 30, 2023* | |
Income | |
| | | |
| | | |
| | | |
| | |
Realized and unrealized gain (loss) on trading of cryptocurrency futures contracts: | |
| | | |
| | | |
| | | |
| | |
Realized gain (loss) on cryptocurrency futures contracts | |
$ | (16,691 | ) | |
$ | (176,608 | ) | |
$ | 7,528,643 | | |
$ | 524,179 | |
Realized gain (loss) on investments | |
| (533,036 | ) | |
| — | | |
| (533,036 | ) | |
| — | |
Net change in unrealized appreciation/depreciation on investments | |
| 877,410 | | |
| — | | |
| (765,531 | ) | |
| — | |
Net change in unrealized appreciation/depreciation on cryptocurrency futures contracts | |
| 7,741 | | |
| (107,189 | ) | |
| (78,239 | ) | |
| (9,669 | ) |
Broker interest income | |
| 979 | | |
| — | | |
| 63,828 | | |
| — | |
Interest income | |
| 545 | | |
| 21,202 | | |
| 120,414 | | |
| 56,099 | |
Total income (loss) | |
| 336,948 | | |
| (262,595 | ) | |
| 6,336,079 | | |
| 570,609 | |
| |
| | | |
| | | |
| | | |
| | |
Expenses | |
| | | |
| | | |
| | | |
| | |
Management fees | |
| 22,425 | | |
| 4,204 | | |
| 91,442 | | |
| 12,491 | |
Broker expenses | |
| 413 | | |
| — | | |
| 15,810 | | |
| — | |
Professional fees | |
| — | | |
| 87,536 | | |
| — | | |
| 196,640 | |
Distribution and marketing fees | |
| — | | |
| 1,845 | | |
| — | | |
| 6,586 | |
Custodian fees and expenses | |
| — | | |
| 610 | | |
| — | | |
| 1,727 | |
Business permits and licenses fees | |
| — | | |
| 1,026 | | |
| — | | |
| 17,187 | |
General and administrative expenses | |
| — | | |
| 6 | | |
| — | | |
| 502 | |
Total expenses | |
| 22,838 | | |
| 95,227 | | |
| 107,252 | | |
| 235,133 | |
| |
| | | |
| | | |
| | | |
| | |
Expenses waived by the Sponsor | |
| — | | |
| (91,023 | ) | |
| — | | |
| (222,642 | ) |
| |
| | | |
| | | |
| | | |
| | |
Total expenses, net | |
| 22,838 | | |
| 4,204 | | |
| 107,252 | | |
| 12,491 | |
| |
| | | |
| | | |
| | | |
| | |
Net income (loss) | |
$ | 314,110 | | |
$ | (266,799 | ) | |
$ | 6,228,827 | | |
$ | 555,118 | |
The accompanying notes are an integral part
of these financial statements.
TIDAL COMMODITIES TRUST I
COMBINED STATEMENTS OF CHANGES IN NET ASSETS
(Unaudited)
|
|
Nine Months Ended September 30, 2024* | | |
Nine Months Ended September 30, 2023* | |
|
|
| | |
| |
Operations |
|
| | | |
| | |
Net income (loss) |
|
$ | 6,228,827 | | |
$ | 555,118 | |
Capital transactions |
|
| | | |
| | |
Issuance of Shares |
|
| 18,711,813 | | |
| 367,689 | |
Redemption of Shares |
|
| (18,085,070 | ) | |
| (323,940 | ) |
Total capital transactions |
|
| 626,743 | | |
| 43,749 | |
Net change in net assets |
|
| 6,855,570 | | |
| 601,867 | |
|
|
| | | |
| | |
Net assets, beginning of period |
|
$ | 2,536,958 | | |
$ | 1,070,263 | |
|
|
| | | |
| | |
Net assets, end of period |
|
$ | 9,392,528 | | |
$ | 1,672,130 | |
The accompanying notes are an integral part
of these financial statements.
TIDAL COMMODITIES TRUST I
STATEMENTS OF CASH FLOWS
(Unaudited)
| |
Nine Months Ended September 30, 2024* | | |
Nine Months Ended September 30, 2023* | |
Cash flows from operating activities | |
| | | |
| | |
Net income (loss) | |
$ | 6,228,827 | | |
$ | 555,118 | |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |
| | | |
| | |
Net change in unrealized appreciation (depreciation) on cryptocurrency futures contracts | |
| 78,239 | | |
| 9,669 | |
Unrealized loss on investments | |
| 765,531 | | |
| — | |
Changes in operating assets and liabilities: | |
| | | |
| | |
Purchases of investments | |
| (10,145,099 | ) | |
| — | |
Due from broker | |
| 575,740 | | |
| (128,869 | ) |
Interest receivable | |
| 10,254 | | |
| (3,212 | ) |
Management fee payable to Sponsor | |
| 4,515 | | |
| 398 | |
Net cash provided by (used in) operating activities | |
| (2,481,993 | ) | |
| 436,104 | |
Cash flows from financing activities: | |
| | | |
| | |
Proceeds from sale of Shares | |
| 18,711,813 | | |
| 367,689 | |
Redemption of Shares | |
| (18,085,070 | ) | |
| (323,940 | ) |
Net cash provided by (used in) financing activities | |
| 626,743 | | |
| 43,749 | |
| |
| | | |
| | |
Net change in cash and cash equivalents | |
| (1,855,250 | ) | |
| 479,853 | |
Cash and cash equivalents, beginning of period | |
| 1,867,663 | | |
| 701,969 | |
Cash and cash equivalents, end of period | |
$ | 12,413 | | |
$ | 1,181,822 | |
The accompanying notes are an integral part
of these financial statements.
HASHDEX BITCOIN ETF
STATEMENTS OF ASSETS AND LIABILITIES
| |
September 30, 2024 (Unaudited) | | |
December 31, 2023 | |
Assets | |
| | | |
| | |
Investments (Cost $10,145,099
and $0, respectively) | |
$ | 9,379,568 | | |
$ | — | |
Cash and cash equivalents (Cost $12,413
and $1,867,663, respectively) | |
| 12,413 | | |
| 1,867,663 | |
Interest receivable | |
| 43 | | |
| 10,297 | |
Equity in trading accounts: | |
| | | |
| | |
Cryptocurrency futures contracts | |
| — | | |
| 129,519 | |
Due from broker | |
| 7,072 | | |
| 582,908 | |
Total equity in trading accounts | |
| 7,072 | | |
| 712,427 | |
Total assets | |
$ | 9,399,096 | | |
$ | 2,590,387 | |
| |
| | | |
| | |
Liabilities | |
| | | |
| | |
Management fee payable to Sponsor | |
| 6,568 | | |
| 2,053 | |
Equity in trading accounts: | |
| | | |
| | |
Cryptocurrency futures contracts | |
| — | | |
| 51,376 | |
Total liabilities | |
$ | 6,568 | | |
$ | 53,429 | |
| |
| | | |
| | |
Net assets | |
$ | 9,392,528 | | |
$ | 2,536,958 | |
| |
| | | |
| | |
Shares authorized | |
| 130,000 | | |
| 50,000 | |
| |
| | | |
| | |
Net asset value per share | |
$ | 72.25 | | |
$ | 50.74 | |
| |
| | | |
| | |
Market value per share | |
$ | 72.39 | | |
$ | 50.73 | |
The accompanying notes are an integral part
of these financial statements.
HASHDEX BITCOIN ETF
SCHEDULE OF INVESTMENTS
September 30, 2024 (Unaudited)
Description: Assets | |
Fair Value | | |
Percentage of Net Assets | | |
Shares | |
|
Cryptocurrency | |
| |
Bitcoin | |
$ | 9,379,568 | | |
| 99.86 | % | |
| 14,800 | |
Total Cryptocurrency (cost $10,145,099) | |
$ | 9,379,568 | | |
| 99.86 | % | |
| | |
| |
| | | |
| | | |
| | |
Cash equivalents | |
| | | |
| | | |
| | |
Money market funds | |
| | | |
| | | |
| | |
First American Government Obligations Fund - Class X, 4.82% | |
$ | 12,413 | | |
| 0.14 | % | |
| 12,413 | |
Total Cash Equivalents (cost $12,413) | |
$ | 12,413 | | |
| 0.14 | % | |
| | |
The accompanying notes are an integral part
of these financial statements.
HASHDEX BITCOIN ETF
(FORMERLY HASHDEX BITCOIN FUTURES ETF)
SCHEDULE OF INVESTMENTS
December 31, 2023
Description: Assets | |
Yield | | |
Fair Value | | |
Percentage of Net Assets | | |
Shares | |
|
Cash equivalents | |
| | | |
| | | |
| | | |
| | |
Money market funds | |
| | | |
| | | |
| | | |
| | |
U.S. Bank Deposit Account (cost $1,867,663) | |
| 5.27 | % | |
$ | 1,867,663 | | |
| 73.62 | % | |
| 1,867,663 | |
Total Cash Equivalents (cost $1,867,663) | |
| | | |
$ | 1,867,663 | | |
| 73.62 | % | |
| | |
Description: Assets | |
Fair Value | | |
Percentage of Net Assets | | |
Notional Amount (Long Exposure) | |
| |
| |
Cryptocurrency futures contracts | |
| | | |
| | | |
| | |
United States CME Bitcoin Futures contracts | |
| | | |
| | | |
| | |
CME Bitcoin Futures JAN 24 (6 contracts) | |
$ | 129,519 | | |
| 5.11 | % | |
$ | 1,274,500 | |
Total cryptocurrency futures contracts | |
$ | 129,519 | | |
| 5.11 | % | |
$ | 1,274,500 | |
Description: Liabilities | |
| | |
| | |
| |
| |
| | |
| | |
| |
Cryptocurrency futures contracts | |
| | | |
| | | |
| | |
United States CME Bitcoin Futures contracts | |
| | | |
| | | |
| | |
CME Bitcoin Futures FEB 24 (6 contracts) | |
| 51,376 | | |
| 2.03 | % | |
$ | 1,288,500 | |
Total cryptocurrency futures contracts | |
$ | 51,376 | | |
| 2.03 | % | |
$ | 1,288,500 | |
The accompanying notes are an integral part
of these financial statements.
HASHDEX BITCOIN ETF
(FORMERLY HASHDEX BITCOIN FUTURES ETF)
STATEMENTS OF OPERATIONS |
(Unaudited) |
|
|
Three Months
Ended |
|
|
Three Months
Ended |
|
|
Nine Months
Ended |
|
|
Nine Months
Ended |
|
|
|
September 30, 2024 |
|
|
September 30, 2023 |
|
|
September 30, 2024 |
|
|
September 30, 2023 |
|
Income |
|
|
|
|
|
|
|
|
|
|
|
|
Realized and unrealized gain (loss) on trading of cryptocurrency futures contracts: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized gain (loss) on cryptocurrency futures contracts |
|
$ |
(16,691 |
) |
|
$ |
(176,608) |
|
|
$ |
7,528,643 |
|
|
$ |
524,179 |
|
Realized gain (loss) on investments |
|
|
(533,036 |
) |
|
|
|
|
|
|
(533,036 |
) |
|
|
— |
|
Net change in unrealized appreciation/depreciation on investments |
|
|
877,410 |
|
|
|
— |
|
|
|
(765,531 |
) |
|
|
— |
|
Net change in unrealized appreciation/depreciation on cryptocurrency futures contracts |
|
|
7,741 |
|
|
|
(107,189 |
) |
|
|
(78,239 |
) |
|
|
(9,669) |
|
Broker interest income |
|
|
979 |
|
|
|
— |
|
|
|
63,828 |
|
|
|
— |
|
Interest income |
|
|
545 |
|
|
|
21,202 |
|
|
|
120,414 |
|
|
|
56,099 |
|
Total income (loss) |
|
|
336,948 |
|
|
|
(262,595) |
|
|
|
6,336,079 |
|
|
|
570,609 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Management fees |
|
|
22,425 |
|
|
|
4,204 |
|
|
|
91,442 |
|
|
|
12,491 |
|
Broker expenses |
|
|
413 |
|
|
|
— |
|
|
|
15,810 |
|
|
|
— |
|
Professional fees |
|
|
— |
|
|
|
87,536 |
|
|
|
— |
|
|
|
196,640 |
|
Distribution and marketing fees |
|
|
— |
|
|
|
1,845 |
|
|
|
— |
|
|
|
6,586 |
|
Custodian fees and expenses |
|
|
— |
|
|
|
610 |
|
|
|
— |
|
|
|
1,727 |
|
Business permits and licenses fees |
|
|
— |
|
|
|
1,026 |
|
|
|
— |
|
|
|
17,187 |
|
General and administrative expenses |
|
|
— |
|
|
|
6 |
|
|
|
— |
|
|
|
502 |
|
Total expenses |
|
|
22,838 |
|
|
|
95,227 |
|
|
|
107,252 |
|
|
|
235,133 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses waived by the Sponsor |
|
|
— |
|
|
|
(91,023 |
) |
|
|
— |
|
|
|
(222,642 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses, net |
|
|
22,838 |
|
|
|
4,204 |
|
|
|
107,252 |
|
|
|
12,491 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
314,110 |
|
|
$ |
(266,799) |
|
|
$ |
6,228,827 |
|
|
$ |
555,118 |
|
The accompanying notes are an integral part
of these financial statements.
HASHDEX BITCOIN ETF
(FORMERLY HASHDEX BITCOIN FUTURES ETF)
STATEMENTS OF CHANGES IN NET ASSETS
(Unaudited)
| |
Nine Months Ended September 30, 2024 | | |
Nine Months Ended September 30, 2023 | |
Operations | |
| | | |
| | |
Net income (loss) | |
$ | 6,228,827 | | |
$ | 555,118 | |
Capital transactions | |
| | | |
| | |
Issuance of Shares | |
| 18,711,813 | | |
| 367,689 | |
Redemption of Shares | |
| (18,085,070 | ) | |
| (323,940 | ) |
Total capital transactions | |
| 626,743 | | |
| 43,749 | |
Net change in net assets | |
| 6,855,570 | | |
| 601,867 | |
| |
| | | |
| | |
Net assets, beginning of period | |
$ | 2,536,958 | | |
$ | 1,070,263 | |
| |
| | | |
| | |
Net assets, end of period | |
$ | 9,392,528 | | |
$ | 1,672,130 | |
The accompanying notes are an integral part
of these financial statements.
HASHDEX BITCOIN ETF
(FORMERLY HASHDEX BITCOIN FUTURES ETF)
STATEMENT OF CASH FLOWS
(Unaudited)
| |
Nine Months Ended September 30, 2024 | | |
Nine Months Ended September 30, 2023 | |
Cash flows from operating activities | |
| | | |
| | |
Net income (loss) | |
$ | 6,228,827 | | |
$ | 555,118 | |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |
| | | |
| | |
Net change in unrealized appreciation (depreciation) on cryptocurrency futures contracts | |
| 78,239 | | |
| 9,669 | |
Unrealized loss on investments | |
| 765,531 | | |
| — | |
Changes in operating assets and liabilities: | |
| | | |
| | |
Purchases of investments | |
| (10,145,099 | ) | |
| — | |
Due from broker | |
| 575,740 | | |
| (128,869 | ) |
Interest receivable | |
| 10,254 | | |
| (3,212 | ) |
Management fee payable to Sponsor | |
| 4,515 | | |
| 398 | |
Net cash provided by (used in) operating activities | |
| (2,481,993 | ) | |
| 436,104 | |
Cash flows from financing activities: | |
| | | |
| | |
Proceeds from sale of Shares | |
| 18,711,813 | | |
| 367,689 | |
Redemption of Shares | |
| (18,085,070 | ) | |
| (323,940 | ) |
Net cash provided by (used in) financing activities | |
| 626,743 | | |
| 43,749 | |
| |
| | | |
| | |
Net change in cash and cash equivalents | |
| (1,855,250 | ) | |
| 479,853 | |
Cash and cash equivalents, beginning of period | |
| 1,867,663 | | |
| 701,969 | |
Cash and cash equivalents, end of period | |
$ | 12,413 | | |
$ | 1,181,822 | |
The accompanying notes are an integral part
of these financial statements.
NOTES TO FINANCIAL STATEMENTS
September 30, 2024 (Unaudited)
Note 1 – Organization and Significant
Accounting Policies
These footnotes represent the footnotes to Hashdex
Bitcoin ETF’s Statement of Assets and Liabilities and the Combined Financial Statements of Tidal Commodities Trust I.
Hashdex Bitcoin ETF (the “Fund”)
is a series of Tidal Commodities Trust I (“Trust”), a Delaware statutory trust organized on February 10, 2023. The Fund
operates pursuant to the First Amended and Restated Declaration of Trust and Trust Agreement (“Trust Agreement”), dated
March 10, 2023. The Fund is currently the Trust’s only publicly offered series. However, the second series of the Trust, the
7RCC Spot Bitcoin and Carbon Credit Futures ETF, may be offered in the future. The Trust is registered with the U.S. Securities and
Exchange Commission (“SEC”) under the Securities Act of 1933, as amended (together with the rules and regulations
adopted thereunder, as amended, the “1933 Act”), as an exchange-traded fund. The Fund was formed and is managed and
controlled by the Sponsor, a limited liability company formed in Delaware on March 14, 2012. The sponsor of the Fund is Tidal
Investments LLC (f/k/a Toroso Investments, LLC, the “Sponsor”), The Sponsor is registered as a commodity pool operator
(“CPO”) with the Commodity Futures Trading Commission (“CFTC”) and is a member of the National Futures
Association (“NFA”). The Fund intends to be treated as a partnership for U.S. federal income tax purposes.
On January 2, 2024, the initial Form S-1 for DEFI
was declared effective by the U.S. Securities and Exchange Commission (“SEC”). The Fund is the successor and surviving entity
from the merger (the “Merger”) of the Hashdex Bitcoin Futures ETF (the “Predecessor Fund”) into the Fund. The
Predecessor Fund was a series of the Teucrium Commodity Trust (the “Predecessor Trust”) sponsored by Teucrium Trading, LLC
(“Prior Sponsor”). The Merger closed on January 3, 2024. In connection with the Merger, the Predecessor Fund shareholders
received one Share for each share of the Predecessor Fund they owned prior to the Merger.
The Fund’s investment objective is for changes
in the Shares’ net asset value (“NAV”) to reflect the daily changes of the price of the Nasdaq Bitcoin Reference Price
- Settlement (NQBTCS) (the “Benchmark”), less expenses from the Fund’s operations. The Benchmark is designed to track
the price performance of bitcoin. The Fund invests in bitcoin, bitcoin futures contracts (“Bitcoin Futures Contracts”) listed
on the Chicago Mercantile Exchange Inc. (“CME”), and cash and cash equivalents. Because the Fund’s investment objective
is to track the price of the Benchmark, changes in the price of the Shares may vary from changes in the spot price of bitcoin.
The accompanying unaudited financial statements
have been prepared in accordance with Rule 10-01 of Regulation S-X promulgated by the SEC and, therefore, do not include all information
and footnote disclosures required under accounting principles generally accepted in the United States of America (“GAAP”).
The financial information included herein is unaudited; however, such financial information reflects all adjustments which are, in the
opinion of management, necessary for the fair presentation of the Fund’s financial statements for the interim period. It is suggested
that these interim financial statements be read in conjunction with the financial statements and related notes included in the Trust’s
Annual Report on Form 10-K, as well as the most recent Form S-1 filing, as applicable. The operating results through September 30, 2024
are not necessarily indicative of the results to be expected from the full year ended December 31, 2024.
The Fund continuously offers and redeems shares
(“Shares”) in blocks of at least 10,000 Shares (each such block, a “Creation Unit”) at an initial price per Share
of $25. Only Authorized Participants may purchase and redeem Shares from the Fund and then only in Creation Units. An Authorized Participant
is an entity that has entered into an Authorized Participant Agreement with the Trust and the Sponsor. Shares are offered on a continuous
basis to Authorized Participants in Creation Units at NAV. Authorized Participants may then offer to the public, from time to time, shares
from any Creation Unit they create at a per-share market price. The form of Authorized Participant Agreement sets forth the terms and
conditions under which an Authorized Participant may purchase or redeem a Creation Unit. Authorized Participants will not receive from
the Fund, the Sponsor, or any of their affiliates, any fee or other compensation in connection with their sale of Shares to the public.
An Authorized Participant may receive commissions or fees from investors who purchase Shares through their commission or fee-based brokerage
accounts.
Significant accounting policies of the Fund are as follows:
Use of Estimates
The preparation of financial statements in conformity
with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure
of contingent assets and liabilities at the date of the financial statements, and the reported amounts of the revenue and expenses during
the reporting period. Actual results could differ from those estimates.
Indemnifications
In the normal course of business, the Fund enters
into contracts that contain a variety of representations which provide general indemnifications. The Fund’s maximum exposure under
these arrangements cannot be known; however, the Fund expects any risk of loss to be remote.
Cash
Cash includes money market funds held.
Income Taxes
For U.S. federal income tax purposes, the Fund
will be classified as a publicly traded partnership. A publicly traded partnership is generally taxable as a corporation for U.S. federal
income tax purposes unless 90% or more of the publicly traded partnership’s gross income for each taxable year of its existence
consists of qualifying income as defined in section 7704(d) of the Internal Revenue Code of 1986, as amended (the “Code”).
Qualifying income is defined as generally including, in pertinent part, interest (other than from a financial business), dividends, and
gains from the sale or disposition of capital assets held for the production of interest or dividends. In the case of a partnership of
which a principal activity is the buying and selling of commodities, other than as inventory, or of futures, forwards, and options with
respect to commodities, qualifying income also includes income and gains from commodities and from futures, forwards, options with respect
to commodities and, provided the partnership is a trader or investor with respect to such assets, swaps and other notional principal contracts
with respect to commodities. There is very limited authority on the U.S. federal income tax treatment of bitcoin and no direct authority
on bitcoin derivatives, such as Bitcoin Futures Contracts. Based on an opinion received by Tidal from their independent legal counsel
and a Commodity Futures Trading Commission determination that treats bitcoin as a commodity under the Commodity Exchange Act, the Fund
intends to take the position that bitcoin and Bitcoin Futures Contracts consist of futures on commodities for purposes of the qualifying
income exception under section 7704 of the Code. Accordingly, the Fund expects that at least 90% of the Fund’s gross income for
each taxable year will consist of qualifying income and that the Fund will be taxed as a partnership for U.S. federal income tax purposes.
Therefore, the Fund does not record a provision for income taxes because the shareholders report their share of the Fund’s income
or loss on their income tax returns.
The Fund is required to determine whether a tax
position is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related
appeals or litigation processes, based on the technical merits of the position. The Fund will file income tax returns in the U.S. federal
jurisdiction and may file income tax returns in various U.S. states and foreign jurisdictions.
The Fund may be subject to potential examination
by U.S. federal, U.S. state, or foreign jurisdictional authorities in the area of income taxes. These potential examinations may include
among other things questioning the tax classification of the Fund, the timing and amount of deductions, the nexus of income among various
tax jurisdictions, and compliance with U.S. federal, U.S. state and foreign tax laws.
Creation and Redemptions
Authorized Purchasers may purchase Creation Baskets
consisting of 10,000 Shares from the Fund. The amount of the proceeds required to purchase a Creation Basket will be equal to the
NAV of the Shares in the Creation Basket determined as of 4:00 p.m. (ET) on the day the order to create the basket is received in good
order.
Authorized Purchasers may redeem Shares from the
Fund only in blocks of 10,000 Shares called “Redemption Baskets.” The amount of the redemption proceeds for a Redemption
Basket will be equal to the NAV of the Shares in the Redemption Basket determined as of 4:00 p.m. (ET) on the day the order to redeem
the basket is received in good order.
The Fund will receive the proceeds from Shares
sold or will pay for redeemed Shares within three business days after the trade date of the purchase or redemption, respectively. The
amounts due from Authorized Purchasers will be reflected in the Fund’s statements of assets and liabilities as capital shares receivable.
Amounts payable to Authorized Purchasers upon redemption will be reflected in the Fund’s statements of assets and liabilities as
payable for Shares redeemed.
As outlined in the Trust’s Registration
Statement on Form S-1, filed with the SEC on March 18, 2024, 10,000 Shares represent five Redemption Baskets for the Fund and a
minimum level of Shares. If the Fund experienced redemptions that caused the number of Shares outstanding to decrease to the minimum level
of Shares required to be outstanding, until the minimum number of Shares is again exceeded through the purchase of a new Creation Basket,
there can be no more redemptions by an Authorized Purchaser.
Calculation of Net Asset Value
The Fund’s NAV is calculated by:
| ● | Taking the current market value of its total assets; |
| ● | Subtracting any liabilities; and |
| ● | Dividing the above total by the number of Shares outstanding. |
U.S. Bancorp Fund Services, LLC, doing business
as U.S. Bank Global Fund Services (“Global Fund Services”), the Fund’s sub-administrator, will calculate the NAV of
the Fund once each trading day. It will calculate the NAV as of the earlier of the close of the New York Stock Exchange or 4:00 p.m. (ET).
The NAV for a particular trading day will be released after 4:15 p.m. (ET).
To determine the value of Bitcoin Futures Contracts,
Global Fund Services uses the settlement price for the Benchmark Component Futures Contracts, as reported on the CME. CME Group staff
determines the daily settlements for the Benchmark Component Futures Contracts based on trading activity on CME Globex exchange between
14:59:00 and 15:00:00 Central Time (CT), the settlement period. When a Bitcoin Futures Contract has closed at its daily price fluctuation
limit, that limit price will be the daily settlement price that the CME publishes. The Fund will use the published settlement price to
price its Shares on that day. If the CME halted trading in Bitcoin Futures Contracts for other reasons, including if trading were halted
for an entire trading day or several trading days, the Fund would value its Bitcoin Futures Contracts by using the settlement price that
the CME publishes. Such valuation is generally deemed a Level 1 valuation.
The value of the Bitcoin held by the Fund will
be determined using a “Futures-Based Spot Price” (or “FBSP”) methodology. This methodology has been chosen by
the Sponsor specifically to calculate the Fund’s NAV, isolating it from data from unregulated bitcoin exchanges. The methodology
to derive the settlement prices of Bitcoin Futures Contracts on the CME involves a calculation that is a function of both the length of
time (the tenor) until each Bitcoin Futures Contract is due for settlement, and the final settlement price for each contract on that day.
The calculation is based on estimating a simple quadratic function to fit the prices across the different tenors and extrapolate this
curve to zero days tenor. This approach is designed to give more importance to contracts that are due for settlement in the near term,
considering that the prices of these near-term contracts are more reliable indicators of the current spot price of bitcoin and are also
more heavily traded. Such Valuation is generally deemed a Level 2 valuation.
Fair Value - Definition and Hierarchy
In accordance with GAAP, fair value is defined
as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly
transaction between market participants at the measurement date.
In determining fair value, the Fund uses various
valuation approaches. In accordance with GAAP, a fair value hierarchy for inputs is used in measuring fair value that maximizes the use
of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available.
Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources
independent of the Fund. Unobservable inputs reflect the Fund’s assumptions about the inputs market participants would use in pricing
the asset or liability developed based on the best information available in the circumstances. The fair value hierarchy is categorized
into three levels based on the inputs as follows:
Level 1 | - |
Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
Valuation adjustments and block discounts are not applied to Level 1 financial instruments. Since valuations are based on quoted prices
that are readily and regularly available in an active market, valuation of these financial instruments does not entail a significant
degree of judgment. |
| |
|
Level 2 | - |
Valuations based on quoted prices in markets that are not active
or for which all significant inputs are observable, either directly or indirectly. |
| |
|
Level 3 | - |
Valuations based on inputs that are unobservable and
significant to the overall fair value measurement. |
The availability of valuation techniques and observable
inputs can vary from financial instrument to financial instrument and is affected by a wide variety of factors including, the type of
financial instrument, whether the financial instrument is new and not yet established in the marketplace, and other characteristics particular
to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market,
the determination of fair value requires more judgment. Those estimated values do not necessarily represent the amounts that may be ultimately
realized due to the occurrence of future circumstances that cannot be reasonably determined. Because of the inherent uncertainty of valuation,
those estimated values may be materially higher or lower than the values that would have been used had a ready market for the financial
instruments existed. Accordingly, the degree of judgment exercised by the Fund in determining fair value is greatest for financial instruments
categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy.
In such cases, for disclosure purposes, the level in the fair value hierarchy, within which the fair value measurement in its entirety
falls, is determined based on the lowest level input that is significant to the fair value measurement.
Schedule of fair values of investments disaggregated into three levels of fair value hierarchy
September 30, 2024
| |
| | |
| | |
| | |
| |
| |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Balance as of September 30,
2024 | |
Assets: | |
| | | |
| | | |
| | | |
| | |
Cryptocurrency | |
$ | — | | |
$ | 9,379,568 | | |
$ | — | | |
$ | 9,379,568 | |
Money market funds | |
| 12,413 | | |
| — | | |
| — | | |
| 12,413 | |
Total | |
$ | 12,413 | | |
$ | 9,379,568 | | |
$ | — | | |
$ | 9,391,981 | |
December 31, 2023
| |
| | |
| | |
| | |
| |
| |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Balance as of December 31, 2023 | |
Assets: | |
| | | |
| | | |
| | | |
| | |
Cash Equivalents | |
$ | 1,867,663 | | |
$ | — | | |
$ | — | | |
$ | 1,867,663 | |
Bitcoin futures contracts | |
| 129,519 | | |
| — | | |
| — | | |
| 129,519 | |
Total | |
$ | 1,997,182 | | |
$ | — | | |
$ | — | | |
$ | 1,997,182 | |
| |
| | | |
| | | |
| | | |
| | |
Liabilities: | |
| | | |
| | | |
| | | |
| | |
Bitcoin futures contracts | |
$ | 51,376 | | |
$ | — | | |
$ | — | | |
$ | 51,376 | |
For the three and nine months ended September
30, 2024 and year ended December 31, 2023, the Fund did not have any significant transfers between any of the levels of the fair value
hierarchy.
Derivative Investments
In the normal course of business, the Fund utilizes
derivative contracts in connection with its proprietary trading activities. Investments in derivative contracts are subject to additional
risks that can result in a loss of all or part of an investment. The Fund’s derivative activities and exposure to derivative contracts
are classified by the following primary underlying risks: interest rate, credit, commodity price, and equity price risks. In addition
to its primary underlying risks, the Fund is also subject to additional counterparty risk due to inability of its counterparties to meet
the terms of their contracts.
Futures Contracts
The Fund is subject to cryptocurrency price risk
in the normal course of pursuing its investment objectives. A futures contract represents a commitment for the future purchase or sale
of an asset at a specified price on a specified date.
The purchase and sale of futures contracts requires
margin deposits with a Futures Commission Merchant (“FCM”). Subsequent payments (variation margin) are made or received by
the Fund each day, depending on the daily fluctuations in the value of the contract, and are recorded as unrealized gains or losses by
the Fund. Futures contracts may reduce the Fund’s exposure to counterparty risk since futures contracts are exchange-traded; and
the exchange’s clearinghouse, as the counterparty to all exchange-traded futures, guarantees the futures against default.
The Commodity Exchange Act requires an FCM to
segregate all customer transactions and assets from the FCM’s proprietary activities. A customer’s cash and other equity deposited
with an FCM are considered commingled with all other customer funds subject to the FCM’s segregation requirements. In the event
of an FCM’s insolvency, recovery may be limited to the Fund’s pro rata share of segregated customer funds available. It is
possible that the recovery amount could be less than the total of cash and other equity deposited.
The following table discloses information about
offsetting assets and liabilities presented in the statements of assets and liabilities to enable users of these financial statements
to evaluate the effect or potential effect of netting arrangements for recognized assets and liabilities. These recognized assets and
liabilities are presented as defined in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Update
(“ASU”) No. 2011-11 “Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities” and subsequently
clarified in FASB ASU 2013-01 “Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.”
The following table identifies the fair value amounts of derivative
instruments included in the statements of assets and liabilities as derivative contracts, categorized by primary underlying risk, and
held by StoneX.
As of September 30, 2024, there were no derivative instruments included
in the statements of assets and liabilities.
Offsetting of Financial Assets and Derivative Assets as of December
31, 2023
|
|
|
|
|
|
|
|
|
|
(iv) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Amount Not Offset
in the Statement of
Assets and Liabilities |
|
|
|
Description |
|
(i)
Gross
Amount
of
Recognized
Assets |
|
|
(ii)
Gross Amount
Offset in the
Statement of
Assets and
Liabilities |
|
|
(iii) = (i-ii)
Net Amount
Presented in
the Statement
of Assets and
Liabilities |
|
Futures
Contracts
Available for
Offset |
|
Collateral,
Due to
Broker |
|
(v) = (iii)-(iv)
Net Amount |
|
Cryptocurrency Price |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bitcoin futures contracts |
|
$ |
129,519 |
|
|
$ |
— |
|
|
|
129,519 |
|
|
51,376 |
|
$ |
— |
|
78,143 |
|
Offsetting of Financial Liabilities and Derivative Assets as of
December 31, 2023
|
|
|
|
|
|
|
|
|
|
(iv) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Amount Not Offset
in the Statement of
Assets and Liabilities |
|
|
|
Description |
|
(i)
Gross
Amount
of
Recognized
Assets |
|
|
(ii)
Gross
Amount
Offset in the
Statement of
Assets and
Liabilities |
|
|
(iii) = (i-ii)
Net Amount
Presented in
the Statement
of Assets and
Liabilities |
|
Futures
Contracts
Available for
Offset |
|
Collateral,
Due to
Broker |
|
(v) = (iii)-(iv)
Net Amount |
|
Cryptocurrency Price |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bitcoin futures contracts |
|
$ |
51,376 |
|
|
$ |
— |
|
|
|
51,376 |
|
|
51,376 |
|
$ |
— |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following tables identify the net gain and loss amounts included
in the statements of operations as realized and unrealized gains and losses on trading of cryptocurrency futures contracts categorized
by primary underlying risk:
Three months ended September 30, 2024. |
| |
| | |
| |
| |
Realized Gain (Loss) on Commodity Futures Contracts | | |
Net Change in
Unrealized
Appreciation/ Depreciation on
Commodity Futures
Contracts | |
Cryptocurrency Price | |
| | | |
| | |
Bitcoin futures contracts | |
$ | (16,691 | ) | |
| 7,741 | |
Three months ended September 30, 2023. |
| |
| | |
| |
| |
Realized Gain (Loss) on Commodity Futures Contracts | | |
Net Change in Unrealized Appreciation/ Depreciation on
Commodity Futures Contracts | |
Cryptocurrency Price | |
| | | |
| | |
Bitcoin futures contracts | |
$ | (176,608 | ) | |
$ | (107,189 | ) |
Nine months ended September 30, 2024. |
| |
| | |
| |
| |
Realized Gain (Loss) on Commodity Futures Contracts | | |
Net Change in Unrealized Appreciation/ Depreciation on
Commodity Futures Contracts | |
Cryptocurrency Price | |
| | | |
| | |
Bitcoin futures contracts | |
$ | 7,528,643 | | |
| (78,239 | ) |
Nine months ended September 30, 2023. |
| |
| | |
| |
| |
Realized Gain (Loss) on Commodity Futures Contracts | | |
Net Change in Unrealized Appreciation/ Depreciation on
Commodity Futures Contracts | |
Cryptocurrency Price | |
| | | |
| | |
Bitcoin futures contracts | |
$ | 524,179 | | |
$ | (9,669 | ) |
Volume of Monthly Derivative Activities
The average notional market value categorized
by primary underlying risk for the futures contracts held was $109.5 thousand and $4.5 million respectively for the three and
nine months ended September 30, 2024 and $1.7 million and $1.8 million respectively for the three and nine months ended September
30, 2023.
Basis of Presentation
The preparation of these financial statements
in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the
reported amount of net assets and liabilities and disclosure of contingent assets and liabilities at the balance sheet date. Actual results
could differ from those estimates.
Organizational and Offering Costs
All organizational and initial offering costs
for the Trust and the Fund were borne directly by the Sponsor. The Trust and the Fund do not have an obligation to reimburse the Sponsor
for organization and offering costs paid on their behalf.
Revenue Recognition
Investment transactions are accounted for on a
trade-date basis. All such transactions are recorded on the identified cost basis and marked to market daily. Unrealized appreciation
or depreciation on investments are reflected in the statements of operations as the difference between the original amount and the fair
market value as of the last business day of the year or as of the last date of the financial statements. Changes in the appreciation or
depreciation between periods are reflected in the statements of operations.
Brokerage Commissions
The Sponsor recognizes the expense for brokerage
commissions for futures contract trades on a per-trade basis. The below table shows the amounts included on the statements of operations
as total brokerage commissions.
Three Months Ended September 30, 2024 | | |
$ | 50 | |
Three Months Ended September 30, 2023 | | |
$ | 593 | |
Nine Months Ended September 30, 2024 | | |
$ | 6,336 | |
Nine Months Ended September 30, 2023 | | |
$ | 1,970 | |
Due from/to Broker
The amount recorded by the Fund for the amount
due from and to the clearing broker includes, but is not limited to, cash held by the broker, amounts payable to the clearing broker related
to open transactions, payables for cryptocurrency futures accounts liquidating to an equity balance on the clearing broker’s records
and amounts of brokerage commissions paid and recognized as unrealized losses.
Margin is the minimum amount of funds that must
be deposited by a cryptocurrency interest trader with the trader’s broker to initiate and maintain an open position in futures contracts.
A margin deposit acts to assure the trader’s performance of the futures contracts purchased or sold. Futures contracts are customarily
bought and sold on initial margin that represents a very small percentage of the aggregate purchase or sales price of the contract. Because
of such low margin requirements, price fluctuations occurring in the futures markets may create profits and losses that, in relation to
the amount invested, are greater than customary in other forms of investment or speculation. As discussed below, adverse price changes
in the futures contract may result in margin requirements that greatly exceed the initial margin. In addition, the amount of margin required
in connection with a particular futures contract is set from time to time by the exchange on which the contract is traded and may be modified
from time to time by the exchange during the term of the contract. Brokerage firms, such as the Fund’s clearing brokers, carrying
accounts for traders in commodity interest contracts generally require higher amounts of margin as a matter of policy to further protect
themselves. Over the counter trading generally involves the extension of credit between counterparties, so the counterparties may agree
to require the posting of collateral by one or both parties to address credit exposure.
When a trader purchases an option, there is no
margin requirement; however, the option premium must be paid in full. When a trader sells an option, on the other hand, he or she is required
to deposit margin in an amount determined by the margin requirements established for the underlying interest and, in addition, an amount
substantially equal to the current premium for the option. The margin requirements imposed on the selling of options, although adjusted
to reflect the probability that out-of-the-money options will not be exercised, can in fact be higher than those imposed in dealing in
the futures markets directly. Complicated margin requirements apply to spreads and conversions, which are complex trading strategies in
which a trader acquires a mixture of options positions and positions in the underlying interest.
Ongoing or “maintenance” margin requirements
are computed each day by a trader’s clearing broker. When the market value of a particular open futures contract changes to a point
where the margin on deposit does not satisfy maintenance margin requirements, a margin call is made by the broker. If the margin call
is not met within a reasonable time, the broker may close out the trader’s position. With respect to the Fund’s trading, the
Fund (and not its shareholders personally) is subject to margin calls. Finally, many major U.S. exchanges have passed certain cross margining
arrangements involving procedures pursuant to which the futures and options positions held in an account would, in the case of some accounts,
be aggregated and margin requirements would be assessed on a portfolio basis, measuring the total risk of the combined positions.
Expenses
Expenses are recorded using the accrual method of accounting.
Net Income (Loss) per Share
Net income (loss) per share is the difference
between the NAV per unit at the beginning of each period and at the end of each period. The weighted average number of units outstanding
was computed for purposes of disclosing net income (loss) per weighted average unit. The weighted average units are equal to the number
of units outstanding at the end of the period, adjusted proportionately for units created or redeemed based on the amount of time the
units were outstanding during such period.
Note 2 – Sponsor Fee Allocation of Expenses and Related Party
Transactions
The Fund pays the Sponsor a Management Fee, monthly
in arrears, in an amount equal to 0.90% per annum of the daily NAV of the Fund. The Management Fee is paid in consideration of the Sponsor’s
services related to the management of the Fund’s business and affairs, including the provision of commodity futures trading advisory
services. Purchases of creation units with cash may cause the Fund to incur certain costs including brokerage commissions and redemptions
of creation units with cash may result in the recognition of gains or losses that the Fund might not have incurred if it had made redemptions
in-kind. The Fund pays all of its respective brokerage commissions, including applicable exchange fees, National Futures Association fees
and give-up fees, and other transaction related fees and expenses charged in connection with trading activities for the Fund’s investments
in Commodity Futures Trading Commission regulated investments. The Fund bears other transaction costs related to the futures commission
merchants capital requirements on a monthly basis. The Sponsor pays all of the routine operational, administrative and other ordinary
expenses of the Fund, generally as determined by the Sponsor, including but not limited to, fees and expenses of the Administrator, Sub-Administrator,
Custodian, Distributor, Transfer Agent, licensors, accounting and audit fees and expenses, tax preparation expenses, legal fees, ongoing
SEC registration fees, individual Schedule K- 1 preparation and mailing fees, and report preparation and mailing expenses. The Fund pays
all of its non-recurring and unusual fees and expenses, if any, as determined by the Sponsor. Non-recurring and unusual fees and expenses
are unexpected or unusual in nature, such as legal claims and liabilities and litigation costs or indemnification or other unanticipated
expenses. Extraordinary fees and expenses also include material expenses which are not currently anticipated obligations of the Fund.
Routine operational, administrative and other ordinary expenses are not deemed extraordinary expenses.
The Sponsor has the ability to elect to pay certain
expenses on behalf of the Fund or waive the management fee. This election is subject to change by the Sponsor, at its discretion. Expenses
paid by the Sponsor or the Prior Sponsor are, if applicable, presented as waived expenses in the statements of operations for the Fund:
Three Months Ended September 30, 2024 |
|
|
$ |
— |
|
Three Months Ended September 30, 2023 |
|
|
$ |
91,023 |
|
Nine Months Ended September 30, 2024 |
|
|
$ |
— |
|
Nine Months Ended September 30, 2023 |
|
|
$ |
222,642 |
|
For the three and nine months ending September
30, 2024, the Sponsor did not waive expenses. For the three and nine months ending September 30, 2023, the Prior Sponsor waived the above
expenses.
Administrator
The Fund employs Tidal ETF Services LLC as the
Fund’s administrator (the “Administrator”). In turn, the Administrator has engaged U.S. Bancorp Fund Services, LLC,
doing business as U.S. Bank Global Fund Services (“Global Fund Services”) to act as sub-administrator. The Administrator is
a wholly-owned subsidiary of Sponsor. The Administrator also assists the Fund and the Sponsor with certain functions and duties relating
to marketing, which include the following: marketing and sales strategy and marketing related services.
Cash Custodian, Registrar, Transfer Agent,
Fund Sub-Administrator
In its capacity as the Fund’s custodian,
the Custodian, currently U.S. Bank, N.A., holds the Fund’s securities, cash and/or cash equivalents pursuant to a custodial agreement.
Global Fund Services, an entity affiliated with U.S. Bank, N.A., is the registrar and transfer agent for the Fund’s Shares. In addition,
Global Fund Services also serves as sub-administrator for the Fund, performing certain sub-administrative, and accounting services, and
support in preparing certain SEC and CFTC reports on behalf of the Fund.
Bitcoin Custodian
Holdings of the Fund also includes bitcoin. Such
investments are held by BitGo Trust Company, Inc. (the “Bitcoin Custodian”) on behalf of the Fund. The Bitcoin Custodian will
keep custody of all of the Fund’s bitcoin in a multi-layer, multi-party cold storage or similarly secure technology. The
Bitcoin Custodian is responsible for safekeeping passwords, keys or phrases that allow transfers of digital assets (“Security Factors”)
safe, secure and confidential. 100% of the private keys will be held in cold storage. The Bitcoin Custodian will establish the Bitcoin
Accounts on the Bitcoin Network solely for the Fund. The Bitcoin Custodian will follow valid instructions given by the Sponsor to use
the Fund’s Security Factors to effect transfers to and from the Bitcoin Accounts. The Fund’s bitcoin will be held in segregated
wallets and will not be commingled with the assets of other customers. The Bitcoin Custodian has an insurance policy that covers, at least
partially, risks such as the loss of client assets held in cold storage, including from employee collusion or fraud, physical loss including
theft, damage of key material, security breach or hack, and fraudulent transfer.
Marketing Agent
The Fund employs Foreside Fund Services, LLC,
a wholly-owned subsidiary of Foreside Financial Group, LLC (d/b/a ACA Group) as the Marketing Agent for the Fund. The Marketing Agent
Agreement among the Marketing Agent and the Trust calls for the Marketing Agent to work with the Custodian in connection with the receipt
and processing of orders for Creation Baskets and Redemption Baskets and the review and approval of all Fund sales literature and advertising
material. The Marketing Agent’s principal business address is Three Canal Plaza, Suite 100, Portland, Maine 04101. The Marketing
Agent is a broker-dealer registered with the SEC and a member of FINRA.
Support Agent
The Administrator also assists the Fund and the
Sponsor with certain functions and duties relating to administration and marketing, which include the following: marketing and sales strategy
and marketing related services.
Digital Asset Adviser
Hashdex Asset Management Ltd. (“Hashdex”
or the “Digital Asset Adviser”) is a Cayman Islands investment manager (and an Exempt Reporting Advisor under SEC rules) that
specializes in, among other things, the management, research, investment analysis and other investment support services of funds and ETFs
with investment strategies involving bitcoin and other crypto assets. As Digital Asset Adviser, Hashdex is responsible for providing the
Sponsor and the Administrator with research and analysis regarding bitcoin and bitcoin markets for use in the operation and marketing
of the Fund. Hashdex has no role in maintaining, calculating or publishing the Benchmark. Hashdex also has no responsibility for the investment
or management of the Fund’s portfolio or for the overall performance or operation of the Fund.
Note 3 – Transactions with Affiliates
The Trust has no directors, officers or employees and is managed by
the Sponsor. The Administrator is a wholly-owned subsidiary of the Sponsor.
Note 4 – Financial Highlights
The following tables present per unit performance
data and other supplemental financial data for the three and nine months ended September 30, 2024 and 2023. This information has been
derived from information presented in the financial statements and is presented with total expenses gross of expenses waived by the Sponsor
and with total expenses net of expenses waived by the Sponsor, as appropriate.
TIDAL COMMODITIES TRUST I
FINANCIAL HIGHLIGHTS
| |
| | |
| | |
| | |
| |
| |
Three Months Ended | | |
Three Months Ended | | |
Nine Months
Ended | | |
Nine Months
Ended | |
| |
September 30, 2024 | | |
September 30, 2023* | | |
September 30, 2024* | | |
September 30, 2023* | |
Per Share Operation Performance | |
| | | |
| | | |
| | | |
| | |
Net asset value at beginning of period | |
$ | 68.43 | | |
$ | 38.78 | | |
$ | 50.74 | | |
$ | 21.40 | |
Income (loss) from investment operations: | |
| | | |
| | | |
| | | |
| | |
Net investment income (loss) | |
| (0.15 | ) | |
| 0.34 | | |
| 0.39 | | |
| 0.83 | |
Net realized and unrealized gain (loss) | |
| 3.97 | | |
| (5.68 | ) | |
| 21.12 | | |
| 11.21 | |
Total increase (decrease) from investment operations | |
| 3.82 | | |
| (5.34 | ) | |
| 21.51 | | |
| 12.04 | |
Net asset value at end of period | |
$ | 72.25 | | |
$ | 33.44 | | |
$ | 72.25 | | |
$ | 33.44 | |
Total Return | |
| 5.58 | % | |
| (13.76 | )% | |
| 42.39 | % | |
| 56.23 | % |
Ratios to Average Net Assets (Annualized) | |
| | | |
| | | |
| | | |
| | |
Total expenses | |
| 0.92 | % | |
| 21.29 | % | |
| 1.08 | % | |
| 17.69 | % |
Total expenses, net | |
| 0.92 | % | |
| 0.94 | % | |
| 1.08 | % | |
| 0.94 | % |
Net investment income (loss) | |
| (0.86 | )% | |
| 3.80 | % | |
| 0.77 | % | |
| 3.28 | % |
HASHDEX BITCOIN ETF
(FORMERLY HASHDEX BITCOIN FUTURES ETF)
FINANCIAL HIGHLIGHTS
| |
| | |
| | |
| | |
| |
| |
Three Months Ended | | |
Three Months Ended | | |
Nine Months Ended | | |
Nine Months Ended | |
| |
September 30, 2024 | | |
September 30, 2023 | | |
September 30, 2024 | | |
September 30, 2023 | |
Per Share Operation Performance | |
| | | |
| | | |
| | | |
| | |
Net asset value at beginning of period | |
$ | 68.43 | | |
$ | 38.78 | | |
$ | 50.74 | | |
$ | 21.40 | |
Income (loss) from investment operations: | |
| | | |
| | | |
| | | |
| | |
Net investment income (loss) | |
| (0.15 | ) | |
| 0.34 | | |
| 0.39 | | |
| 0.83 | |
Net realized and unrealized gain (loss) | |
| 3.97 | | |
| (5.68 | ) | |
| 21.12 | | |
| 11.21 | |
Total increase (decrease) from investment operations | |
| 3.82 | | |
| (5.34 | ) | |
| 21.51 | | |
| 12.04 | |
Net asset value at end of period | |
$ | 72.25 | | |
$ | 33.44 | | |
$ | 72.25 | | |
$ | 33.44 | |
Total Return | |
| 5.58 | % | |
| (13.76 | )% | |
| 42.39 | % | |
| 56.23 | % |
Ratios to Average Net Assets (Annualized) | |
| | | |
| | | |
| | | |
| | |
Total expenses | |
| 0.92 | % | |
| 21.29 | % | |
| 1.08 | % | |
| 17.69 | % |
Total expenses, net | |
| 0.92 | % | |
| 0.94 | % | |
| 1.08 | % | |
| 0.94 | % |
Net investment income (loss) | |
| (0.86 | )% | |
| 3.80 | % | |
| 0.77 | % | |
| 3.28 | % |
Note 5 – Merger with Hashdex Bitcoin Futures ETF
As reported by the Tidal Commodities Trust I on
a Form 8-K filed with the Securities and Exchange Commission on January 3, 2024 (File No. 001-41900), the Fund completed the successful
acquisition by merger (the “Merger”) of the Hashdex Bitcoin Futures ETF, a series of the Teucrium Commodity Trust (the “Acquired
Fund”).
Under the terms of the Merger, each shareholder
of the Acquired Fund received one share of the Fund for every one share of the Acquired Fund held on January 3, 2024 based on the net
asset value per share of the Fund being equal to the net asset value per share of the Acquired Fund determined immediately prior to the
Merger closing. The share price used for the delivery of shares of the Acquired Fund was the net asset value per share of the Acquired
Fund determined after the close of business of NYSE Arca on January 2, 2024. Consequently, the Merger resulted in a one-for-one exchange
of shares between the Acquired Fund and the Fund. Upon the Merger closing, the Fund acquired all the assets of the Acquired Fund and assumed
all the liabilities of the Acquired Fund. Upon the Merger closing, all of the Acquired Fund’s shares were cancelled and the Acquired
Fund was liquidated.
The sponsor of the Acquired Fund, Teucrium Trading,
LLC (“Teucrium”), is not receiving any compensation dependent on the consummation of the Merger. Pursuant to a certain Amended
and Restated ’33 Act Fund Platform Support Agreement, as amended (the “Support Agreement”) among Tidal, Administrator,
Hashdex, and Teucrium, Tidal has agreed to provide Teucrium after the Merger with a monthly amount equal to seven percent (7%)
of the Management Fee paid to Tidal from the Fund; provided, however, that such fee will never be less than 0.04% of monthly average net
assets of the Fund (“Teucrium Compensation”). Any payment of the Teucrium Compensation will be made from the resources of
Tidal and not from the assets of the Fund.
On January 3, 2024, the Fund issued 50,000
shares at net asset value of $2,708,819 for 50,000 shares the Acquired Fund, representing $2,708,819 of net assets. The combined
net assets and shares outstanding of the Fund immediately after the Merger were $2,708,819 and 50,000, respectively, representing a net
asset value per share of $54.18.
Note 6 – Conversion to Spot Bitcoin ETF
On March 26, 2024, the Sponsor announced the renaming
of the Fund from the Hashdex Bitcoin Futures ETF to the Hashdex Bitcoin ETF. The renaming of the Fund corresponds to its completion of
the conversion of its investment strategy to allow the Fund to provide spot bitcoin holdings and its tracking of a new benchmark index
effective March 27, 2024.
The Fund’s new benchmark index is the Nasdaq
Bitcoin Reference Price - Settlement (NQBTCS), which better reflects the Fund’s new strategy of direct bitcoin investment.
Going forward and under normal market conditions, the Fund’s investment policy is to maximize its holdings of physical bitcoin such
that it is expected that at least 95% of the Fund’s assets will be invested in spot bitcoin. Up to 5% of the Fund’s
remaining assets may be invested in CME-traded bitcoin futures contracts and in cash and cash equivalents.
Note 7 – Subsequent Events
In preparing these financial statements, Management
has evaluated the financial statements for the nine months ended September 30, 2024 for subsequent events through the date of this filing
and noted no material events requiring either recognition through the date of the filing or disclosure herein for the Fund.
Item 2. Management’s Discussion and Analysis of Financial
Condition and Results of Operations.
This information should be read in conjunction
with the financial statements and notes included in Item 1 of Part I of this Quarterly Report (the “Report”).
The discussion and analysis which follows may contain trend analysis and other forward-looking statements within the meaning of Section
21E of the Securities Exchange Act of 1934 which reflect our current views with respect to future events and financial results. Words
such as “anticipate,” “expect,” “intend,” “plan,” “believe,”
“seek,” “outlook” and “estimate,” as well as similar words and phrases,
signify forward-looking statements. The forward-looking statements of Tidal Commodities Trust I (the “Trust”)
are not a guarantee of future results and conditions, and important factors, risks and uncertainties may cause our actual results to differ
materially from those expressed in our forward-looking statements. Whether or not actual results and developments will conform to our
Sponsor’s expectations and predictions, however, is subject to a number of risks and uncertainties, including the special considerations
discussed in this Report; general economic, market and business conditions; changes in laws or regulations, including those concerning
taxes, made by governmental authorities or regulatory bodies; the costs and effect of any litigation or regulatory investigations; technology
developments regarding the use of bitcoin and other digital assets, including the systems used by Tidal Investments LLC (the “Sponsor”)
in its provision of services to the Trust; the Sponsor’s conflict of interest in allocating resources among its different clients
and the pursuit of future business or investment opportunities by the Sponsor, its officers and/or affiliated entities; and other world
economic and political developments.
These and other risks and uncertainties, which
are described in more detail in our Annual Report on Form 10-K, filed with the SEC on April 1, 2024, could cause our actual results to
differ materially from those expressed or implied by the forward-looking statements in this report. You should not place undue reliance
on any forward-looking statements. Except as expressly required by the Federal securities laws, the Sponsor undertakes no obligation to
publicly update or revise any forward-looking statements or the risks, uncertainties or other factors described in this Report, as a result
of new information, future events or changed circumstances or for any other reason after the date of this Report.
Overview/Introduction
Tidal Commodities Trust I (“Trust”),
a Delaware statutory trust organized on February 10, 2023, is a series trust currently consisting of one series: Hashdex Bitcoin ETF (f/k/a
Hashdex Bitcoin Futures ETF) (“DEFI” or the “Fund”). The Trust also includes one additional series, the 7RCC Spot Bitcoin and Carbon Credit Futures ETF, which may be publicly offered in the
future. The Fund is a commodity pool. The Fund issues shares of beneficial
interest, called “Shares,” representing fractional undivided beneficial interests in the Fund. The Fund’s investment
objective is for changes in the Shares’ net asset value (“NAV”) to reflect the daily changes of the price of the Nasdaq
Bitcoin Reference Price - Settlement (NQBTCS) (the “Benchmark”), less expenses from the Fund’s operations. The Benchmark
is designed to track the price performance of bitcoin. The Fund invests in bitcoin, bitcoin futures contracts (“Bitcoin Futures
Contracts”) listed on the Chicago Mercantile Exchange Inc. (“CME”), and cash and cash equivalents. Because the Fund’s
investment objective is to track the price of the Benchmark, changes in the price of the Shares may vary from changes in the spot price
of bitcoin.
The Trust and the Fund operate pursuant to the
Trust’s Amended and Restated Declaration of Trust and Trust Agreement (the “Trust Agreement”), dated March 10, 2023.
On January 2, 2024, the initial Form S-1 for DEFI was declared effective by the U.S. Securities and Exchange Commission (“SEC”).
As noted below, the Fund is the successor to the Predecessor Fund (defined below), which commenced operations in September 2022. The Fund’s
shares trade on the NYSE Arca stock exchange (“NYSE Arca”). The current registration statement for DEFI was declared effective
by the SEC on January 2, 2024 and registered an indeterminate number of Shares. BitGo Trust Company, Inc (the “Bitcoin Custodian”)
is the custodian for the Fund’s bitcoin holdings; and U.S. Bank, N.A. is the custodian for the Fund’s cash and cash equivalents
holdings (the “Cash Custodian” and together with the Bitcoin Custodian, the “Custodians”).
The Fund is the successor and surviving entity
from the merger (the “Merger”) of the Hashdex Bitcoin Futures ETF (the “Predecessor Fund”) into the Fund. The
Predecessor Fund was a series of the Teucrium Commodity Trust (the “Predecessor Trust”) sponsored by Teucrium Trading, LLC
(“Prior Sponsor”). The Merger closed on January 3, 2024. In connection with the Merger, the Predecessor Fund shareholders
received one Share for each share of the Predecessor Fund they owned prior to the Merger.
The sponsor of the Trust is Tidal Investments
LLC, a Delaware limited liability company (the “Sponsor”). The principal office of the Sponsor is Milwaukee, Wisconsin and
the Trust is located at 234 West Florida Street, Suite 203, Milwaukee, Wisconsin 53204. The Sponsor is registered as a commodity pool
operator (“CPO”) with the Commodity Futures Trading Commission (“CFTC”) and is a member of the National Futures
Association (“NFA”). The Fund intends to be treated as a partnership for U.S. federal income tax purposes. The Sponsor has
sponsored the Trust since 2023. Sponsoring the Fund will be the Sponsor’s first experience in operating an exchange traded product
that invests in crypto-currency futures or directly in bitcoin. The Sponsor’s responsibilities are discussed below in the section
entitled “The Sponsor’s Operations.”
While investors will purchase and sell Shares
through their broker-dealer, the Fund continuously offers creation baskets consisting of 10,000 Shares (“Creation Baskets”)
at their net asset value (“NAV”) to certain financial institutions that have entered into an agreement with the Sponsor (“Authorized
Purchasers”).
Recent Developments
Merger with Hashdex Bitcoin Futures ETF
On January 3, 2024, the Trust completed the Merger
and acquisition of the Predecessor Fund, a series of the Predecessor Trust, into the Fund, a series of the Trust. The Merger was effected
pursuant to an Agreement and Plan of Partnership Merger and Liquidation dated as of October 30, 2023 (the “Plan of Merger”)
between the Predecessor Trust, on behalf of its Predecessor Fund series, and the Trust, on behalf of its Fund series.
Pursuant to the Plan of Merger, each Predecessor
Fund shareholder received one share of the Fund for every one share of the Predecessor Fund held immediately before the commencement of
trading on the NYSE Arca on the Closing Date based on the net asset value per share of the Predecessor Fund being equal to the net asset
value per share of the Fund determined immediately prior to the Merger closing. The share price used for the delivery of shares of the
Predecessor Fund was the net asset value per share of the Predecessor Fund determined after the close of business of NYSE Arca on January
2, 2024. Consequently, the Merger resulted in a one-for-one exchange of shares between the Predecessor Fund and the Fund. Further, the
Fund acquired in the Merger all the assets of the Predecessor Fund and assumed all the liabilities of the Predecessor Fund. Effective
the Merger closing, the Plan of Merger caused all of the Predecessor Fund’s shares to be cancelled and the Predecessor Fund to be
liquidated.
The Merger did not materially modify the rights
of Predecessor Fund shareholders with respect to their investment. The Fund has the same investment objective, investment strategies and
investment restrictions, and substantially identical investment risks, as those had by the Predecessor Fund. Following the Merger, the
Fund is now sponsored by the Sponsor, Tidal Investments LLC (f/k/a Toroso Investments LLC), and the Fund is now managed by portfolio managers
employed by the Sponsor. The Fund pays the same management fee rate to the Sponsor, under the same terms, as previously paid by the Predecessor
Fund to Teucrium Trading, LLC, the sponsor of the Predecessor Trust and the Predecessor Fund.
The Fund’s shares commenced trading on the NYSE Arca upon the
effectiveness of the Merger under the ticker symbol “DEFI.”
Eff ect of Merger - Conversion to U.S. Spot Bitcoin ETF
On March 26, 2024, the Trust announced that the
Fund would be permitted to have spot bitcoin holdings, and that it would track the Benchmark effective March 27, 2024. The Predecessor
Fund’s name was the Hashdex Bitcoin Futures ETF, and the Fund’s name is the Hashdex Bitcoin ETF. Effective as of March 27,
the Fund has a policy to maximize its holdings of physical bitcoin such that it is expected that at least 95% of the Fund’s assets
will be invested in spot bitcoin. Up to 5% of the Fund’s remaining assets may be invested in CME-traded bitcoin futures contracts
and in cash and cash equivalents.
Performance Summary
This report covers the periods from January 1,
2024 to September 30, 2024 for DEFI. Total expenses are presented both gross and net of any expenses waived or paid by the Sponsor that
would have been incurred by the Fund (“expenses waived by the Sponsor”).
Per Share Operation Performance |
|
|
|
Net asset value at beginning of period |
|
$ |
50.74 |
|
Income (loss) from investment operations: |
|
|
|
|
Investment income |
|
|
0.94 |
|
Net realized and unrealized gain (loss) on cryptocurrency futures contracts and investments |
|
|
21.12 |
|
Total expenses |
|
|
(0.55 |
) |
Net increase (decrease) in net asset value |
|
|
21.51 |
|
Net asset value at end of period |
|
$ |
72.25 |
|
Total Return |
|
|
42.39 |
% |
Ratios to Average Net Assets (Annualized) |
|
|
|
|
Total expenses |
|
|
1.08 |
% |
Total expenses, net |
|
|
1.08 |
% |
Net investment income (loss) |
|
|
0.77 |
% |
Market Outlook - The Bitcoin Industry
Bitcoin is a digital asset that serves as the
unit of account on an open-source, decentralized, peer-to-peer computer network. Bitcoin may be used to pay for goods and services, stored
for future use, or converted to a fiat currency. As of the date of this update, the adoption of bitcoin for these purposes has been limited.
The value of bitcoin is not backed by any government, corporation, or other identified body.
The value of bitcoin is determined in part by
the supply of (which is limited), and demand for, bitcoin in the markets for exchange that have been organized to facilitate the trading
of bitcoin. By design, the supply of bitcoin is limited to 21 million bitcoins. As of the date of this update, there are approximately
19 million bitcoins in circulation.
Bitcoin is maintained on the Bitcoin Network.
No single entity owns or operates the Bitcoin Network. The Bitcoin Network is accessed through software and governs bitcoin’s creation
and movement. The source code for the Bitcoin Network, often referred to as the Bitcoin Protocol, is open-source, and anyone can contribute
to its development.
Price movements for bitcoin are influenced by,
among other things, the environment, natural or man-made disasters, governmental oversight and regulation, demographics, economic conditions,
infrastructure limitations, existing and future technological developments, and a variety of other factors now known and unknown, any
and all of which can have an impact on the supply, demand, and price fluctuations in the bitcoin markets. More generally, cryptocurrency
prices may be influenced by economic and monetary events such as changes in interest rates, changes in balances of payments and trade,
U.S. and international inflation rates, currency valuations and devaluations, U.S. and international economic events, and changes in the
philosophies and emotions of market purchasers. Because the Predecessor Fund invested in futures contracts in a single cryptocurrency,
it was not a diversified investment vehicle, and therefore may have been subject to greater volatility than a diversified portfolio of
stocks or bonds or a more diversified commodity or cryptocurrency pool. Likewise, because the Fund invests in spot bitcoin and futures
contracts in a single cryptocurrency, it is not a diversified investment vehicle, and therefore may be subject to greater volatility than
a diversified portfolio of stocks or bonds or a more diversified commodity or cryptocurrency pool.
Market Risk
Trading in instruments such as Futures Contracts
will involve the Fund entering into contractual commitments to purchase or sell specific amounts of cryptocurrencies at a specified date
in the future. The gross or face amount of the contracts is expected to significantly exceed the future cash requirements of the Fund
as the Fund intends to close out any open positions prior to the contractual expiration date. As a result, the Fund’s market risk
is the risk of loss arising from the decline in value of the contracts, not from the need to make delivery under the contracts. The Fund
considers the “fair value” of derivative instruments to be the unrealized gain or loss on the contracts. The market risk associated
with the commitment by the Fund to purchase a specific cryptocurrency will be limited to the aggregate face amount of the contacts held.
The exposure of the Fund to market risk will depend
on a number of factors including the markets for the specific cryptocurrency, the volatility of interest rates and foreign exchange rates,
the liquidity of the Bitcoin Futures Contracts markets and the relationships among the contracts held by the Fund.
Credit Risk
When the Fund enters into futures contracts, it
will be exposed to the credit risk that the counterparty will not be able to meet its obligations. For purposes of credit risk, the counterparty
for the futures contracts traded on the CBOT, ICE and CME is the clearinghouse associated with those exchanges. In general, clearinghouses
are backed by their members who may be required to share in the financial burden resulting from the non-performance of one of their members,
which should significantly reduce credit risk. Some foreign exchanges are not backed by their clearinghouse members but may be backed
by a consortium of banks or other financial institutions. Unlike in the case of exchange traded futures contracts, the counterparty to
an over the counter futures contract is generally a single bank or other financial institution. As a result, there will be greater counterparty
credit risk in over the counter transactions. There can be no assurance that any counterparty, clearinghouse, or their financial backers
will satisfy their obligations to the Fund.
The Sponsor will attempt to manage the credit
risk of the Fund by following certain trading limitations and policies. In particular, the Fund intends to post margin and collateral
and/or hold liquid assets that will be equal to approximately the face amount of the futures contracts it holds. The Sponsor will implement
procedures that will include, but will not be limited to, executing and clearing trades and entering into over the counter transactions
only with parties it deems creditworthy and/or requiring the posting of collateral by such parties for the benefit of each Fund to limit
its credit exposure.
The CEA requires all FCMs, such as the Fund’s
clearing brokers, to meet and maintain specified fitness and financial requirements, to segregate customer funds from proprietary funds
and account separately for all customers’ funds and positions, and to maintain specified books and records open to inspection by
the staff of the CFTC. The CFTC has similar authority over introducing brokers, or persons who solicit or accept orders for commodity
interest trades but who do not accept margin deposits for the execution of trades. The CEA authorizes the CFTC to regulate trading by
FCMs and by their officers and directors, permits the CFTC to require action by exchanges in the event of market emergencies, and establishes
an administrative procedure under which customers may institute complaints for damages arising from alleged violations of the CEA. The
CEA also gives the states powers to enforce its provisions and the regulations of the CFTC.
On November 14, 2013, the CFTC published final
regulations that require enhanced customer protections, risk management programs, internal monitoring and controls, capital and liquidity
standards, customer disclosures and auditing and examination programs for FCMs. The rules are intended to afford greater assurances to
market participants that customer segregated funds and secured amounts are protected, customers are provided with appropriate notice of
the risks of futures trading and of the FCMs with which they may choose to do business, FCMs are monitoring and managing risks in a robust
manner, the capital and liquidity of FCMs are strengthened to safeguard the continued operations and the auditing and examination programs
of the CFTC and the SROs are monitoring the activities of FCMs in a thorough manner.
StoneX and Phillip Capital serve as the Fund’s clearing brokers
to execute futures contracts and provide other brokerage-related services.
Results of Operations
The discussion below addresses the material changes in the results
of operations for the three and nine months ended September 30, 2024 compared to the same period in 2023.
Total expenses for the current and comparative
period are presented both gross and net of any expenses waived or paid by the Prior Sponsor that would have been incurred by the Fund
(“expenses waived by the Prior Sponsor”). For all expenses waived in 2023, the Prior Sponsor is not entitled to reimbursement.
“Total expenses, net” is after the impact of any expenses waived by the Prior Sponsor, are presented in the same manner as
previously reported. There is, therefore, no impact to or change in the Net gain or Net loss in any period for the Trust and the Fund
as a result of this change in presentation.
The Fund is the successor and surviving entity
from the Merger of the Predecessor Fund into the Fund. The Predecessor Fund was a series of the Teucrium Commodity Trust sponsored by
Teucrium Trading, LLC. The Predecessor Fund commenced operations on September 15, 2022. The investment objective of both the Predecessor
Fund and the Fund (for the period from January 3, 2024 to March 26, 2024) was for changes in the Fund’s shares’ net asset
value (“NAV”) to reflect the daily changes of the price of the Hashdex U.S. Bitcoin Futures Fund Benchmark (the “Prior
Benchmark”), less expenses from such Fund’s operations. The Prior Benchmark reflect the average of the closing settlement
prices for the first to expire and second to expire bitcoin futures contracts listed on the Chicago Mercantile Exchange (“CME”).
Effective as of March 27, 2024, the Fund’s
investment objective and strategy were revised to reflect that the Fund could have spot bitcoin holdings. That is, the Fund’s investment
objective is for changes in the Shares’ NAV to reflect the daily changes of the price of the Nasdaq Bitcoin Reference Price - Settlement
(NQBTCS) (the “Benchmark”), less expenses from the Fund’s operations. Under normal market conditions, the Fund’s
current policy is to maximize its holdings of physical bitcoin such that it is expected that at least 95% of the Fund’s assets will
be invested in spot bitcoin. Up to 5% of the Fund’s remaining assets may be invested in CME-traded bitcoin futures contracts and
in cash and cash equivalents.
Performance data from September 15, 2022, to
January 3, 2024, reflects the performance of the Predecessor Fund. Performance from January 4, 2024, to March 26, 2024, reflects the Fund’s
performance under its previous investment strategy, which involved investing in futures contracts. Performance data from March 27, 2024,
onward reflect the Fund’s current investment strategy.
On September 30, 2024, the Fund held 14,800 Units
of spot bitcoin with an asset fair value of $9,379,568.
| |
September 30,
2024 | | |
September 30,
2023 | | |
December 31,
2023 | |
Total Net Assets | |
$ | 9,392,528 | | |
$ | 1,672,130 | | |
$ | 2,536,858 | |
Shares Outstanding | |
| 130,000 | | |
| 50,004 | | |
| 50,000 | |
Net Asset Value per share | |
$ | 72.25 | | |
$ | 33.44 | | |
$ | 50.74 | |
Closing Price | |
$ | 72.39 | | |
$ | 33.49 | | |
$ | 50.73 | |
Total net assets for the Fund increased year over
year by 462%, driven by a combination of an increase in shares outstanding of 79,996 shares or 160% and an increase in the NAV per share
of $38.81 or 116%. The change in total net assets year over year was generally due to the interconnected impact of two factors: (i) a
surge in net investors flow to the Fund, evidenced by the 116% increase in shares outstanding, particularly following the approval of
the spot bitcoin ETF in the USA; and (ii) the Bitcoin price appreciation from $26,967.92 per Bitcoin as of September 30, 2023, to $63,329.50
per Bitcoin as of September 30, 2024, representing an approximate 35% increase during the period September 1, 2023 to September 30, 2024.
For the three months ended September 30, 2024, compared to the three
months ended September 30, 2023
| |
Quarter Ended September 30, 2024 | | |
Quarter Ended September 30, 2023 | |
Average daily total net assets | |
$ | 9,912,432 | | |
$ | 1,774,450 | |
Net realized and unrealized gain on futures contracts and investments | |
$ | 335,424 | | |
$ | (283,797 | ) |
Interest income earned on cash equivalents | |
$ | 1,524 | | |
$ | 21,202 | |
Annualized interest yield based on average daily total net assets | |
| 0.06 | % | |
| 1.19 | % |
Net Income | |
$ | 314,110 | | |
$ | (266,799 | ) |
Weighted average share outstanding | |
| 142,717 | | |
| 50,004 | |
Management Fees | |
$ | 22,425 | | |
$ | 4,204 | |
Total gross fees and other expenses excluding management fees | |
$ | 413 | | |
$ | 91,023 | |
Brokerage Commissions | |
$ | 50 | | |
$ | 593 | |
Expenses waived by the Sponsor | |
$ | — | | |
$ | (91,023 | ) |
Total gross expense ratio | |
| 0.92 | % | |
| 21.29 | % |
Total expense ratio net of expenses waived by the Sponsor | |
| 0.92 | % | |
| 0.94 | % |
Net investment gain | |
| 5.58 | % | |
| 3.80 | % |
Creation of Shares | |
| — | | |
| — | |
Redemption of Shares | |
| 30,000 | | |
| — | |
For the nine months ended September 30, 2024, compared to the nine
months ended September 30, 2023
|
|
Nine months
ended
September 30, 2024 |
|
|
Nine months
ended
September 30, 2023 |
|
Average daily total net assets |
|
$ |
13,314,763 |
|
|
$ |
1,776,779 |
|
Net realized and unrealized gain on futures contracts and investments |
|
$ |
6,151,837 |
|
|
$ |
514,510 |
|
Interest income earned on cash equivalents |
|
$ |
184,242 |
|
|
$ |
56,099 |
|
Annualized interest yield based on average daily total net assets |
|
|
1.85 |
% |
|
|
3.16 |
% |
Net Income |
|
$ |
6,228,827 |
|
|
$ |
558,118 |
|
Weighted average share outstanding |
|
|
195,766 |
|
|
|
52,825 |
|
Management Fees |
|
$ |
91,442 |
|
|
$ |
12,491 |
|
Total gross fees and other expenses excluding management fees |
|
$ |
15,810 |
|
|
$ |
222,642 |
|
Brokerage Commissions |
|
$ |
6,336 |
|
|
$ |
1,970 |
|
Expenses waived by the Sponsor |
|
$ |
— |
|
|
$ |
(222,642 |
) |
Total gross expense ratio |
|
|
1.08 |
% |
|
|
17.69 |
% |
Total expense ratio net of expenses waived by the Sponsor |
|
|
1.08 |
% |
|
|
0.94 |
% |
Net investment gain |
|
|
42.39 |
% |
|
|
3.28 |
% |
Creation of Shares |
|
|
330,000 |
|
|
|
10,000 |
|
Redemption of Shares |
|
|
250,000 |
|
|
|
10,000 |
|
Net Realized Gain or Loss on Futures Contracts
Realized gain or loss on trading of commodity
futures contracts is a function of: 1) the change in the price of the particular contracts sold as part of a “roll” in contracts
as the nearest to expire contracts are exchanged for the appropriate contract given the investment objective of the fund, 2) the change
in the price of particular contracts sold in relation to redemption of shares, 3) the gain or loss associated with rebalancing trades
which are made to ensure conformance to the benchmark, 4) the number of contracts held and then sold for either circumstance aforementioned.
The Fund recognizes the expense for brokerage commissions for futures contract trades on a per trade basis. Unrealized gain or loss on
trading of commodity futures contracts is a function of the change in the price of contracts held on the final date of the period versus
the purchase price for each contract and the number of contracts held in each contract month. The Fund conducts creation and redemption
transactions only for cash, and, with respect to creation transactions, the cash is used to purchase Bitcoin Futures Contracts only. The
Fund will use Bitcoin Futures Contracts for the primary purpose of using such Bitcoin Futures Contracts to acquire physical bitcoin through
Exchange for Physical (“EFP”) transactions and to offset cash and receivables for better tracking the Benchmark. The increase in net realized and unrealized gain
on futures contracts was related to the increase in the Fund’s net assets and the Bitcoin price appreciation noted above.
In the nine months ended September 30, 2024, compared to the nine months ended September 30, 2023, the amount of interest income earned
as a percentage of average daily total net assets was higher. The increase in interest and other income over these periods was primarily
due to an increase in the investments within short-term Treasury Securities, demand deposits, money market funds and/or investments in
commercial paper. In the three months ended September 30, 2024 compared to the three months ended September 30, 2023, the amount of interest income earned
as a percentage of daily total net assets was lower. The decrease in interest and other income over these periods was primarily due to
a decrease in the investments within short-term Treasury Securities, demand deposits, money market funds and/or investments in commercial
paper. The Fund seeks to earn interest and other income in investments that may include, but are not
limited to, short-term Treasury Securities, demand deposits, money market funds and investments in commercial paper. These interest rate
levels may be lower or higher than the projected interest rates stated in the prospectuses and thus will impact your breakeven point.
The increase in management fee paid to the Sponsor
for the three and nine months ended September 30, 2024, compared to the three months ended September 30, 2023, is a result of higher Fund
average net assets overall, which was also net of the Sponsor lowering the management fee from 0.94% to 0.90% per annum of the daily NAV
of the Fund effective March 26, 2024. Other than the management fee to the Sponsor the Fund incurred brokerage commissions and trading
fees. Brokerage commissions are recognized on a per-trade basis to each futures contract’s or bitcoin share’s cost basis.
Trading fees for the Fund are recorded in the statement of operations as broker expenses. The actual amount of trading fees to be incurred
will vary based upon the trading frequency of the Fund. For the three and nine months ended September 30, 2023, most of the expenses incurred
by the Predecessor Fund were associated with the management fee and day-to-day operation of the Fund and the necessary functions related
to regulatory compliance. Those were generally based on contracts, which extend for some period of time and up to one year, or commitments
regardless of the level of assets under management. For the three months and nine months ended September 30, 2023, the Prior Sponsor waived
expenses, which resulted in the Predecessor Fund’s annualized net expense ratio of 0.94%, the Prior Sponsor’s annualized management
fee. The Sponsor has not elected to waive management fees or other expenses. These factors also explain the decrease in total gross fees
and other expenses excluding management fees, as well as the decrease in total gross expense ratio for the three and nine months ended
September 30, 2024, compared to the three and nine months ended September 30, 2023
The increase in total brokerage commissions for
the nine months ended September 30, 2024, compared to the nine months ended September 30, 2023, was primarily due to an increase in futures
contracts purchased, liquidated, and rolled and the purchase of bitcoin due to the relative net increase in shares outstanding and increase
in assets due to the bitcoin price appreciation. The total brokerage commissions for three months ended September 30, 2024, compared to
the same period in 2023 were generally stable.
The graph below shows the actual shares outstanding,
total net assets (or AUM) and net asset value per share (NAV per share) for the Fund from inception to September 30, 2024 and serves to
illustrate the relative changes of these components.
Off Balance Sheet Financing
The Trust or Fund has no obligations, assets or
liabilities which would be considered off-balance sheet arrangements as of September 30, 2024. Neither the Trust nor the Fund participates
in transactions that create relationships with unconsolidated entities or financial partnerships, often referred to as variable interest
entities, which would have been established for the purpose of facilitating off-balance sheet arrangements. Neither the Trust nor the
Fund have entered into any off-balance sheet financing arrangements, established any special purpose entities, guaranteed any debt or
commitments of other entities, or purchased any non-financial assets.
Liquidity and Capital Resources
The Fund does not anticipate making use of borrowings
or other lines of credit to meet its obligations. The Fund meets its liquidity needs in the normal course of business from the proceeds
of the sale of its investments, from the cash and cash equivalents that it intends to hold, and/or from the fee waivers provided by the
Sponsor. The Fund’s liquidity needs include redeeming its Shares, providing margin deposits for existing Bitcoin Futures Contracts
or the purchase of additional Bitcoin Futures Contracts, posting collateral for over-the-counter contracts, and paying expenses.
In order to collateralize positions in Bitcoin
Futures Contracts, a portion of the NAV of the Fund is held in cash and cash equivalents, such as short-term Treasury Securities, demand
deposits, money market funds and investments in commercial paper. A portion of these investments may be posted as collateral in connection
with Bitcoin Futures Contracts. The percentage that cash and cash equivalents bear to the shareholders’ equity of the Fund varies from
period to period as the market values of the Bitcoin Futures Contracts change. The Fund earned $1,524 and $21,202, respectively, in interest
income during the three months ended September 30, 2024 and 2023, and $184,244 and $56,099, respectively, in interest income during the
nine months ended September 30, 2024 and 2023.
If the Fund’s ability to obtain exposure
to Bitcoin Futures Contracts in accordance with its investment objective is disrupted for any reason, including limited liquidity in the
bitcoin futures market, a disruption to the bitcoin futures market, or as a result of margin requirements or position limits imposed by
the Fund’s futures commission merchants, the CME, or the CFTC, the Fund may not be able to achieve its investment objective and
may experience significant losses. Any disruption in the Fund’s ability to obtain exposure to Bitcoin Futures Contracts will cause
the Fund’s performance to deviate from the performance of Bitcoin Futures Contracts. In addition, the Fund might grow to a size
where a lack of liquidity in the futures market meant that the Fund could not sell enough futures contracts to honour redemption requests.
A market disruption, such as a government taking
regulatory or other actions that disrupt the market in bitcoin, can also make it difficult to liquidate a position. Unexpected market
illiquidity may cause major losses to investors at any time or from time to time. In addition, the Fund does not intend at this time to
establish a credit facility, which would provide an additional source of liquidity, but instead will rely only on the cash and cash equivalents
that it holds to meet its liquidity needs. The anticipated value of the positions in Benchmark Component Futures Contracts that the Sponsor
will acquire or enter into for the Fund increases the risk of illiquidity. Because Benchmark Component Futures Contracts may be illiquid,
the Fund’s holdings may be more difficult to liquidate at favorable prices in periods of illiquid markets and losses may be incurred
during the period in which positions are being liquidated.
Critical Accounting Policies
The Trust’s critical accounting policies
for the Fund is as follows:
Basis of Presentation
Preparation of the financial statements and related
disclosures in conformity with U.S. generally accepted accounting principles (“GAAP”) requires the application of appropriate
accounting rules and guidance, as well as the use of estimates, and requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities, revenue and expense and related disclosure of contingent assets and liabilities during
the reporting period of the combined financial statements and accompanying notes. The Trust’s application of these policies involves
judgments and actual results may differ from the estimates used.
Cryptocurrency Derivative Transactions
The Sponsor has determined that the valuation
of cryptocurrency interests that are not traded on a U.S. or internationally recognized futures exchange (such as swaps and other over
the counter contracts) involves a critical accounting policy. The values which are used by the Fund for futures contracts will be provided
by the broker who will use market prices when available, while over the counter contracts will be valued based on the present value of
estimated future cash flows that would be received from or paid to a third party in settlement of these derivative contracts prior to
their delivery date. Values will be determined on a daily basis.
Cryptocurrency futures contracts held by the Fund
are recorded on the trade date. All such transactions are recorded on the identified cost basis and marked to market daily. Unrealized
appreciation or depreciation on commodity or cryptocurrency futures contracts are reflected in the statement of operations as the difference
between the original contract amount and the fair market value as of the last business day of the year or as of the last date of the financial
statements. Changes in the appreciation or depreciation between periods are reflected in the statement of operations. Interest on cash
equivalents and deposits are recognized on an accrual basis. The Fund earns interest on funds held at the custodian or other financial
institutions at prevailing market rates for such investments.
Cash and cash Equivalents
Cash and cash equivalents are cash held at financial
institutions in demand-deposit accounts or highly liquid investments with original maturity dates of three months or less at inception.
The Fund reports cash equivalents in the statements of assets and liabilities at market value, or at carrying amounts that approximate
fair value, because of their highly liquid nature and short-term maturities. The Fund has a substantial portion of assets on deposit with
banks. Assets deposited with financial institutions may, at times, exceed federally insured limits.
Fair Value - Definition and Hierarchy
In accordance with GAAP, fair value is defined as the price that would
be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market
participants at the measurement date.
In determining fair value, the Fund uses various
valuation approaches. In accordance with GAAP, a fair value hierarchy for inputs is used in measuring fair value that maximizes the use
of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available.
Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources
independent of the Fund. Unobservable inputs reflect the Fund’s assumptions about the inputs market participants would use in pricing
the asset or liability developed based on the best information available in the circumstances. The fair value hierarchy is categorized
into three levels based on the inputs as follows:
Level 1 | - |
Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
Valuation adjustments and block discounts are not applied to Level 1 financial instruments. Since valuations are based on quoted prices
that are readily and regularly available in an active market, valuation of these financial instruments does not entail a significant
degree of judgment. |
Level 2 | - |
Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly
or indirectly. |
Level 3 | - |
Valuations based on inputs that are unobservable and significant to the overall fair value measurement. |
The availability of valuation techniques and observable
inputs can vary from financial instrument to financial instrument and is affected by a wide variety of factors including, the type of
financial instrument, whether the financial instrument is new and not yet established in the marketplace, and other characteristics particular
to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market,
the determination of fair value requires more judgment. Those estimated values do not necessarily represent the amounts that may be ultimately
realized due to the occurrence of future circumstances that cannot be reasonably determined. Because of the inherent uncertainty of valuation,
those estimated values may be materially higher or lower than the values that would have been used had a ready market for the financial
instruments existed. Accordingly, the degree of judgment exercised by the Fund in determining fair value is greatest for financial instruments
categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy.
In such cases, for disclosure purposes, the level in the fair value hierarchy, within which the fair value measurement in its entirety
falls, is determined based on the lowest level input that is significant to the fair value measurement.
The Fund and records derivative activities at
fair value. Gains and losses from derivative contracts are included in the statement of operations. Derivative contracts include futures
contracts related to cryptocurrency prices. Futures, which are listed on a national securities exchange, such as the CME, or reported
on another national market, are generally categorized in Level 1 of the fair value hierarchy. OTC derivatives contracts (such as forward
and swap contracts) which may be valued using models, depending on whether significant inputs are observable or unobservable, are categorized
in Levels 2 or 3 of the fair value hierarchy.
Brokerage Commissions
The Fund recognizes brokerage commissions on a full trade basis.
Derivative Counterparty Margin
Margin is the minimum amount of funds that must
be deposited by a cryptocurrency interest trader with the trader’s broker to initiate and maintain an open position in futures contracts.
A margin deposit acts to assure the trader’s performance of the futures contracts purchased or sold. Futures contracts are customarily
bought and sold on initial margin that represents a small percentage of the aggregate purchase or sales price of the contract. Because
of such low margin requirements, price fluctuations occurring in the futures markets may create profits and losses that, in relation to
the amount invested, are greater than customary in other forms of investment or speculation. As discussed below, adverse price changes
in the futures contract may result in margin requirements that greatly exceed the initial margin. In addition, the amount of margin required
in connection with a particular futures contract may be modified from time to time by the exchange during the term of the contract. Brokerage
firms, such as the Fund’s clearing brokers, carrying accounts for traders in commodity or cryptocurrency interest contracts generally
require higher amounts of margin as a matter of policy to further protect themselves. Over the counter trading generally involves the
extension of credit between counterparties, so the counterparties may agree to require the posting of collateral by one or both parties
to address credit exposure.
When a trader purchases an option, there is no
margin requirement; however, the option premium must be paid in full. When a trader sells an option, on the other hand, he or she is required
to deposit margin in an amount determined by the margin requirements established for the underlying interest and, in addition, an amount
substantially equal to the current premium for the option. The margin requirements imposed on the selling of options, although adjusted
to reflect the probability that out of the money options will not be exercised, can in fact be higher than those imposed in dealing in
the futures markets directly. Complicated margin requirements apply to spreads and conversions, which are complex trading strategies in
which a trader acquires a mixture of options positions and positions in the underlying interest.
Ongoing or “maintenance” margin requirements
are computed each day by a trader’s clearing broker. When the market value of a particular open futures contract changes to a point
where the margin on deposit does not satisfy maintenance margin requirements, a margin call is made by the broker. If the margin call
is not met within a reasonable time, the broker may close out the trader’s position. With respect to the Fund’s trading, the
Fund (and not its shareholders personally) are subject to margin calls.
Finally, many major U.S. exchanges have passed
certain cross margining arrangements involving procedures pursuant to which the futures and options positions held in an account would,
in the case of some accounts, be aggregated, and margin requirements would be assessed on a portfolio basis, measuring the total risk
of the combined positions.
Sponsor Fee Allocation of Expenses
The Sponsor is responsible for investing the assets of the Fund in
accordance with the objectives and policies of the Fund.
The Fund pays the Sponsor a Management Fee, monthly
in arrears, in an amount equal to 0.90% per annum of the daily NAV of the Fund. The Management Fee is paid in consideration of the Sponsor’s
services related to the management of the Fund’s business and affairs, including the provision of commodity futures trading advisory
services. Creation with cash may cause the Fund to incur certain costs including brokerage commissions and redemptions of creation units
with cash may result in the recognition of gains or losses that the Fund might not have incurred if it had made redemptions in-kind. The
Fund pays all of its respective brokerage commissions, including applicable exchange fees, NFA fees and give-up fees, and other transaction
related fees and expenses charged in connection with trading activities for the Fund’s investments in CFTC regulated investments.
The Fund also pays all fees and commissions related to the EFP transactions for the sale and purchase of spot bitcoin, including any bitcoin
transaction fees for on-chain transfers of bitcoin. The Fund bears other transaction costs related to the FCM capital requirements on
a monthly basis. The Sponsor pays all of the routine operational, administrative and other ordinary expenses of the Fund, generally as
determined by the Sponsor, including but not limited to, fees and expenses of the Administrator, Sub-Administrator, Custodians, Marketing
Agent, Transfer Agent, licensors, accounting and audit fees and expenses, tax preparation expenses, legal fees, ongoing SEC registration
fees, individual Schedule K-1 preparation and mailing fees, and report preparation and mailing expenses. The Fund pays all of its non-recurring
and unusual fees and expenses, if any, as determined by the Sponsor. Non-recurring and unusual fees and expenses are unexpected or unusual
in nature, such as legal claims and liabilities and litigation costs or indemnification or other unanticipated expenses. Extraordinary
fees and expenses also include material expenses which are not currently anticipated obligations of the Fund. Routine operational, administrative
and other ordinary expenses are not deemed extraordinary expenses.
Income Taxes
For U.S. federal income tax purposes, the Fund
will be treated as a partnership. Therefore, the Fund does not record a provision for income taxes because the partners report their share
of the Fund’s income or loss on their income tax returns. The financial statements reflect the Fund’s transactions without
adjustment, if any, required for income tax purposes.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Not applicable.
Item 4. Controls and Procedures
Disclosure Controls and Procedures
The Trust and the Fund maintain disclosure controls
and procedures that are designed to ensure that information required to be disclosed in the Trust’s periodic reports filed or submitted
under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) is recorded, processed, summarized and reported
within the time period specified in the SEC’s rules and forms for the Trust and the Fund thereof.
Management of the Sponsor of the Fund (“Management”),
including Guillermo Trias, the Sponsor’s Principal Executive Officer and Ronnie Riven, the Sponsor’s Principal Financial Officer,
who perform functions equivalent to those of a principal executive officer and principal financial officer of the Trust if the Trust had
any officers, have evaluated the effectiveness of the design and operation of the Trust and the Fund’s disclosure controls and procedures
(as defined in Rule 13a-15(e) or 15d- 15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) as of
the end of the period covered by this report, and, based upon that evaluation, concluded that the Trust’s and the Fund’s disclosure
controls and procedures were effective as of the end of such period, to ensure that information the Trust is required to disclose in the
reports that it files or submits with the SEC under the Exchange Act is recorded, processed, summarized and reported, within the time
periods specified in the SEC’s rules and forms, and to ensure that information required to be disclosed by the Trust in the reports
that it files or submits under the Exchange Act is accumulated and communicated to management of the Sponsor, as appropriate, to allow
timely decisions regarding required disclosure. The scope of the evaluation of the effectiveness of the design and operation of its disclosure
controls and procedures covers the Trust, as well as separately for the Fund.
The certifications of the Chief Executive Officer and Chief Financial
Officer are applicable to the Fund as well as the Trust as a whole.
Changes in Internal Control over Financial Reporting
There has been no change in the Trust’s
or the Fund’s internal controls over the financial reporting (as defined in the Rules 13a-15(f) and 15d-15(f) of the Exchange Act)
that occurred during the Trust’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect,
the Trust’s or the Fund’s internal control over financial reporting.
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
Neither the Trust, Fund or Sponsor are currently
subject to any material legal proceedings, nor, to our knowledge, are any material legal proceedings threatened against Trust, Fund or
Sponsor.
Item 1A. Risk Factors applicable to Funds
There have been no material changes to the risk
factors previously disclosed in the Trust’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the
SEC on April 1, 2024.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Issuer Purchases of DEFI Shares:
The Fund creates and redeems Shares from time
to time, but only in one or more Creation Baskets or Redemption Baskets. On any business day, an Authorized Purchaser may place an order
with the transfer agent to redeem one or more baskets. By placing a redemption order, an Authorized Purchaser agrees to deliver the baskets
to be redeemed through DTC’s book-entry system to the Fund by the end of the next business day following the effective date of the
redemption order or by the end of such later business day. Prior to the delivery of the redemption distribution for a redemption order,
the Authorized Purchaser must also have wired to the Sponsor’s account at the Custodian the non-refundable transaction fee due for
the redemption order. The below table sets forth the number of Shares redeemed during the fiscal quarter ending September 30, 2024.
Period |
|
Total Number
of Shares
Purchased |
|
|
Average Price
Paid per Share |
|
|
Total Number
of Shares
Purchased as
Part of Publicly
Announced
Plans or
Programs |
|
|
Maximum
Number (or
Approximate
Dollar Value) of
Shares that
May Yet Be
Purchased
Under the Plans
or Programs |
|
July 1 to July 31, 2024 |
|
|
— |
|
|
$ |
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
August 1 to August 31, 2024 |
|
|
— |
|
|
$ |
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
September 1 to September 30, 2024 |
|
|
— |
|
|
$ |
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
Total |
|
|
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
January 1 to September 30, 2024 |
|
|
240,000 |
|
|
$ |
77.41 |
|
|
|
N/A |
|
|
|
N/A |
|
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
None.
Item 5. Other Information
(a) None.
(b) Not Applicable.
(c) None.
Item 6. Exhibits
The following exhibits are filed as part of this report as required
under Item 601 of Regulation S-K:
Exhibit
Number |
|
Exhibit Description |
|
|
|
3.1 |
|
First Amended and Restated Declaration of Trust and Trust Agreement (incorporated by reference to Exhibit 3.1 to the Registrant’s Registration Statement on Form S-1 (File No. 333-273364), filed with the SEC on July 21, 2023). |
31.1* |
|
Rule 13(a)-14(a)/15(d)-14(a) Certification of Principal Executive Officer |
31.2* |
|
Rule 13(a)-14(a)/15(d)-14(a) Certification of Principal Financial and Accounting Officer |
32.1** |
|
Section 1350 Certification of Principal Executive Officer |
32.2** |
|
Section 1350 Certification of Principal Financial and Accounting Officer |
104* |
|
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
* Filed herewith.
** Furnished herewith.
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, thereunto duly authorized.
Tidal Commodities Trust I (Registrant)
By: |
Tidal Investments LLC |
|
|
its Sponsor |
|
|
|
|
By: |
/s/ Guillermo Trias |
|
Name: |
Guillermo Trias |
|
Title: |
Chief Executive Officer |
|
|
|
|
Date: |
November 14, 2024 |
|
|
|
|
By: |
/s/ Ronnie Riven |
|
Name: |
Ronnie Riven |
|
Title: |
Chief Financial Officer |
|
|
|
|
Date: |
November 14, 2024 |
|
Tidal Commodities Trust I 10-Q
EXHIBIT
31.1
CERTIFICATION
I,
Guillermo Trias, certify that:
|
1. |
I have reviewed this report
on Form 10-Q of Tidal Commodities Trust I (the “Registrant”); |
|
|
|
|
2. |
Based on my knowledge,
this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this
report; |
|
|
|
|
3. |
Based on my knowledge,
the financial statements, and other financial information included in this report, fairly present in all material respects the financial
condition, results of operations, changes in net assets, and cash flows of the Registrant as of, and for, the periods presented in
this report; |
|
|
|
|
4. |
The Registrant’s
other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f)
and 15d-15(f)) for the Registrant and have: |
|
|
|
|
a. |
Designed such disclosure
controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material
information relating to the Registrant, including its consolidated subsidiaries, is made known to me by others within those entities,
particularly during the period in which this report is being prepared; |
|
|
|
|
b. |
Designed such internal
control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision,
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for
external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
c. |
Evaluated the effectiveness
of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness
of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
|
|
|
|
d. |
Disclosed in this report
any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent
fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is
reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and |
|
|
|
|
5. |
The Registrant’s
other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting,
to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the
equivalent functions): |
|
|
|
|
a. |
all significant deficiencies
and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely
affect the Registrant’s ability to record, process, summarize, and report financial information; and |
|
|
|
|
b. |
any fraud, whether or not
material, that involves management or other employees who have a significant role in the Registrant’s internal control over
financial reporting. |
By: |
/s/
Guillermo Trias |
|
|
Guillermo Trias |
|
|
Chief Executive Officer |
|
|
Tidal Investments LLC |
|
|
Sponsor of Tidal Commodities
Trust I |
|
|
|
|
|
November 14, 2024 |
|
Tidal Commodities Trust I 10-Q
EXHIBIT
31.2
CERTIFICATION
I,
Ronnie Riven, certify that:
|
1. |
I have reviewed this report
on Form 10-Q of Tidal Commodities Trust I (the “Registrant”); |
|
|
|
|
2. |
Based on my knowledge,
this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this
report; |
|
|
|
|
3. |
Based on my knowledge,
the financial statements, and other financial information included in this report, fairly present in all material respects the financial
condition, results of operations, changes in net assets, and cash flows of the Registrant as of, and for, the periods presented in
this report; |
|
|
|
|
4. |
The Registrant’s
other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f)
and 15d-15(f)) for the Registrant and have: |
|
|
|
|
a. |
Designed such disclosure
controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material
information relating to the Registrant, including its consolidated subsidiaries, is made known to me by others within those entities,
particularly during the period in which this report is being prepared; |
|
|
|
|
b. |
Designed such internal
control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision,
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for
external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
c. |
Evaluated the effectiveness
of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness
of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
|
|
|
|
d. |
Disclosed in this report
any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent
fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is
reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and |
|
|
|
|
5. |
The Registrant’s
other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting,
to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the
equivalent functions): |
|
|
|
|
a. |
all significant deficiencies
and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely
affect the Registrant’s ability to record, process, summarize, and report financial information; and |
|
|
|
|
b. |
any fraud, whether or not
material, that involves management or other employees who have a significant role in the Registrant’s internal control over
financial reporting. |
By: |
/s/
Ronnie Riven |
|
|
Ronnie Riven |
|
|
Chief Financial Officer |
|
|
Tidal Investments LLC |
|
|
Sponsor of Tidal Commodities
Trust I |
|
|
|
|
|
November 14, 2024 |
|
Tidal Commodities Trust I 10-Q
EXHIBIT
32.1
CERTIFICATION
OF PRINCIPAL EXECUTIVE OFFICER
PURSUANT
TO SECTION 906 OF
THE
SARBANES-OXLEY ACT OF 2002
Pursuant
to 18 U.S.C. Section 1350, I, Guillermo Trias, Principal Executive Officer of Tidal Investments LLC, the Sponsor of Tidal
Commodities Trust I (the “Registrant”), hereby certify, to the best of my knowledge, that the Registrant’s report
on Form 10-Q for the period ended September 30, 2024 (the “Report”), which accompanies this certification, fully
complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as amended, and that the
information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of
the Registrant.
By: |
/s/
Guillermo Trias |
|
|
Guillermo Trias |
|
|
Chief Executive Officer |
|
|
Tidal Investments LLC,
Sponsor of Tidal Commodities Trust I |
|
|
|
|
|
November 14, 2024 |
|
Tidal Commodities Trust I 10-Q
EXHIBIT
32.2
CERTIFICATION
OF PRINCIPAL FINANCIAL OFFICER
PURSUANT
TO SECTION 906 OF
THE
SARBANES-OXLEY ACT OF 2002
Pursuant
to 18 U.S.C. Section 1350, I, Ronnie Riven, Principal Financial Officer of Tidal Investments LLC, the Sponsor of Tidal Commodities
Trust I (the “Registrant”), hereby certify, to the best of my knowledge, that the Registrant’s report on Form 10-Q
for the period ended September 30, 2024, (the “Report”), which accompanies this certification, fully complies with the
requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as amended, and that the information
contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the
Registrant.
By: |
/s/
Ronnie Riven |
|
|
Ronnie Riven |
|
|
Principal Financial Officer/Principal
Accounting Officer |
|
|
Tidal Investments LLC,
Sponsor of Tidal Commodities Trust I |
|
|
|
|
|
November 14, 2024 |
|
v3.24.3
Cover
|
9 Months Ended |
Sep. 30, 2024
shares
|
Cover [Abstract] |
|
Document Type |
10-Q
|
Amendment Flag |
false
|
Document Quarterly Report |
true
|
Document Transition Report |
false
|
Document Period End Date |
Sep. 30, 2024
|
Document Fiscal Period Focus |
Q3
|
Document Fiscal Year Focus |
2024
|
Current Fiscal Year End Date |
--12-31
|
Entity File Number |
001-41900
|
Entity Registrant Name |
Tidal
Commodities Trust I
|
Entity Central Index Key |
0001985840
|
Entity Tax Identification Number |
92-6468665
|
Entity Incorporation, State or Country Code |
DE
|
Entity Address, Address Line One |
234 West Florida Street
|
Entity Address, Address Line Two |
Suite 203
|
Entity Address, City or Town |
Milwaukee
|
Entity Address, State or Province |
WI
|
Entity Address, Postal Zip Code |
53204
|
City Area Code |
(844)
|
Local Phone Number |
986-7700
|
Title of 12(b) Security |
Shares of beneficial interest, no par value, of Hashdex Bitcoin ETF, a series of the Registrant
|
Trading Symbol |
DEFI
|
Security Exchange Name |
NYSEArca
|
Entity Current Reporting Status |
Yes
|
Entity Interactive Data Current |
Yes
|
Entity Filer Category |
Non-accelerated Filer
|
Entity Small Business |
true
|
Entity Emerging Growth Company |
true
|
Elected Not To Use the Extended Transition Period |
false
|
Entity Shell Company |
false
|
Entity Common Stock, Shares Outstanding |
130,000
|
X |
- DefinitionBoolean flag that is true when the XBRL content amends previously-filed or accepted submission.
+ References
+ Details
Name: |
dei_AmendmentFlag |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionEnd date of current fiscal year in the format --MM-DD.
+ References
+ Details
Name: |
dei_CurrentFiscalYearEndDate |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:gMonthDayItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionFiscal period values are FY, Q1, Q2, and Q3. 1st, 2nd and 3rd quarter 10-Q or 10-QT statements have value Q1, Q2, and Q3 respectively, with 10-K, 10-KT or other fiscal year statements having FY.
+ References
+ Details
Name: |
dei_DocumentFiscalPeriodFocus |
Namespace Prefix: |
dei_ |
Data Type: |
dei:fiscalPeriodItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThis is focus fiscal year of the document report in YYYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.
+ References
+ Details
Name: |
dei_DocumentFiscalYearFocus |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:gYearItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionFor the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.
+ References
+ Details
Name: |
dei_DocumentPeriodEndDate |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:dateItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true only for a form used as an quarterly report.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form 10-Q -Number 240 -Section 308 -Subsection a
+ Details
Name: |
dei_DocumentQuarterlyReport |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true only for a form used as a transition report.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Forms 10-K, 10-Q, 20-F -Number 240 -Section 13 -Subsection a-1
+ Details
Name: |
dei_DocumentTransitionReport |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.
+ References
+ Details
Name: |
dei_DocumentType |
Namespace Prefix: |
dei_ |
Data Type: |
dei:submissionTypeItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAddress Line 1 such as Attn, Building Name, Street Name
+ References
+ Details
Name: |
dei_EntityAddressAddressLine1 |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAddress Line 2 such as Street or Suite number
+ References
+ Details
Name: |
dei_EntityAddressAddressLine2 |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
+ References
+ Details
Name: |
dei_EntityAddressCityOrTown |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionCode for the postal or zip code
+ References
+ Details
Name: |
dei_EntityAddressPostalZipCode |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionName of the state or province.
+ References
+ Details
Name: |
dei_EntityAddressStateOrProvince |
Namespace Prefix: |
dei_ |
Data Type: |
dei:stateOrProvinceItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityCentralIndexKey |
Namespace Prefix: |
dei_ |
Data Type: |
dei:centralIndexKeyItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionIndicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.
+ References
+ Details
Name: |
dei_EntityCommonStockSharesOutstanding |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionIndicate 'Yes' or 'No' whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.
+ References
+ Details
Name: |
dei_EntityCurrentReportingStatus |
Namespace Prefix: |
dei_ |
Data Type: |
dei:yesNoItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionIndicate if registrant meets the emerging growth company criteria.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityEmergingGrowthCompany |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionCommission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
+ References
+ Details
Name: |
dei_EntityFileNumber |
Namespace Prefix: |
dei_ |
Data Type: |
dei:fileNumberItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionIndicate whether the registrant is one of the following: Large Accelerated Filer, Accelerated Filer, Non-accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityFilerCategory |
Namespace Prefix: |
dei_ |
Data Type: |
dei:filerCategoryItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTwo-character EDGAR code representing the state or country of incorporation.
+ References
+ Details
Name: |
dei_EntityIncorporationStateCountryCode |
Namespace Prefix: |
dei_ |
Data Type: |
dei:edgarStateCountryItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-T -Number 232 -Section 405
+ Details
Name: |
dei_EntityInteractiveDataCurrent |
Namespace Prefix: |
dei_ |
Data Type: |
dei:yesNoItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityRegistrantName |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the registrant is a shell company as defined in Rule 12b-2 of the Exchange Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityShellCompany |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionIndicates that the company is a Smaller Reporting Company (SRC).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntitySmallBusiness |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityTaxIdentificationNumber |
Namespace Prefix: |
dei_ |
Data Type: |
dei:employerIdItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionLocal phone number for entity.
+ References
+ Details
Name: |
dei_LocalPhoneNumber |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTitle of a 12(b) registered security.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b
+ Details
Name: |
dei_Security12bTitle |
Namespace Prefix: |
dei_ |
Data Type: |
dei:securityTitleItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionName of the Exchange on which a security is registered.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection d1-1
+ Details
Name: |
dei_SecurityExchangeName |
Namespace Prefix: |
dei_ |
Data Type: |
dei:edgarExchangeCodeItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTrading symbol of an instrument as listed on an exchange.
+ References
+ Details
Name: |
dei_TradingSymbol |
Namespace Prefix: |
dei_ |
Data Type: |
dei:tradingSymbolItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.24.3
COMBINED STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) - USD ($)
|
Sep. 30, 2024 |
Dec. 31, 2023 |
Assets |
|
|
|
|
Investments (Cost $10,145,099 and $0, respectively) |
|
$ 9,379,568
|
|
[1] |
Cash and cash equivalents (Cost $12,413 and $1,867,663, respectively) |
|
12,413
|
1,867,663
|
[1] |
Interest receivable |
|
43
|
10,297
|
[1] |
Equity in trading accounts: |
|
|
|
|
Cryptocurrency futures contracts |
|
|
129,519
|
[1] |
Due from broker |
|
7,072
|
582,908
|
[1] |
Total equity in trading accounts |
|
7,072
|
712,427
|
[1] |
Total assets |
|
9,399,096
|
2,590,387
|
[1] |
Liabilities |
|
|
|
|
Management fee payable to Sponsor |
|
6,568
|
2,053
|
[1] |
Cryptocurrency futures contracts |
|
|
51,376
|
[1] |
Total liabilities |
|
6,568
|
53,429
|
[1] |
Net assets |
|
$ 9,392,528
|
$ 2,536,958
|
[1] |
Shares authorized |
|
130,000
|
50,000
|
[1] |
Net asset value per share |
[2] |
$ 72.25
|
$ 50.74
|
[1] |
Market value per share |
|
$ 72.39
|
$ 50.73
|
[1] |
Hashdex Bitcoin ETF [Member] |
|
|
|
|
Assets |
|
|
|
|
Investments (Cost $10,145,099 and $0, respectively) |
|
$ 9,379,568
|
|
|
Cash and cash equivalents (Cost $12,413 and $1,867,663, respectively) |
|
12,413
|
1,867,663
|
|
Interest receivable |
|
43
|
10,297
|
|
Equity in trading accounts: |
|
|
|
|
Cryptocurrency futures contracts |
|
|
129,519
|
|
Due from broker |
|
7,072
|
582,908
|
|
Total equity in trading accounts |
|
7,072
|
712,427
|
|
Total assets |
|
9,399,096
|
2,590,387
|
|
Liabilities |
|
|
|
|
Management fee payable to Sponsor |
|
6,568
|
2,053
|
|
Cryptocurrency futures contracts |
|
|
51,376
|
|
Total liabilities |
|
6,568
|
53,429
|
|
Net assets |
|
$ 9,392,528
|
$ 2,536,958
|
|
Shares authorized |
|
130,000
|
50,000
|
|
Net asset value per share |
|
$ 72.25
|
$ 50.74
|
|
Market value per share |
|
$ 72.39
|
$ 50.73
|
|
|
|
X |
- DefinitionTotal equity in trading accounts as of balance sheet date.
+ References
+ Details
Name: |
defi_EquityInTradingAccounts |
Namespace Prefix: |
defi_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount of asset recognized for present right to economic benefit.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48
Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 49 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-49
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (ee) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32
Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (bb) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481203/810-10-50-3
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 25 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481231/810-10-45-25
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-28
Reference 12: http://www.xbrl.org/2003/role/exampleRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481372/852-10-55-10
Reference 13: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479168/946-830-55-12
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(12)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(8)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1
Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(18)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A
Reference 18: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(ii)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A
Reference 19: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iii)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A
Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A
Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A
Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(5)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A
Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B
Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B
Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(B)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B
Reference 26: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B
Reference 27: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(5)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B
Reference 28: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481404/852-10-50-7
Reference 29: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 30 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30
Reference 30: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(11)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1
+ Details
Name: |
us-gaap_Assets |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
us-gaap_AssetsAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of net assets (liabilities).
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 30 -Topic 205 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479910/205-30-50-1
+ Details
Name: |
us-gaap_AssetsNet |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(1)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483467/210-10-45-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482740/230-10-45-4
+ Details
Name: |
us-gaap_CashAndCashEquivalentsAtCarryingValue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionThe maximum number of common shares permitted to be issued by an entity's charter and bylaws.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(29)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(16)(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1
+ Details
Name: |
us-gaap_CommonStockSharesAuthorized |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionFair value of crypto asset. Excludes crypto asset held for platform user.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 60 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147476168/350-60-50-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 60 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147476168/350-60-50-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 60 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147476168/350-60-50-3
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 60 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147476167/350-60-45-1
+ Details
Name: |
us-gaap_CryptoAssetFairValue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionFair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 103 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103
Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2)(i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-12
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-6
Reference 11: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 55 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477439/946-210-55-1
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-6
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-6
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a)(4) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-6
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-1
Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-1
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-1
Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-1
Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-6
Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-6
Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(3)(c)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1
Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 5C -Subparagraph (SX 210.12-13C(Column H)(Footnote 7)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5C
Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(3)(b)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1
Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 5 -Subparagraph (SX 210.12-13(Column A)(Footnote 3)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5
Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 5C -Subparagraph (SX 210.12-13C(Column H)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5C
Reference 26: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 5A -Subparagraph (SX 210.12-13A(Column E)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5A
Reference 27: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 5B -Subparagraph (SX 210.12-13B(Column E)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5B
Reference 28: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 5B -Subparagraph (SX 210.12-13B(Column E)(Footnote 4)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5B
Reference 29: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483466/210-20-50-3
Reference 30: http://www.xbrl.org/2003/role/exampleRef -Topic 210 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483444/210-20-55-22
Reference 31: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483444/210-20-55-10
Reference 32: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-10
+ Details
Name: |
us-gaap_DerivativeAssets |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionFair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2)(i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-6
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-6
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-6
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a)(4) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-6
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-1
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-1
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-1
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-1
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-6
Reference 16: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-6
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(9)(e)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1
Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 5C -Subparagraph (SX 210.12-13C(Column H)(Footnote 7)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5C
Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(9)(b)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1
Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(9)(d)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1
Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 5 -Subparagraph (SX 210.12-13(Column G)(Footnote 8)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5
Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 5C -Subparagraph (SX 210.12-13C(Column H)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5C
Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 5 -Subparagraph (SX 210.12-13(Column G)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5
Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 5A -Subparagraph (SX 210.12-13A(Column E)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5A
Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 5B -Subparagraph (SX 210.12-13B(Column E)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5B
Reference 26: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 5B -Subparagraph (SX 210.12-13B(Column E)(Footnote 4)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5B
Reference 27: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483466/210-20-50-3
Reference 28: http://www.xbrl.org/2003/role/exampleRef -Topic 210 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483444/210-20-55-22
Reference 29: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483444/210-20-55-10
Reference 30: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-10
+ Details
Name: |
us-gaap_DerivativeLiabilities |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionCarrying amount as of the balance sheet date of interest earned but not received. Also called accrued interest or accrued interest receivable.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 310 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477802/946-310-45-1
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(3)(a)(4)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_InterestReceivable |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionMarket value per share of investment portfolio by investment company. Includes, but is not limited to, per unit, membership interest, or other ownership interest.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 205 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478494/946-205-50-7
+ Details
Name: |
us-gaap_InvestmentCompanyMarketValuePerShare |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:perShareItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionAmount of liability recognized for present obligation requiring transfer or otherwise providing economic benefit to others.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)) -SubTopic 10 -Topic 210 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(20)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(24)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(19)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(25)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(26)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(23)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(21)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481203/810-10-50-3
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 25 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481231/810-10-45-25
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (bb) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481203/810-10-50-3
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-28
Reference 15: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479168/946-830-55-12
Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(14)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A
Reference 18: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(ii)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A
Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A
Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A
Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(5)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A
Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B
Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B
Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(B)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B
Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B
Reference 26: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(5)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B
Reference 27: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481404/852-10-50-7
Reference 28: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481404/852-10-50-7
Reference 29: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 30 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30
+ Details
Name: |
us-gaap_Liabilities |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
us-gaap_LiabilitiesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of fee payable for management of fund or trust.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(12)(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1
+ Details
Name: |
us-gaap_ManagementFeePayable |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionNet asset value per share or per unit of investments in certain entities that calculate net asset value per share. Includes, but is not limited to, by unit, membership interest, or other ownership interest. Investment includes, but is not limited to, investment in certain hedge funds, venture capital funds, private equity funds, real estate partnerships or funds. Excludes fair value disclosure.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479168/946-830-55-12
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 45 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477796/946-210-45-4
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 205 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478494/946-205-50-7
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 205 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478494/946-205-50-7
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 505 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478448/946-505-50-1
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(19)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.6-05(4)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2
+ Details
Name: |
us-gaap_NetAssetValuePerShare |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:perShareItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionAmount receivable from broker-dealers and clearing organizations, including, but not limited to, securities failed-to-deliver, certain deposits for securities borrowed, open transactions, good faith and margin deposits, commissions and floor brokerage receivables.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 940 -SubTopic 20 -Name Accounting Standards Codification -Section 45 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481833/940-20-45-3
+ Details
Name: |
us-gaap_ReceivablesFromBrokersDealersAndClearingOrganizations |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
us-gaap_ReceivablesFromBrokersDealersAndClearingOrganizationsAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
dei_LegalEntityAxis=defi_HashdexBitcoinETFMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.24.3
COMBINED STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) (Parenthetical) - USD ($)
|
Sep. 30, 2024 |
Dec. 31, 2023 |
Investments, Cost |
$ 10,145,099
|
$ 0
|
Cash and cash equivalents, Cost |
12,413
|
1,867,663
|
Hashdex Bitcoin ETF [Member] |
|
|
Investments, Cost |
10,145,099
|
0
|
Cash and cash equivalents, Cost |
$ 12,413
|
$ 1,867,663
|
X |
- DefinitionCost of cash and cash equivalents.
+ References
+ Details
Name: |
defi_CashAndCashEquivalentsCost |
Namespace Prefix: |
defi_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionCost of crypto asset. Excludes crypto asset held for platform user.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 60 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147476168/350-60-50-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 60 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147476168/350-60-50-1
+ Details
Name: |
us-gaap_CryptoAssetCost |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- Details
Name: |
dei_LegalEntityAxis=defi_HashdexBitcoinETFMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.24.3
COMBINED SCHEDULE OF INVESTMENTS (Unaudited) - USD ($)
|
Sep. 30, 2024 |
Dec. 31, 2023 |
Bitcoin [Member] |
|
|
|
|
Investment Owned, Fair Value |
|
$ 9,379,568
|
|
|
Investment Owned, Net Assets, Percentage |
|
99.86%
|
|
|
Shares |
|
14,800
|
|
|
Bitcoin [Member] | Hashdex Bitcoin ETF [Member] |
|
|
|
|
Investment Owned, Fair Value |
|
$ 9,379,568
|
|
|
Investment Owned, Net Assets, Percentage |
|
99.86%
|
|
|
Shares |
|
14,800
|
|
|
Cryptocurrency [Member] |
|
|
|
|
Investment Owned, Fair Value |
|
$ 9,379,568
|
|
|
Investment Owned, Net Assets, Percentage |
|
99.86%
|
|
|
Cryptocurrency [Member] | Hashdex Bitcoin ETF [Member] |
|
|
|
|
Investment Owned, Fair Value |
|
$ 9,379,568
|
|
|
Investment Owned, Net Assets, Percentage |
|
99.86%
|
|
|
Money market funds First American Government Obligations Fund - Class X [Member] |
|
|
|
|
Investment Owned, Fair Value |
|
$ 12,413
|
|
|
Investment Owned, Net Assets, Percentage |
|
0.14%
|
|
|
Shares |
|
12,413
|
|
|
Yield |
|
4.82%
|
|
|
Money market funds First American Government Obligations Fund - Class X [Member] | Hashdex Bitcoin ETF [Member] |
|
|
|
|
Investment Owned, Fair Value |
|
$ 12,413
|
|
|
Investment Owned, Net Assets, Percentage |
|
0.14%
|
|
|
Shares |
|
12,413
|
|
|
Yield |
|
4.82%
|
|
|
Cash Equivalents [Member] |
|
|
|
|
Investment Owned, Fair Value |
|
$ 12,413
|
$ 1,867,663
|
[1] |
Investment Owned, Net Assets, Percentage |
|
0.14%
|
73.62%
|
[1] |
Cash Equivalents [Member] | Hashdex Bitcoin ETF [Member] |
|
|
|
|
Investment Owned, Fair Value |
|
$ 12,413
|
$ 1,867,663
|
|
Investment Owned, Net Assets, Percentage |
|
0.14%
|
73.62%
|
|
Money market funds U.S. Bank Deposit Account [Member] |
|
|
|
|
Investment Owned, Fair Value |
[1] |
|
$ 1,867,663
|
|
Investment Owned, Net Assets, Percentage |
[1] |
|
73.62%
|
|
Shares |
[1] |
|
1,867,663
|
|
Yield |
[1] |
|
5.27%
|
|
Money market funds U.S. Bank Deposit Account [Member] | Hashdex Bitcoin ETF [Member] |
|
|
|
|
Investment Owned, Fair Value |
|
|
$ 1,867,663
|
|
Investment Owned, Net Assets, Percentage |
|
|
73.62%
|
|
Shares |
|
|
1,867,663
|
|
Yield |
|
|
5.27%
|
|
CME Bitcoin Futures JAN 24 Derivative Asset [Member] |
|
|
|
|
Investment Owned, Fair Value |
[1] |
|
$ 129,519
|
|
Investment Owned, Net Assets, Percentage |
[1] |
|
5.11%
|
|
Derivative Asset, Notional Amount |
[1] |
|
$ 1,274,500
|
|
CME Bitcoin Futures JAN 24 Derivative Asset [Member] | Hashdex Bitcoin ETF [Member] |
|
|
|
|
Investment Owned, Fair Value |
|
|
$ 129,519
|
|
Investment Owned, Net Assets, Percentage |
|
|
5.11%
|
|
Derivative Asset, Notional Amount |
|
|
$ 1,274,500
|
|
Cryptocurrency Futures Contracts Derivative Asset [Member] |
|
|
|
|
Investment Owned, Fair Value |
[1] |
|
$ 129,519
|
|
Investment Owned, Net Assets, Percentage |
[1] |
|
5.11%
|
|
Derivative Asset, Notional Amount |
[1] |
|
$ 1,274,500
|
|
Cryptocurrency Futures Contracts Derivative Asset [Member] | Hashdex Bitcoin ETF [Member] |
|
|
|
|
Investment Owned, Fair Value |
|
|
$ 129,519
|
|
Investment Owned, Net Assets, Percentage |
|
|
5.11%
|
|
Derivative Asset, Notional Amount |
|
|
$ 1,274,500
|
|
CME Bitcoin Futures FEB 24 Derivative Liability [Member] |
|
|
|
|
Investment Owned, Fair Value |
[1] |
|
$ 51,376
|
|
Investment Owned, Net Assets, Percentage |
[1] |
|
2.03%
|
|
Derivative Liability, Notional Amount |
[1] |
|
$ 1,288,500
|
|
CME Bitcoin Futures FEB 24 Derivative Liability [Member] | Hashdex Bitcoin ETF [Member] |
|
|
|
|
Investment Owned, Fair Value |
|
|
$ 51,376
|
|
Investment Owned, Net Assets, Percentage |
|
|
2.03%
|
|
Derivative Liability, Notional Amount |
|
|
$ 1,288,500
|
|
Cryptocurrency Futures Contracts Derivative Liability [Member] |
|
|
|
|
Investment Owned, Fair Value |
[1] |
|
$ 51,376
|
|
Investment Owned, Net Assets, Percentage |
[1] |
|
2.03%
|
|
Derivative Liability, Notional Amount |
[1] |
|
$ 1,288,500
|
|
Cryptocurrency Futures Contracts Derivative Liability [Member] | Hashdex Bitcoin ETF [Member] |
|
|
|
|
Investment Owned, Fair Value |
|
|
$ 51,376
|
|
Investment Owned, Net Assets, Percentage |
|
|
2.03%
|
|
Derivative Liability, Notional Amount |
|
|
$ 1,288,500
|
|
|
|
X |
- DefinitionNominal or face amount used to calculate payments on the derivative asset.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 5 -Subparagraph (SX 210.12-13(Column A)(Footnote 3)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 5C -Subparagraph (SX 210.12-13C(Column E)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5C
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 5A -Subparagraph (SX 210.12-13A(Column D)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5A
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 5B -Subparagraph (SX 210.12-13B(Column B)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5B
Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1B
Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A
Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A
+ Details
Name: |
us-gaap_DerivativeAssetNotionalAmount |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionNominal or face amount used to calculate payments on the derivative liability.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 5C -Subparagraph (SX 210.12-13C(Column E)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5C
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 5 -Subparagraph (SX 210.12-13(Column D)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 5A -Subparagraph (SX 210.12-13A(Column D)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5A
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 5B -Subparagraph (SX 210.12-13B(Column A)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5B
Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1B
Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A
Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A
+ Details
Name: |
us-gaap_DerivativeLiabilityNotionalAmount |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionRate of interest on investment.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 55 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477439/946-210-55-1
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-5
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.12-12A(Column A)(Footnote 2)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-2
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.12-12A(Column A)(Footnote 3)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-2
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-12(Column A)(Footnote 2)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14(Column A)(Footnote 2)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-12(Column A)(Footnote 4)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-12B(Column A)(Footnote 3)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-12B(Column A)(Footnote 4)(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14(Column A)(Footnote 3)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6
+ Details
Name: |
us-gaap_InvestmentInterestRate |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:percentItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionFair value of investment in security owned.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(11)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-6
Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 55 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477439/946-210-55-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-6
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-6
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-1
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-1
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-1
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-2
Reference 11: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479168/946-830-55-12
Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-6
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-03(d)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(1)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(2)(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1
Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(2)(b)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-12(Column C)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1
Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-12(Column A)(Footnote 1)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1
Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-12(Column C)(Footnote 5)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1
Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-12(Column C)(Footnote 6)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1
Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-12B(Column C)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3
Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-12B(Column C)(Footnote 2)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3
Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-12B(Column A)(Footnote 6)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3
Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-12B(Column A)(Footnote 7)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3
Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-12B(Column C)(Footnote 9)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3
Reference 26: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14(Column F)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6
Reference 27: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14(Column A)(Footnote 1)(b)(2)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6
Reference 28: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14(Column A)(Footnote 1)(b)(5)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6
Reference 29: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14(Column F)(Footnote 4)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6
Reference 30: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14(Column F)(Footnote 7)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6
+ Details
Name: |
us-gaap_InvestmentOwnedAtFairValue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionNumber of shares of investment owned.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-6
Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 55 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477439/946-210-55-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-12(Column B)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-12B(Column B)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14(Column B)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6
+ Details
Name: |
us-gaap_InvestmentOwnedBalanceShares |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionPercentage of investment owned to net assets.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 55 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477439/946-210-55-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-6
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-6
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-1
Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-6
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-12(Column C)(Footnote 5)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-12B(Column D)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-12B(Column C)(Footnote 2)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-12B(Column A)(Footnote 6)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14(Column F)(Footnote 7)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6
+ Details
Name: |
us-gaap_InvestmentOwnedPercentOfNetAssets |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:percentItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- Details
Name: |
us-gaap_InvestmentTypeAxis=defi_BitcoinMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
dei_LegalEntityAxis=defi_HashdexBitcoinETFMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_InvestmentTypeAxis=defi_CryptocurrencyMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_InvestmentTypeAxis=defi_MoneyMarketFundsFirstAmericanGovernmentObligationsFundClassXMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_InvestmentTypeAxis=us-gaap_CashEquivalentsMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_InvestmentTypeAxis=defi_MoneyMarketFundsUSBankDepositAccountMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_InvestmentTypeAxis=defi_CMEMicroBitcoinFuturesJan2024DerivativeAssetMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_InvestmentTypeAxis=defi_CryptocurrencyFuturesContractsDerivativeAssetMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_InvestmentTypeAxis=defi_CMEMicroBitcoinFuturesFeb2024DerivativeLiabilityMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_InvestmentTypeAxis=defi_CryptocurrencyFuturesContractsDerivativeLiabilityMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.24.3
COMBINED SCHEDULE OF INVESTMENTS (Unaudited) (Parenthetical)
|
Sep. 30, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
Contract
|
Cost |
|
$ 10,145,099
|
$ 0
|
|
Hashdex Bitcoin ETF [Member] |
|
|
|
|
Cost |
|
10,145,099
|
0
|
|
Cryptocurrency [Member] |
|
|
|
|
Cost |
|
10,145,099
|
|
|
Cryptocurrency [Member] | Hashdex Bitcoin ETF [Member] |
|
|
|
|
Cost |
|
$ 10,145,099
|
|
|
Money market funds First American Government Obligations Fund - Class X [Member] |
|
|
|
|
Investment interest rate |
|
4.82%
|
|
|
Money market funds First American Government Obligations Fund - Class X [Member] | Hashdex Bitcoin ETF [Member] |
|
|
|
|
Investment interest rate |
|
4.82%
|
|
|
Cash Equivalents [Member] |
|
|
|
|
Cost |
|
$ 12,413
|
1,867,663
|
[1] |
Cash Equivalents [Member] | Hashdex Bitcoin ETF [Member] |
|
|
|
|
Cost |
|
$ 12,413
|
$ 1,867,663
|
|
Money market funds U.S. Bank Deposit Account [Member] |
|
|
|
|
Investment interest rate |
[1] |
|
5.27%
|
|
Cost |
[1] |
|
$ 1,867,663
|
|
Money market funds U.S. Bank Deposit Account [Member] | Hashdex Bitcoin ETF [Member] |
|
|
|
|
Investment interest rate |
|
|
5.27%
|
|
Cost |
|
|
$ 1,867,663
|
|
CME Bitcoin Futures JAN 24 Derivative Asset [Member] |
|
|
|
|
Number of futures contracts | Contract |
[1] |
|
6
|
|
CME Bitcoin Futures JAN 24 Derivative Asset [Member] | Hashdex Bitcoin ETF [Member] |
|
|
|
|
Number of futures contracts | Contract |
|
|
6
|
|
CME Bitcoin Futures FEB 24 Derivative Liability [Member] |
|
|
|
|
Number of futures contracts | Contract |
[1] |
|
6
|
|
CME Bitcoin Futures FEB 24 Derivative Liability [Member] | Hashdex Bitcoin ETF [Member] |
|
|
|
|
Number of futures contracts | Contract |
|
|
6
|
|
|
|
X |
- DefinitionCost of crypto asset. Excludes crypto asset held for platform user.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 60 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147476168/350-60-50-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 60 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147476168/350-60-50-1
+ Details
Name: |
us-gaap_CryptoAssetCost |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionThe number of derivative instruments of a particular derivative asset or group of derivative assets held by the entity.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1B
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A
+ Details
Name: |
us-gaap_DerivativeAssetNumberOfInstrumentsHeld |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:integerItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionThe number of derivative instruments of a particular derivative liability or group of derivative liabilities held by the entity.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1B
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A
+ Details
Name: |
us-gaap_DerivativeLiabilityNumberOfInstrumentsHeld |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:integerItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionRate of interest on investment.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 55 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477439/946-210-55-1
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-5
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.12-12A(Column A)(Footnote 2)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-2
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.12-12A(Column A)(Footnote 3)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-2
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-12(Column A)(Footnote 2)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14(Column A)(Footnote 2)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-12(Column A)(Footnote 4)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-12B(Column A)(Footnote 3)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-12B(Column A)(Footnote 4)(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14(Column A)(Footnote 3)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6
+ Details
Name: |
us-gaap_InvestmentInterestRate |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:percentItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- Definition
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 55 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477439/946-210-55-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-6
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-6
Reference 4: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479168/946-830-55-12
Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-6
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-03(d)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-12(Column C)(Footnote 8)(a)(3)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-12B(Column C)(Footnote 11)(a)(3)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14(Column F)(Footnote 5)(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 19 -Subparagraph (3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-19
+ Details
Name: |
us-gaap_InvestmentOwnedAtCost |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- Details
Name: |
dei_LegalEntityAxis=defi_HashdexBitcoinETFMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_InvestmentTypeAxis=defi_CryptocurrencyMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_InvestmentTypeAxis=defi_MoneyMarketFundsFirstAmericanGovernmentObligationsFundClassXMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_InvestmentTypeAxis=us-gaap_CashEquivalentsMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_InvestmentTypeAxis=defi_MoneyMarketFundsUSBankDepositAccountMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_InvestmentTypeAxis=defi_CMEMicroBitcoinFuturesJan2024DerivativeAssetMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_InvestmentTypeAxis=defi_CMEMicroBitcoinFuturesFeb2024DerivativeLiabilityMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.24.3
COMBINED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Realized and unrealized gain (loss) on trading of cryptocurrency futures contracts: |
|
|
|
|
|
|
|
Realized gain (loss) on cryptocurrency futures contracts |
$ (16,691)
|
$ (176,608)
|
[1] |
$ 7,528,643
|
[1] |
$ 524,179
|
[1] |
Realized gain (loss) on investments |
(533,036)
|
|
[1] |
(533,036)
|
[1] |
|
[1] |
Net change in unrealized appreciation/depreciation on investments |
877,410
|
|
[1] |
(765,531)
|
[1],[2] |
|
[1],[2] |
Net change in unrealized appreciation/depreciation on cryptocurrency futures contracts |
7,741
|
(107,189)
|
[1] |
(78,239)
|
[1],[2] |
(9,669)
|
[1],[2] |
Broker interest income |
979
|
|
[1] |
63,828
|
[1] |
|
[1] |
Interest income |
545
|
21,202
|
[1] |
120,414
|
[1] |
56,099
|
[1] |
Total income (loss) |
336,948
|
(262,595)
|
[1] |
6,336,079
|
[1] |
570,609
|
[1] |
Expenses |
|
|
|
|
|
|
|
Management fees |
22,425
|
4,204
|
[1] |
91,442
|
[1] |
12,491
|
[1] |
Broker expenses |
413
|
|
[1] |
15,810
|
[1] |
|
[1] |
Professional fees |
|
87,536
|
[1] |
|
[1] |
196,640
|
[1] |
Distribution and marketing fees |
|
1,845
|
[1] |
|
[1] |
6,586
|
[1] |
Custodian fees and expenses |
|
610
|
[1] |
|
[1] |
1,727
|
[1] |
Business permits and licenses fees |
|
1,026
|
[1] |
|
[1] |
17,187
|
[1] |
General and administrative expenses |
|
6
|
[1] |
|
[1] |
502
|
[1] |
Total expenses |
22,838
|
95,227
|
[1] |
107,252
|
[1] |
235,133
|
[1] |
Expenses waived by the Sponsor |
|
(91,023)
|
[1] |
|
[1] |
(222,642)
|
[1] |
Total expenses, net |
22,838
|
4,204
|
[1] |
107,252
|
[1] |
12,491
|
[1] |
Net income (loss) |
314,110
|
(266,799)
|
[1] |
6,228,827
|
[1],[2],[3] |
555,118
|
[1],[2],[3] |
Hashdex Bitcoin ETF [Member] |
|
|
|
|
|
|
|
Realized and unrealized gain (loss) on trading of cryptocurrency futures contracts: |
|
|
|
|
|
|
|
Realized gain (loss) on cryptocurrency futures contracts |
(16,691)
|
(176,608)
|
|
7,528,643
|
|
524,179
|
|
Realized gain (loss) on investments |
(533,036)
|
|
|
(533,036)
|
|
|
|
Net change in unrealized appreciation/depreciation on investments |
877,410
|
|
|
(765,531)
|
|
|
|
Net change in unrealized appreciation/depreciation on cryptocurrency futures contracts |
7,741
|
(107,189)
|
|
(78,239)
|
|
(9,669)
|
|
Broker interest income |
979
|
|
|
63,828
|
|
|
|
Interest income |
545
|
21,202
|
|
120,414
|
|
56,099
|
|
Total income (loss) |
336,948
|
(262,595)
|
|
6,336,079
|
|
570,609
|
|
Expenses |
|
|
|
|
|
|
|
Management fees |
22,425
|
4,204
|
|
91,442
|
|
12,491
|
|
Broker expenses |
413
|
|
|
15,810
|
|
|
|
Professional fees |
|
87,536
|
|
|
|
196,640
|
|
Distribution and marketing fees |
|
1,845
|
|
|
|
6,586
|
|
Custodian fees and expenses |
|
610
|
|
|
|
1,727
|
|
Business permits and licenses fees |
|
1,026
|
|
|
|
17,187
|
|
General and administrative expenses |
|
6
|
|
|
|
502
|
|
Total expenses |
22,838
|
95,227
|
|
107,252
|
|
235,133
|
|
Expenses waived by the Sponsor |
|
(91,023)
|
|
|
|
(222,642)
|
|
Total expenses, net |
22,838
|
4,204
|
|
107,252
|
|
12,491
|
|
Net income (loss) |
$ 314,110
|
$ (266,799)
|
|
$ 6,228,827
|
|
$ 555,118
|
|
|
|
X |
- DefinitionThose fees charged for services related to holding, advising, and managing customer investment assets. These account fees usually charged annually or semi-annually, on a per security basis, for the costs of services.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(3)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2
+ Details
Name: |
us-gaap_CustodyFees |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe amount of expense during the period for floor brokerage fees paid to other broker-dealers to execute trades on their behalf, stock exchange fees, order flow fees, and clearance fees.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 940 -SubTopic 320 -Name Accounting Standards Codification -Section 45 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479035/940-320-45-6
+ Details
Name: |
us-gaap_FloorBrokerageExchangeAndClearanceFees |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_GainLossOnInvestmentsAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe difference between the book value and the sale price of options, swaps, futures, forward contracts, and other derivative instruments. This element refers to the gain (loss) included in earnings.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Subparagraph (b) -SubTopic 10 -Topic 230 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(13)(h)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(7)(a)(7)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(7)(a)(3)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(7)(a)(5)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(7)(a)(6)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1
+ Details
Name: |
us-gaap_GainLossOnSaleOfDerivatives |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(4)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(2)(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1
+ Details
Name: |
us-gaap_GeneralAndAdministrativeExpense |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount of interest income from interest-earning asset.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Regulation S-K (SK) -Number 229 -Section 1402 -Paragraph a -Publisher SEC
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Regulation S-K (SK) -Number 229 -Section 1402 -Paragraph b -Subparagraph (1) -Publisher SEC
+ Details
Name: |
us-gaap_InterestIncomeInterestEarningAsset |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of operating interest income, including, but not limited to, amortization and accretion of premiums and discounts on securities.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(1)(e)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22
Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14(Column E)(1)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14(Column E)(Footnote 4)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6
Reference 6: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479168/946-830-55-10
Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 45 -Paragraph 39 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477346/946-830-45-39
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(1)(b)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1
Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14(Column E)(Footnote 6)(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6
+ Details
Name: |
us-gaap_InterestIncomeOperating |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount, after reimbursement and fee waiver, of expense for generation of investment income classified as operating.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(2)(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1
+ Details
Name: |
us-gaap_InvestmentCompanyExpenseAfterReductionOfFeeWaiverAndReimbursement |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount of fee voluntarily waived by investment company.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480990/946-20-50-7
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(2)(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1
+ Details
Name: |
us-gaap_InvestmentCompanyVoluntaryFeeWaived |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of expense for investment management fee, including, but not limited to, expense in connection with research, selection, supervision, and custody of investment.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479168/946-830-55-10
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section 45 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479105/946-220-45-3
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(2)(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1
Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483326/850-10-50-1
+ Details
Name: |
us-gaap_ManagementFeeExpense |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483443/250-10-50-6
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483443/250-10-50-9
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 805 -SubTopic 60 -Name Accounting Standards Codification -Section 65 -Paragraph 1 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147476176/805-60-65-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 323 -Name Accounting Standards Codification -Section 65 -Paragraph 2 -Subparagraph (g)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478666/740-323-65-2
Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(20)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-28
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482765/220-10-50-6
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483443/250-10-50-3
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483443/250-10-50-1
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 1 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480175/815-40-65-1
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483443/250-10-50-8
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483443/250-10-50-11
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483443/250-10-50-11
Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483443/250-10-50-4
Reference 17: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479168/946-830-55-10
Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section 45 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479105/946-220-45-7
Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(18)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1
Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(9)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1
Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(1)(d)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3
Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A
Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(ii)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A
Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A
Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A
Reference 26: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(5)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A
Reference 27: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B
Reference 28: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B
Reference 29: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(B)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B
Reference 30: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B
Reference 31: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(5)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B
Reference 32: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 60B -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B
Reference 33: http://www.xbrl.org/2003/role/disclosureRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-7
Reference 34: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28
Reference 35: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A
Reference 36: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1B -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B
Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(22)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1
+ Details
Name: |
us-gaap_NetIncomeLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionGenerally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense.
+ References
+ Details
Name: |
us-gaap_OperatingExpenses |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_OperatingExpensesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe net result for the period of deducting operating expenses from operating revenues.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30
Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1
Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (ee) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32
Reference 6: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32
Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31
+ Details
Name: |
us-gaap_OperatingIncomeLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionA fee charged for services from professionals such as doctors, lawyers and accountants. The term is often expanded to include other professions, for example, pharmacists charging to maintain a medicinal profile of a client or customer.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48
Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479168/946-830-55-10
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section 45 -Paragraph 3 -Subparagraph (k) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479105/946-220-45-3
Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(2)(b)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1
+ Details
Name: |
us-gaap_ProfessionalFees |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount of realized gain (loss) on investment.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(3)(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1
+ Details
Name: |
us-gaap_RealizedInvestmentGainsLosses |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of expense related to royalty payments under a contractual arrangement such as payment for mineral and drilling rights and use of technology or intellectual property.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(3)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2
+ Details
Name: |
us-gaap_RoyaltyExpense |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe aggregate total amount of expenses directly related to the marketing or selling of products or services.
+ References
+ Details
Name: |
us-gaap_SellingAndMarketingExpense |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Subparagraph (b) -SubTopic 10 -Topic 230 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(7)(c)(3)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(7)(c)(5)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(7)(c)(6)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(7)(c)(7)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 5A -Subparagraph (SX 210.12-13A(Column F)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5A
+ Details
Name: |
us-gaap_UnrealizedGainLossOnDerivatives |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of unrealized gain (loss) on investment.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Subparagraph (b) -SubTopic 10 -Topic 230 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28
+ Details
Name: |
us-gaap_UnrealizedGainLossOnInvestments |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- Details
Name: |
dei_LegalEntityAxis=defi_HashdexBitcoinETFMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.24.3
COMBINED STATEMENTS OF CHANGES IN NET ASSETS (Unaudited) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Operations |
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ 314,110
|
$ (266,799)
|
[1] |
$ 6,228,827
|
[1],[2],[3] |
$ 555,118
|
[1],[2],[3] |
Capital transactions |
|
|
|
|
|
|
|
|
Issuance of Shares |
[3] |
|
|
|
18,711,813
|
|
367,689
|
|
Redemption of Shares |
[3] |
|
|
|
(18,085,070)
|
|
(323,940)
|
|
Total capital transactions |
[3] |
|
|
|
626,743
|
|
43,749
|
|
Net change in net assets |
[3] |
|
|
|
6,855,570
|
|
601,867
|
|
Net assets, beginning of period |
[3] |
|
|
|
2,536,958
|
|
1,070,263
|
|
Net assets, end of period |
[3] |
9,392,528
|
1,672,130
|
|
9,392,528
|
|
1,672,130
|
|
Hashdex Bitcoin ETF [Member] |
|
|
|
|
|
|
|
|
Operations |
|
|
|
|
|
|
|
|
Net income (loss) |
|
314,110
|
(266,799)
|
|
6,228,827
|
|
555,118
|
|
Capital transactions |
|
|
|
|
|
|
|
|
Issuance of Shares |
|
|
|
|
18,711,813
|
|
367,689
|
|
Redemption of Shares |
|
|
|
|
(18,085,070)
|
|
(323,940)
|
|
Total capital transactions |
|
|
|
|
626,743
|
|
43,749
|
|
Net change in net assets |
|
|
|
|
6,855,570
|
|
601,867
|
|
Net assets, beginning of period |
|
|
|
|
2,536,958
|
|
1,070,263
|
|
Net assets, end of period |
|
$ 9,392,528
|
$ 1,672,130
|
|
$ 9,392,528
|
|
$ 1,672,130
|
|
|
|
X |
- References
+ Details
Name: |
us-gaap_InvestmentCompanyCapitalShareTransactionsAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of increase (decrease) in equity from change in number of shares or units by investment company.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479168/946-830-55-11
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(4)(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3
+ Details
Name: |
us-gaap_InvestmentCompanyIncreaseDecreaseFromShareTransaction |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483443/250-10-50-6
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483443/250-10-50-9
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 805 -SubTopic 60 -Name Accounting Standards Codification -Section 65 -Paragraph 1 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147476176/805-60-65-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 323 -Name Accounting Standards Codification -Section 65 -Paragraph 2 -Subparagraph (g)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478666/740-323-65-2
Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(20)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-28
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482765/220-10-50-6
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483443/250-10-50-3
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483443/250-10-50-1
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 1 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480175/815-40-65-1
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483443/250-10-50-8
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483443/250-10-50-11
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483443/250-10-50-11
Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483443/250-10-50-4
Reference 17: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479168/946-830-55-10
Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section 45 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479105/946-220-45-7
Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(18)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1
Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(9)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1
Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(1)(d)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3
Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A
Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(ii)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A
Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A
Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A
Reference 26: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(5)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A
Reference 27: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B
Reference 28: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B
Reference 29: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(B)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B
Reference 30: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B
Reference 31: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(5)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B
Reference 32: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 60B -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B
Reference 33: http://www.xbrl.org/2003/role/disclosureRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-7
Reference 34: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28
Reference 35: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A
Reference 36: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1B -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B
Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(22)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1
+ Details
Name: |
us-gaap_NetIncomeLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_NetIncomeLossAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTotal change in each class of partners' capital accounts during the year due to redemptions and adjustments to redemption value. All partners include general, limited and preferred partners.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 5 -Subparagraph (SAB Topic 4.F) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480008/505-10-S99-5
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1
+ Details
Name: |
us-gaap_PartnersCapitalAccountRedemptions |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionEquity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 505 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-2
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(28)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(29)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 4: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479168/946-830-55-11
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 205 -Name Accounting Standards Codification -Section 45 -Paragraph 4 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478009/946-205-45-4
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 505 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478448/946-505-50-2
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(4)(b)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3
Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1
+ Details
Name: |
us-gaap_StockIssuedDuringPeriodValueNewIssues |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(29)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(30)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(31)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 4: http://www.xbrl.org/2003/role/exampleRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481372/852-10-55-10
Reference 5: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479168/946-830-55-12
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(19)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.6-05(4)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2
Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(4)(b)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(6)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(7)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3
Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1
Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3
Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-28
Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 4.E) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480418/310-10-S99-2
+ Details
Name: |
us-gaap_StockholdersEquity |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionThe increase (decrease) in stockholders' equity during the period.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 505 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-2
Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479168/946-830-55-11
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 205 -Name Accounting Standards Codification -Section 45 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478009/946-205-45-3
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 505 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478448/946-505-50-2
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(5)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3
Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1
+ Details
Name: |
us-gaap_StockholdersEquityPeriodIncreaseDecrease |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
dei_LegalEntityAxis=defi_HashdexBitcoinETFMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.24.3
STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Cash flows from operating activities |
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ 314,110
|
$ (266,799)
|
[1] |
$ 6,228,827
|
[1],[2],[3] |
$ 555,118
|
[1],[2],[3] |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |
|
|
|
|
|
|
|
|
Net change in unrealized appreciation (depreciation) on cryptocurrency futures contracts |
|
(7,741)
|
107,189
|
[1] |
78,239
|
[1],[2] |
9,669
|
[1],[2] |
Unrealized loss on investments |
|
(877,410)
|
|
[1] |
765,531
|
[1],[2] |
|
[1],[2] |
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Purchases of investments |
[2] |
|
|
|
(10,145,099)
|
|
|
|
Due from broker |
[2] |
|
|
|
575,740
|
|
(128,869)
|
|
Interest receivable |
[2] |
|
|
|
10,254
|
|
(3,212)
|
|
Management fee payable to Sponsor |
[2] |
|
|
|
4,515
|
|
398
|
|
Net cash provided by (used in) operating activities |
[2] |
|
|
|
(2,481,993)
|
|
436,104
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
Proceeds from sale of Shares |
[2] |
|
|
|
18,711,813
|
|
367,689
|
|
Redemption of Shares |
[2] |
|
|
|
(18,085,070)
|
|
(323,940)
|
|
Net cash provided by (used in) financing activities |
[2] |
|
|
|
626,743
|
|
43,749
|
|
Net change in cash and cash equivalents |
[2] |
|
|
|
(1,855,250)
|
|
479,853
|
|
Cash and cash equivalents, beginning of period |
[2] |
|
|
|
1,867,663
|
|
701,969
|
|
Cash and cash equivalents, end of period |
[2] |
12,413
|
1,181,822
|
|
12,413
|
|
1,181,822
|
|
Hashdex Bitcoin ETF [Member] |
|
|
|
|
|
|
|
|
Cash flows from operating activities |
|
|
|
|
|
|
|
|
Net income (loss) |
|
314,110
|
(266,799)
|
|
6,228,827
|
|
555,118
|
|
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |
|
|
|
|
|
|
|
|
Net change in unrealized appreciation (depreciation) on cryptocurrency futures contracts |
|
(7,741)
|
107,189
|
|
78,239
|
|
9,669
|
|
Unrealized loss on investments |
|
(877,410)
|
|
|
765,531
|
|
|
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Purchases of investments |
|
|
|
|
(10,145,099)
|
|
|
|
Due from broker |
|
|
|
|
575,740
|
|
(128,869)
|
|
Interest receivable |
|
|
|
|
10,254
|
|
(3,212)
|
|
Management fee payable to Sponsor |
|
|
|
|
4,515
|
|
398
|
|
Net cash provided by (used in) operating activities |
|
|
|
|
(2,481,993)
|
|
436,104
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
Proceeds from sale of Shares |
|
|
|
|
18,711,813
|
|
367,689
|
|
Redemption of Shares |
|
|
|
|
(18,085,070)
|
|
(323,940)
|
|
Net cash provided by (used in) financing activities |
|
|
|
|
626,743
|
|
43,749
|
|
Net change in cash and cash equivalents |
|
|
|
|
(1,855,250)
|
|
479,853
|
|
Cash and cash equivalents, beginning of period |
|
|
|
|
1,867,663
|
|
701,969
|
|
Cash and cash equivalents, end of period |
|
$ 12,413
|
$ 1,181,822
|
|
$ 12,413
|
|
$ 1,181,822
|
|
|
|
X |
- References
+ Details
Name: |
us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of cash and cash equivalents, and cash and cash equivalents restricted to withdrawal or usage. Excludes amount for disposal group and discontinued operations. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482913/230-10-50-8
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 24 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482740/230-10-45-24
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482740/230-10-45-4
+ Details
Name: |
us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount of increase (decrease) in cash, cash equivalents, and cash and cash equivalents restricted to withdrawal or usage; including effect from exchange rate change. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 24 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482740/230-10-45-24
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 1 -SubTopic 230 -Topic 830 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477401/830-230-45-1
+ Details
Name: |
us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe increase (decrease) during the reporting period in the amount due from borrowers for interest payments.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Subparagraph (a) -SubTopic 10 -Topic 230 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28
+ Details
Name: |
us-gaap_IncreaseDecreaseInAccruedInterestReceivableNet |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe increase (decrease) during the period in the carrying value of derivative instruments reported as assets that are due to be disposed of within one year (or the normal operating cycle, if longer).
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28
+ Details
Name: |
us-gaap_IncreaseDecreaseInDerivativeAssets |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of increase (decrease) in fee payable for management of fund or trust.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 230 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477867/946-230-45-1
+ Details
Name: |
us-gaap_IncreaseDecreaseInManagementFeePayable |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_IncreaseDecreaseInOperatingCapitalAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe increase (decrease) during the reporting period in the aggregate amount of obligations incurred arising from transactions with broker-dealers, such as amounts due on margin and unsettled cash transactions; includes payables to brokers, dealers and clearing organizations.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Subparagraph (a) -SubTopic 10 -Topic 230 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28
+ Details
Name: |
us-gaap_IncreaseDecreaseInPayablesToBrokerDealers |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount of cash inflow (outflow) from financing activities, including discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 24 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482740/230-10-45-24
+ Details
Name: |
us-gaap_NetCashProvidedByUsedInFinancingActivities |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 24 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482740/230-10-45-24
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482740/230-10-45-25
+ Details
Name: |
us-gaap_NetCashProvidedByUsedInOperatingActivities |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483443/250-10-50-6
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483443/250-10-50-9
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 805 -SubTopic 60 -Name Accounting Standards Codification -Section 65 -Paragraph 1 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147476176/805-60-65-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 323 -Name Accounting Standards Codification -Section 65 -Paragraph 2 -Subparagraph (g)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478666/740-323-65-2
Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(20)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-28
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482765/220-10-50-6
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483443/250-10-50-3
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483443/250-10-50-1
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 1 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480175/815-40-65-1
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483443/250-10-50-8
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483443/250-10-50-11
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483443/250-10-50-11
Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483443/250-10-50-4
Reference 17: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479168/946-830-55-10
Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section 45 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479105/946-220-45-7
Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(18)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1
Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(9)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1
Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(1)(d)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3
Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A
Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(ii)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A
Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A
Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A
Reference 26: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(5)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A
Reference 27: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B
Reference 28: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B
Reference 29: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(B)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B
Reference 30: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B
Reference 31: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(5)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B
Reference 32: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 60B -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B
Reference 33: http://www.xbrl.org/2003/role/disclosureRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483499/205-20-50-7
Reference 34: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28
Reference 35: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A
Reference 36: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1B -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B
Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(22)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1
+ Details
Name: |
us-gaap_NetIncomeLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe cash outflow to reacquire common stock during the period.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 15 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482740/230-10-45-15
+ Details
Name: |
us-gaap_PaymentsForRepurchaseOfCommonStock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe cash inflow from the additional capital contribution to the entity.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 14 -Subparagraph (a) -SubTopic 10 -Topic 230 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482740/230-10-45-14
+ Details
Name: |
us-gaap_ProceedsFromIssuanceOfCommonStock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Subparagraph (b) -SubTopic 10 -Topic 230 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(7)(c)(3)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(7)(c)(5)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(7)(c)(6)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(7)(c)(7)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 5A -Subparagraph (SX 210.12-13A(Column F)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5A
+ Details
Name: |
us-gaap_UnrealizedGainLossOnDerivatives |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of unrealized gain (loss) on investment.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Subparagraph (b) -SubTopic 10 -Topic 230 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28
+ Details
Name: |
us-gaap_UnrealizedGainLossOnInvestments |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- Details
Name: |
dei_LegalEntityAxis=defi_HashdexBitcoinETFMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.24.3
Organization and Significant Accounting Policies
|
9 Months Ended |
Sep. 30, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Organization and Significant Accounting Policies |
Note 1 – Organization and Significant
Accounting Policies
These footnotes represent the footnotes to Hashdex
Bitcoin ETF’s Statement of Assets and Liabilities and the Combined Financial Statements of Tidal Commodities Trust I.
Hashdex Bitcoin ETF (the “Fund”)
is a series of Tidal Commodities Trust I (“Trust”), a Delaware statutory trust organized on February 10, 2023. The Fund
operates pursuant to the First Amended and Restated Declaration of Trust and Trust Agreement (“Trust Agreement”), dated
March 10, 2023. The Fund is currently the Trust’s only publicly offered series. However, the second series of the Trust, the
7RCC Spot Bitcoin and Carbon Credit Futures ETF, may be offered in the future. The Trust is registered with the U.S. Securities and
Exchange Commission (“SEC”) under the Securities Act of 1933, as amended (together with the rules and regulations
adopted thereunder, as amended, the “1933 Act”), as an exchange-traded fund. The Fund was formed and is managed and
controlled by the Sponsor, a limited liability company formed in Delaware on March 14, 2012. The sponsor of the Fund is Tidal
Investments LLC (f/k/a Toroso Investments, LLC, the “Sponsor”), The Sponsor is registered as a commodity pool operator
(“CPO”) with the Commodity Futures Trading Commission (“CFTC”) and is a member of the National Futures
Association (“NFA”). The Fund intends to be treated as a partnership for U.S. federal income tax purposes.
On January 2, 2024, the initial Form S-1 for DEFI
was declared effective by the U.S. Securities and Exchange Commission (“SEC”). The Fund is the successor and surviving entity
from the merger (the “Merger”) of the Hashdex Bitcoin Futures ETF (the “Predecessor Fund”) into the Fund. The
Predecessor Fund was a series of the Teucrium Commodity Trust (the “Predecessor Trust”) sponsored by Teucrium Trading, LLC
(“Prior Sponsor”). The Merger closed on January 3, 2024. In connection with the Merger, the Predecessor Fund shareholders
received one Share for each share of the Predecessor Fund they owned prior to the Merger.
The Fund’s investment objective is for changes
in the Shares’ net asset value (“NAV”) to reflect the daily changes of the price of the Nasdaq Bitcoin Reference Price
- Settlement (NQBTCS) (the “Benchmark”), less expenses from the Fund’s operations. The Benchmark is designed to track
the price performance of bitcoin. The Fund invests in bitcoin, bitcoin futures contracts (“Bitcoin Futures Contracts”) listed
on the Chicago Mercantile Exchange Inc. (“CME”), and cash and cash equivalents. Because the Fund’s investment objective
is to track the price of the Benchmark, changes in the price of the Shares may vary from changes in the spot price of bitcoin.
The accompanying unaudited financial statements
have been prepared in accordance with Rule 10-01 of Regulation S-X promulgated by the SEC and, therefore, do not include all information
and footnote disclosures required under accounting principles generally accepted in the United States of America (“GAAP”).
The financial information included herein is unaudited; however, such financial information reflects all adjustments which are, in the
opinion of management, necessary for the fair presentation of the Fund’s financial statements for the interim period. It is suggested
that these interim financial statements be read in conjunction with the financial statements and related notes included in the Trust’s
Annual Report on Form 10-K, as well as the most recent Form S-1 filing, as applicable. The operating results through September 30, 2024
are not necessarily indicative of the results to be expected from the full year ended December 31, 2024.
The Fund continuously offers and redeems shares
(“Shares”) in blocks of at least 10,000 Shares (each such block, a “Creation Unit”) at an initial price per Share
of $25. Only Authorized Participants may purchase and redeem Shares from the Fund and then only in Creation Units. An Authorized Participant
is an entity that has entered into an Authorized Participant Agreement with the Trust and the Sponsor. Shares are offered on a continuous
basis to Authorized Participants in Creation Units at NAV. Authorized Participants may then offer to the public, from time to time, shares
from any Creation Unit they create at a per-share market price. The form of Authorized Participant Agreement sets forth the terms and
conditions under which an Authorized Participant may purchase or redeem a Creation Unit. Authorized Participants will not receive from
the Fund, the Sponsor, or any of their affiliates, any fee or other compensation in connection with their sale of Shares to the public.
An Authorized Participant may receive commissions or fees from investors who purchase Shares through their commission or fee-based brokerage
accounts.
Significant accounting policies of the Fund are as follows:
Use of Estimates
The preparation of financial statements in conformity
with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure
of contingent assets and liabilities at the date of the financial statements, and the reported amounts of the revenue and expenses during
the reporting period. Actual results could differ from those estimates.
Indemnifications
In the normal course of business, the Fund enters
into contracts that contain a variety of representations which provide general indemnifications. The Fund’s maximum exposure under
these arrangements cannot be known; however, the Fund expects any risk of loss to be remote.
Cash
Cash includes money market funds held.
Income Taxes
For U.S. federal income tax purposes, the Fund
will be classified as a publicly traded partnership. A publicly traded partnership is generally taxable as a corporation for U.S. federal
income tax purposes unless 90% or more of the publicly traded partnership’s gross income for each taxable year of its existence
consists of qualifying income as defined in section 7704(d) of the Internal Revenue Code of 1986, as amended (the “Code”).
Qualifying income is defined as generally including, in pertinent part, interest (other than from a financial business), dividends, and
gains from the sale or disposition of capital assets held for the production of interest or dividends. In the case of a partnership of
which a principal activity is the buying and selling of commodities, other than as inventory, or of futures, forwards, and options with
respect to commodities, qualifying income also includes income and gains from commodities and from futures, forwards, options with respect
to commodities and, provided the partnership is a trader or investor with respect to such assets, swaps and other notional principal contracts
with respect to commodities. There is very limited authority on the U.S. federal income tax treatment of bitcoin and no direct authority
on bitcoin derivatives, such as Bitcoin Futures Contracts. Based on an opinion received by Tidal from their independent legal counsel
and a Commodity Futures Trading Commission determination that treats bitcoin as a commodity under the Commodity Exchange Act, the Fund
intends to take the position that bitcoin and Bitcoin Futures Contracts consist of futures on commodities for purposes of the qualifying
income exception under section 7704 of the Code. Accordingly, the Fund expects that at least 90% of the Fund’s gross income for
each taxable year will consist of qualifying income and that the Fund will be taxed as a partnership for U.S. federal income tax purposes.
Therefore, the Fund does not record a provision for income taxes because the shareholders report their share of the Fund’s income
or loss on their income tax returns.
The Fund is required to determine whether a tax
position is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related
appeals or litigation processes, based on the technical merits of the position. The Fund will file income tax returns in the U.S. federal
jurisdiction and may file income tax returns in various U.S. states and foreign jurisdictions.
The Fund may be subject to potential examination
by U.S. federal, U.S. state, or foreign jurisdictional authorities in the area of income taxes. These potential examinations may include
among other things questioning the tax classification of the Fund, the timing and amount of deductions, the nexus of income among various
tax jurisdictions, and compliance with U.S. federal, U.S. state and foreign tax laws.
Creation and Redemptions
Authorized Purchasers may purchase Creation Baskets
consisting of 10,000 Shares from the Fund. The amount of the proceeds required to purchase a Creation Basket will be equal to the
NAV of the Shares in the Creation Basket determined as of 4:00 p.m. (ET) on the day the order to create the basket is received in good
order.
Authorized Purchasers may redeem Shares from the
Fund only in blocks of 10,000 Shares called “Redemption Baskets.” The amount of the redemption proceeds for a Redemption
Basket will be equal to the NAV of the Shares in the Redemption Basket determined as of 4:00 p.m. (ET) on the day the order to redeem
the basket is received in good order.
The Fund will receive the proceeds from Shares
sold or will pay for redeemed Shares within three business days after the trade date of the purchase or redemption, respectively. The
amounts due from Authorized Purchasers will be reflected in the Fund’s statements of assets and liabilities as capital shares receivable.
Amounts payable to Authorized Purchasers upon redemption will be reflected in the Fund’s statements of assets and liabilities as
payable for Shares redeemed.
As outlined in the Trust’s Registration
Statement on Form S-1, filed with the SEC on March 18, 2024, 10,000 Shares represent five Redemption Baskets for the Fund and a
minimum level of Shares. If the Fund experienced redemptions that caused the number of Shares outstanding to decrease to the minimum level
of Shares required to be outstanding, until the minimum number of Shares is again exceeded through the purchase of a new Creation Basket,
there can be no more redemptions by an Authorized Purchaser.
Calculation of Net Asset Value
The Fund’s NAV is calculated by:
| ● | Taking the current market value of its total assets; |
| ● | Subtracting any liabilities; and |
| ● | Dividing the above total by the number of Shares outstanding. |
U.S. Bancorp Fund Services, LLC, doing business
as U.S. Bank Global Fund Services (“Global Fund Services”), the Fund’s sub-administrator, will calculate the NAV of
the Fund once each trading day. It will calculate the NAV as of the earlier of the close of the New York Stock Exchange or 4:00 p.m. (ET).
The NAV for a particular trading day will be released after 4:15 p.m. (ET).
To determine the value of Bitcoin Futures Contracts,
Global Fund Services uses the settlement price for the Benchmark Component Futures Contracts, as reported on the CME. CME Group staff
determines the daily settlements for the Benchmark Component Futures Contracts based on trading activity on CME Globex exchange between
14:59:00 and 15:00:00 Central Time (CT), the settlement period. When a Bitcoin Futures Contract has closed at its daily price fluctuation
limit, that limit price will be the daily settlement price that the CME publishes. The Fund will use the published settlement price to
price its Shares on that day. If the CME halted trading in Bitcoin Futures Contracts for other reasons, including if trading were halted
for an entire trading day or several trading days, the Fund would value its Bitcoin Futures Contracts by using the settlement price that
the CME publishes. Such valuation is generally deemed a Level 1 valuation.
The value of the Bitcoin held by the Fund will
be determined using a “Futures-Based Spot Price” (or “FBSP”) methodology. This methodology has been chosen by
the Sponsor specifically to calculate the Fund’s NAV, isolating it from data from unregulated bitcoin exchanges. The methodology
to derive the settlement prices of Bitcoin Futures Contracts on the CME involves a calculation that is a function of both the length of
time (the tenor) until each Bitcoin Futures Contract is due for settlement, and the final settlement price for each contract on that day.
The calculation is based on estimating a simple quadratic function to fit the prices across the different tenors and extrapolate this
curve to zero days tenor. This approach is designed to give more importance to contracts that are due for settlement in the near term,
considering that the prices of these near-term contracts are more reliable indicators of the current spot price of bitcoin and are also
more heavily traded. Such Valuation is generally deemed a Level 2 valuation.
Fair Value - Definition and Hierarchy
In accordance with GAAP, fair value is defined
as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly
transaction between market participants at the measurement date.
In determining fair value, the Fund uses various
valuation approaches. In accordance with GAAP, a fair value hierarchy for inputs is used in measuring fair value that maximizes the use
of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available.
Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources
independent of the Fund. Unobservable inputs reflect the Fund’s assumptions about the inputs market participants would use in pricing
the asset or liability developed based on the best information available in the circumstances. The fair value hierarchy is categorized
into three levels based on the inputs as follows:
Level 1 | - |
Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
Valuation adjustments and block discounts are not applied to Level 1 financial instruments. Since valuations are based on quoted prices
that are readily and regularly available in an active market, valuation of these financial instruments does not entail a significant
degree of judgment. |
| |
|
Level 2 | - |
Valuations based on quoted prices in markets that are not active
or for which all significant inputs are observable, either directly or indirectly. |
| |
|
Level 3 | - |
Valuations based on inputs that are unobservable and
significant to the overall fair value measurement. |
The availability of valuation techniques and observable
inputs can vary from financial instrument to financial instrument and is affected by a wide variety of factors including, the type of
financial instrument, whether the financial instrument is new and not yet established in the marketplace, and other characteristics particular
to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market,
the determination of fair value requires more judgment. Those estimated values do not necessarily represent the amounts that may be ultimately
realized due to the occurrence of future circumstances that cannot be reasonably determined. Because of the inherent uncertainty of valuation,
those estimated values may be materially higher or lower than the values that would have been used had a ready market for the financial
instruments existed. Accordingly, the degree of judgment exercised by the Fund in determining fair value is greatest for financial instruments
categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy.
In such cases, for disclosure purposes, the level in the fair value hierarchy, within which the fair value measurement in its entirety
falls, is determined based on the lowest level input that is significant to the fair value measurement.
Schedule of fair values of investments disaggregated into three levels of fair value hierarchy
September 30, 2024
| |
| | |
| | |
| | |
| |
| |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Balance as of September 30,
2024 | |
Assets: | |
| | | |
| | | |
| | | |
| | |
Cryptocurrency | |
$ | — | | |
$ | 9,379,568 | | |
$ | — | | |
$ | 9,379,568 | |
Money market funds | |
| 12,413 | | |
| — | | |
| — | | |
| 12,413 | |
Total | |
$ | 12,413 | | |
$ | 9,379,568 | | |
$ | — | | |
$ | 9,391,981 | |
December 31, 2023
| |
| | |
| | |
| | |
| |
| |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Balance as of December 31, 2023 | |
Assets: | |
| | | |
| | | |
| | | |
| | |
Cash Equivalents | |
$ | 1,867,663 | | |
$ | — | | |
$ | — | | |
$ | 1,867,663 | |
Bitcoin futures contracts | |
| 129,519 | | |
| — | | |
| — | | |
| 129,519 | |
Total | |
$ | 1,997,182 | | |
$ | — | | |
$ | — | | |
$ | 1,997,182 | |
| |
| | | |
| | | |
| | | |
| | |
Liabilities: | |
| | | |
| | | |
| | | |
| | |
Bitcoin futures contracts | |
$ | 51,376 | | |
$ | — | | |
$ | — | | |
$ | 51,376 | |
For the three and nine months ended September
30, 2024 and year ended December 31, 2023, the Fund did not have any significant transfers between any of the levels of the fair value
hierarchy.
Derivative Investments
In the normal course of business, the Fund utilizes
derivative contracts in connection with its proprietary trading activities. Investments in derivative contracts are subject to additional
risks that can result in a loss of all or part of an investment. The Fund’s derivative activities and exposure to derivative contracts
are classified by the following primary underlying risks: interest rate, credit, commodity price, and equity price risks. In addition
to its primary underlying risks, the Fund is also subject to additional counterparty risk due to inability of its counterparties to meet
the terms of their contracts.
Futures Contracts
The Fund is subject to cryptocurrency price risk
in the normal course of pursuing its investment objectives. A futures contract represents a commitment for the future purchase or sale
of an asset at a specified price on a specified date.
The purchase and sale of futures contracts requires
margin deposits with a Futures Commission Merchant (“FCM”). Subsequent payments (variation margin) are made or received by
the Fund each day, depending on the daily fluctuations in the value of the contract, and are recorded as unrealized gains or losses by
the Fund. Futures contracts may reduce the Fund’s exposure to counterparty risk since futures contracts are exchange-traded; and
the exchange’s clearinghouse, as the counterparty to all exchange-traded futures, guarantees the futures against default.
The Commodity Exchange Act requires an FCM to
segregate all customer transactions and assets from the FCM’s proprietary activities. A customer’s cash and other equity deposited
with an FCM are considered commingled with all other customer funds subject to the FCM’s segregation requirements. In the event
of an FCM’s insolvency, recovery may be limited to the Fund’s pro rata share of segregated customer funds available. It is
possible that the recovery amount could be less than the total of cash and other equity deposited.
The following table discloses information about
offsetting assets and liabilities presented in the statements of assets and liabilities to enable users of these financial statements
to evaluate the effect or potential effect of netting arrangements for recognized assets and liabilities. These recognized assets and
liabilities are presented as defined in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Update
(“ASU”) No. 2011-11 “Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities” and subsequently
clarified in FASB ASU 2013-01 “Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.”
The following table identifies the fair value amounts of derivative
instruments included in the statements of assets and liabilities as derivative contracts, categorized by primary underlying risk, and
held by StoneX.
As of September 30, 2024, there were no derivative instruments included
in the statements of assets and liabilities.
Offsetting of Financial Assets and Derivative Assets as of December
31, 2023
|
|
|
|
|
|
|
|
|
|
(iv) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Amount Not Offset
in the Statement of
Assets and Liabilities |
|
|
|
Description |
|
(i)
Gross
Amount
of
Recognized
Assets |
|
|
(ii)
Gross Amount
Offset in the
Statement of
Assets and
Liabilities |
|
|
(iii) = (i-ii)
Net Amount
Presented in
the Statement
of Assets and
Liabilities |
|
Futures
Contracts
Available for
Offset |
|
Collateral,
Due to
Broker |
|
(v) = (iii)-(iv)
Net Amount |
|
Cryptocurrency Price |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bitcoin futures contracts |
|
$ |
129,519 |
|
|
$ |
— |
|
|
|
129,519 |
|
|
51,376 |
|
$ |
— |
|
78,143 |
|
Offsetting of Financial Liabilities and Derivative Assets as of
December 31, 2023
|
|
|
|
|
|
|
|
|
|
(iv) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Amount Not Offset
in the Statement of
Assets and Liabilities |
|
|
|
Description |
|
(i)
Gross
Amount
of
Recognized
Assets |
|
|
(ii)
Gross
Amount
Offset in the
Statement of
Assets and
Liabilities |
|
|
(iii) = (i-ii)
Net Amount
Presented in
the Statement
of Assets and
Liabilities |
|
Futures
Contracts
Available for
Offset |
|
Collateral,
Due to
Broker |
|
(v) = (iii)-(iv)
Net Amount |
|
Cryptocurrency Price |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bitcoin futures contracts |
|
$ |
51,376 |
|
|
$ |
— |
|
|
|
51,376 |
|
|
51,376 |
|
$ |
— |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following tables identify the net gain and loss amounts included
in the statements of operations as realized and unrealized gains and losses on trading of cryptocurrency futures contracts categorized
by primary underlying risk:
Three months ended September 30, 2024. |
| |
| | |
| |
| |
Realized Gain (Loss) on Commodity Futures Contracts | | |
Net Change in
Unrealized
Appreciation/ Depreciation on
Commodity Futures
Contracts | |
Cryptocurrency Price | |
| | | |
| | |
Bitcoin futures contracts | |
$ | (16,691 | ) | |
| 7,741 | |
Three months ended September 30, 2023. |
| |
| | |
| |
| |
Realized Gain (Loss) on Commodity Futures Contracts | | |
Net Change in Unrealized Appreciation/ Depreciation on
Commodity Futures Contracts | |
Cryptocurrency Price | |
| | | |
| | |
Bitcoin futures contracts | |
$ | (176,608 | ) | |
$ | (107,189 | ) |
Nine months ended September 30, 2024. |
| |
| | |
| |
| |
Realized Gain (Loss) on Commodity Futures Contracts | | |
Net Change in Unrealized Appreciation/ Depreciation on
Commodity Futures Contracts | |
Cryptocurrency Price | |
| | | |
| | |
Bitcoin futures contracts | |
$ | 7,528,643 | | |
| (78,239 | ) |
Nine months ended September 30, 2023. |
| |
| | |
| |
| |
Realized Gain (Loss) on Commodity Futures Contracts | | |
Net Change in Unrealized Appreciation/ Depreciation on
Commodity Futures Contracts | |
Cryptocurrency Price | |
| | | |
| | |
Bitcoin futures contracts | |
$ | 524,179 | | |
$ | (9,669 | ) |
Volume of Monthly Derivative Activities
The average notional market value categorized
by primary underlying risk for the futures contracts held was $109.5 thousand and $4.5 million respectively for the three and
nine months ended September 30, 2024 and $1.7 million and $1.8 million respectively for the three and nine months ended September
30, 2023.
Basis of Presentation
The preparation of these financial statements
in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the
reported amount of net assets and liabilities and disclosure of contingent assets and liabilities at the balance sheet date. Actual results
could differ from those estimates.
Organizational and Offering Costs
All organizational and initial offering costs
for the Trust and the Fund were borne directly by the Sponsor. The Trust and the Fund do not have an obligation to reimburse the Sponsor
for organization and offering costs paid on their behalf.
Revenue Recognition
Investment transactions are accounted for on a
trade-date basis. All such transactions are recorded on the identified cost basis and marked to market daily. Unrealized appreciation
or depreciation on investments are reflected in the statements of operations as the difference between the original amount and the fair
market value as of the last business day of the year or as of the last date of the financial statements. Changes in the appreciation or
depreciation between periods are reflected in the statements of operations.
Brokerage Commissions
The Sponsor recognizes the expense for brokerage
commissions for futures contract trades on a per-trade basis. The below table shows the amounts included on the statements of operations
as total brokerage commissions.
Three Months Ended September 30, 2024 | | |
$ | 50 | |
Three Months Ended September 30, 2023 | | |
$ | 593 | |
Nine Months Ended September 30, 2024 | | |
$ | 6,336 | |
Nine Months Ended September 30, 2023 | | |
$ | 1,970 | |
Due from/to Broker
The amount recorded by the Fund for the amount
due from and to the clearing broker includes, but is not limited to, cash held by the broker, amounts payable to the clearing broker related
to open transactions, payables for cryptocurrency futures accounts liquidating to an equity balance on the clearing broker’s records
and amounts of brokerage commissions paid and recognized as unrealized losses.
Margin is the minimum amount of funds that must
be deposited by a cryptocurrency interest trader with the trader’s broker to initiate and maintain an open position in futures contracts.
A margin deposit acts to assure the trader’s performance of the futures contracts purchased or sold. Futures contracts are customarily
bought and sold on initial margin that represents a very small percentage of the aggregate purchase or sales price of the contract. Because
of such low margin requirements, price fluctuations occurring in the futures markets may create profits and losses that, in relation to
the amount invested, are greater than customary in other forms of investment or speculation. As discussed below, adverse price changes
in the futures contract may result in margin requirements that greatly exceed the initial margin. In addition, the amount of margin required
in connection with a particular futures contract is set from time to time by the exchange on which the contract is traded and may be modified
from time to time by the exchange during the term of the contract. Brokerage firms, such as the Fund’s clearing brokers, carrying
accounts for traders in commodity interest contracts generally require higher amounts of margin as a matter of policy to further protect
themselves. Over the counter trading generally involves the extension of credit between counterparties, so the counterparties may agree
to require the posting of collateral by one or both parties to address credit exposure.
When a trader purchases an option, there is no
margin requirement; however, the option premium must be paid in full. When a trader sells an option, on the other hand, he or she is required
to deposit margin in an amount determined by the margin requirements established for the underlying interest and, in addition, an amount
substantially equal to the current premium for the option. The margin requirements imposed on the selling of options, although adjusted
to reflect the probability that out-of-the-money options will not be exercised, can in fact be higher than those imposed in dealing in
the futures markets directly. Complicated margin requirements apply to spreads and conversions, which are complex trading strategies in
which a trader acquires a mixture of options positions and positions in the underlying interest.
Ongoing or “maintenance” margin requirements
are computed each day by a trader’s clearing broker. When the market value of a particular open futures contract changes to a point
where the margin on deposit does not satisfy maintenance margin requirements, a margin call is made by the broker. If the margin call
is not met within a reasonable time, the broker may close out the trader’s position. With respect to the Fund’s trading, the
Fund (and not its shareholders personally) is subject to margin calls. Finally, many major U.S. exchanges have passed certain cross margining
arrangements involving procedures pursuant to which the futures and options positions held in an account would, in the case of some accounts,
be aggregated and margin requirements would be assessed on a portfolio basis, measuring the total risk of the combined positions.
Expenses
Expenses are recorded using the accrual method of accounting.
Net Income (Loss) per Share
Net income (loss) per share is the difference
between the NAV per unit at the beginning of each period and at the end of each period. The weighted average number of units outstanding
was computed for purposes of disclosing net income (loss) per weighted average unit. The weighted average units are equal to the number
of units outstanding at the end of the period, adjusted proportionately for units created or redeemed based on the amount of time the
units were outstanding during such period.
|
X |
- References
+ Details
Name: |
us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe entire disclosure for the organization, consolidation and basis of presentation of financial statements disclosure, and significant accounting policies of the reporting entity. May be provided in more than one note to the financial statements, as long as users are provided with an understanding of (1) the significant judgments and assumptions made by an enterprise in determining whether it must consolidate a VIE and/or disclose information about its involvement with a VIE, (2) the nature of restrictions on a consolidated VIE's assets reported by an enterprise in its statement of financial position, including the carrying amounts of such assets, (3) the nature of, and changes in, the risks associated with an enterprise's involvement with the VIE, and (4) how an enterprise's involvement with the VIE affects the enterprise's financial position, financial performance, and cash flows. Describes procedure if disclosures are provided in more than one note to the financial statements.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 235 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/235/tableOfContent
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 275 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/275/tableOfContent
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/810/tableOfContent
Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205/tableOfContent
+ Details
Name: |
us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureAndSignificantAccountingPoliciesTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.24.3
Sponsor Fee Allocation of Expenses and Related Party Transactions
|
9 Months Ended |
Sep. 30, 2024 |
Related Party Transactions [Abstract] |
|
Sponsor Fee Allocation of Expenses and Related Party Transactions |
Note 2 – Sponsor Fee Allocation of Expenses and Related Party
Transactions
The Fund pays the Sponsor a Management Fee, monthly
in arrears, in an amount equal to 0.90% per annum of the daily NAV of the Fund. The Management Fee is paid in consideration of the Sponsor’s
services related to the management of the Fund’s business and affairs, including the provision of commodity futures trading advisory
services. Purchases of creation units with cash may cause the Fund to incur certain costs including brokerage commissions and redemptions
of creation units with cash may result in the recognition of gains or losses that the Fund might not have incurred if it had made redemptions
in-kind. The Fund pays all of its respective brokerage commissions, including applicable exchange fees, National Futures Association fees
and give-up fees, and other transaction related fees and expenses charged in connection with trading activities for the Fund’s investments
in Commodity Futures Trading Commission regulated investments. The Fund bears other transaction costs related to the futures commission
merchants capital requirements on a monthly basis. The Sponsor pays all of the routine operational, administrative and other ordinary
expenses of the Fund, generally as determined by the Sponsor, including but not limited to, fees and expenses of the Administrator, Sub-Administrator,
Custodian, Distributor, Transfer Agent, licensors, accounting and audit fees and expenses, tax preparation expenses, legal fees, ongoing
SEC registration fees, individual Schedule K- 1 preparation and mailing fees, and report preparation and mailing expenses. The Fund pays
all of its non-recurring and unusual fees and expenses, if any, as determined by the Sponsor. Non-recurring and unusual fees and expenses
are unexpected or unusual in nature, such as legal claims and liabilities and litigation costs or indemnification or other unanticipated
expenses. Extraordinary fees and expenses also include material expenses which are not currently anticipated obligations of the Fund.
Routine operational, administrative and other ordinary expenses are not deemed extraordinary expenses.
The Sponsor has the ability to elect to pay certain
expenses on behalf of the Fund or waive the management fee. This election is subject to change by the Sponsor, at its discretion. Expenses
paid by the Sponsor or the Prior Sponsor are, if applicable, presented as waived expenses in the statements of operations for the Fund:
Three Months Ended September 30, 2024 |
|
|
$ |
— |
|
Three Months Ended September 30, 2023 |
|
|
$ |
91,023 |
|
Nine Months Ended September 30, 2024 |
|
|
$ |
— |
|
Nine Months Ended September 30, 2023 |
|
|
$ |
222,642 |
|
For the three and nine months ending September
30, 2024, the Sponsor did not waive expenses. For the three and nine months ending September 30, 2023, the Prior Sponsor waived the above
expenses.
Administrator
The Fund employs Tidal ETF Services LLC as the
Fund’s administrator (the “Administrator”). In turn, the Administrator has engaged U.S. Bancorp Fund Services, LLC,
doing business as U.S. Bank Global Fund Services (“Global Fund Services”) to act as sub-administrator. The Administrator is
a wholly-owned subsidiary of Sponsor. The Administrator also assists the Fund and the Sponsor with certain functions and duties relating
to marketing, which include the following: marketing and sales strategy and marketing related services.
Cash Custodian, Registrar, Transfer Agent,
Fund Sub-Administrator
In its capacity as the Fund’s custodian,
the Custodian, currently U.S. Bank, N.A., holds the Fund’s securities, cash and/or cash equivalents pursuant to a custodial agreement.
Global Fund Services, an entity affiliated with U.S. Bank, N.A., is the registrar and transfer agent for the Fund’s Shares. In addition,
Global Fund Services also serves as sub-administrator for the Fund, performing certain sub-administrative, and accounting services, and
support in preparing certain SEC and CFTC reports on behalf of the Fund.
Bitcoin Custodian
Holdings of the Fund also includes bitcoin. Such
investments are held by BitGo Trust Company, Inc. (the “Bitcoin Custodian”) on behalf of the Fund. The Bitcoin Custodian will
keep custody of all of the Fund’s bitcoin in a multi-layer, multi-party cold storage or similarly secure technology. The
Bitcoin Custodian is responsible for safekeeping passwords, keys or phrases that allow transfers of digital assets (“Security Factors”)
safe, secure and confidential. 100% of the private keys will be held in cold storage. The Bitcoin Custodian will establish the Bitcoin
Accounts on the Bitcoin Network solely for the Fund. The Bitcoin Custodian will follow valid instructions given by the Sponsor to use
the Fund’s Security Factors to effect transfers to and from the Bitcoin Accounts. The Fund’s bitcoin will be held in segregated
wallets and will not be commingled with the assets of other customers. The Bitcoin Custodian has an insurance policy that covers, at least
partially, risks such as the loss of client assets held in cold storage, including from employee collusion or fraud, physical loss including
theft, damage of key material, security breach or hack, and fraudulent transfer.
Marketing Agent
The Fund employs Foreside Fund Services, LLC,
a wholly-owned subsidiary of Foreside Financial Group, LLC (d/b/a ACA Group) as the Marketing Agent for the Fund. The Marketing Agent
Agreement among the Marketing Agent and the Trust calls for the Marketing Agent to work with the Custodian in connection with the receipt
and processing of orders for Creation Baskets and Redemption Baskets and the review and approval of all Fund sales literature and advertising
material. The Marketing Agent’s principal business address is Three Canal Plaza, Suite 100, Portland, Maine 04101. The Marketing
Agent is a broker-dealer registered with the SEC and a member of FINRA.
Support Agent
The Administrator also assists the Fund and the
Sponsor with certain functions and duties relating to administration and marketing, which include the following: marketing and sales strategy
and marketing related services.
Digital Asset Adviser
Hashdex Asset Management Ltd. (“Hashdex”
or the “Digital Asset Adviser”) is a Cayman Islands investment manager (and an Exempt Reporting Advisor under SEC rules) that
specializes in, among other things, the management, research, investment analysis and other investment support services of funds and ETFs
with investment strategies involving bitcoin and other crypto assets. As Digital Asset Adviser, Hashdex is responsible for providing the
Sponsor and the Administrator with research and analysis regarding bitcoin and bitcoin markets for use in the operation and marketing
of the Fund. Hashdex has no role in maintaining, calculating or publishing the Benchmark. Hashdex also has no responsibility for the investment
or management of the Fund’s portfolio or for the overall performance or operation of the Fund.
|
X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480990/946-20-50-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480990/946-20-50-5
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480990/946-20-50-6
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477968/946-235-50-2
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477968/946-235-50-2
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 850 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483326/850-10-50-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(2)(g)(3)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(2)(c)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(2)(e)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 850 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/850/tableOfContent
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 850 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483326/850-10-50-6
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 850 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483326/850-10-50-1
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 850 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483326/850-10-50-1
+ Details
Name: |
us-gaap_RelatedPartyTransactionsDisclosureTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.24.3
X |
- References
+ Details
Name: |
us-gaap_InvestmentsInAndAdvancesToAffiliatesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTabular disclosure of investments in and advances to affiliates. Does not include the tabular disclosure of the disaggregation of investments in and advances to affiliates across legal entities.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6
+ Details
Name: |
us-gaap_InvestmentsInAndAdvancesToAffiliatesTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.24.3
Financial Highlights
|
9 Months Ended |
Sep. 30, 2024 |
Investment Company [Abstract] |
|
Financial Highlights |
Note 4 – Financial Highlights
The following tables present per unit performance
data and other supplemental financial data for the three and nine months ended September 30, 2024 and 2023. This information has been
derived from information presented in the financial statements and is presented with total expenses gross of expenses waived by the Sponsor
and with total expenses net of expenses waived by the Sponsor, as appropriate.
TIDAL COMMODITIES TRUST I
FINANCIAL HIGHLIGHTS
| |
| | |
| | |
| | |
| |
| |
Three Months Ended | | |
Three Months Ended | | |
Nine Months
Ended | | |
Nine Months
Ended | |
| |
September 30, 2024 | | |
September 30, 2023* | | |
September 30, 2024* | | |
September 30, 2023* | |
Per Share Operation Performance | |
| | | |
| | | |
| | | |
| | |
Net asset value at beginning of period | |
$ | 68.43 | | |
$ | 38.78 | | |
$ | 50.74 | | |
$ | 21.40 | |
Income (loss) from investment operations: | |
| | | |
| | | |
| | | |
| | |
Net investment income (loss) | |
| (0.15 | ) | |
| 0.34 | | |
| 0.39 | | |
| 0.83 | |
Net realized and unrealized gain (loss) | |
| 3.97 | | |
| (5.68 | ) | |
| 21.12 | | |
| 11.21 | |
Total increase (decrease) from investment operations | |
| 3.82 | | |
| (5.34 | ) | |
| 21.51 | | |
| 12.04 | |
Net asset value at end of period | |
$ | 72.25 | | |
$ | 33.44 | | |
$ | 72.25 | | |
$ | 33.44 | |
Total Return | |
| 5.58 | % | |
| (13.76 | )% | |
| 42.39 | % | |
| 56.23 | % |
Ratios to Average Net Assets (Annualized) | |
| | | |
| | | |
| | | |
| | |
Total expenses | |
| 0.92 | % | |
| 21.29 | % | |
| 1.08 | % | |
| 17.69 | % |
Total expenses, net | |
| 0.92 | % | |
| 0.94 | % | |
| 1.08 | % | |
| 0.94 | % |
Net investment income (loss) | |
| (0.86 | )% | |
| 3.80 | % | |
| 0.77 | % | |
| 3.28 | % |
* |
Reflects financial data for the Hashdex Bitcoin Futures ETF, which was a series of Teucrium Commodity Trust until January 3, 2024. Please
see Note 5, below, for more information. |
HASHDEX BITCOIN ETF
(FORMERLY HASHDEX BITCOIN FUTURES ETF)
FINANCIAL HIGHLIGHTS
| |
| | |
| | |
| | |
| |
| |
Three Months Ended | | |
Three Months Ended | | |
Nine Months Ended | | |
Nine Months Ended | |
| |
September 30, 2024 | | |
September 30, 2023 | | |
September 30, 2024 | | |
September 30, 2023 | |
Per Share Operation Performance | |
| | | |
| | | |
| | | |
| | |
Net asset value at beginning of period | |
$ | 68.43 | | |
$ | 38.78 | | |
$ | 50.74 | | |
$ | 21.40 | |
Income (loss) from investment operations: | |
| | | |
| | | |
| | | |
| | |
Net investment income (loss) | |
| (0.15 | ) | |
| 0.34 | | |
| 0.39 | | |
| 0.83 | |
Net realized and unrealized gain (loss) | |
| 3.97 | | |
| (5.68 | ) | |
| 21.12 | | |
| 11.21 | |
Total increase (decrease) from investment operations | |
| 3.82 | | |
| (5.34 | ) | |
| 21.51 | | |
| 12.04 | |
Net asset value at end of period | |
$ | 72.25 | | |
$ | 33.44 | | |
$ | 72.25 | | |
$ | 33.44 | |
Total Return | |
| 5.58 | % | |
| (13.76 | )% | |
| 42.39 | % | |
| 56.23 | % |
Ratios to Average Net Assets (Annualized) | |
| | | |
| | | |
| | | |
| | |
Total expenses | |
| 0.92 | % | |
| 21.29 | % | |
| 1.08 | % | |
| 17.69 | % |
Total expenses, net | |
| 0.92 | % | |
| 0.94 | % | |
| 1.08 | % | |
| 0.94 | % |
Net investment income (loss) | |
| (0.86 | )% | |
| 3.80 | % | |
| 0.77 | % | |
| 3.28 | % |
|
X |
- References
+ Details
Name: |
us-gaap_InvestmentCompanyAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe entire disclosure of financial highlights reported by investment company.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 205 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478494/946-205-50-7
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480990/946-20-50-7
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 205 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478494/946-205-50-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 205 -Name Accounting Standards Codification -Section 50 -Paragraph 24 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478494/946-205-50-24
+ Details
Name: |
us-gaap_InvestmentCompanyFinancialHighlightsTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.24.3
Merger with Hashdex Bitcoin Futures ETF
|
9 Months Ended |
Sep. 30, 2024 |
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
|
Merger with Hashdex Bitcoin Futures ETF |
Note 5 – Merger with Hashdex Bitcoin Futures ETF
As reported by the Tidal Commodities Trust I on
a Form 8-K filed with the Securities and Exchange Commission on January 3, 2024 (File No. 001-41900), the Fund completed the successful
acquisition by merger (the “Merger”) of the Hashdex Bitcoin Futures ETF, a series of the Teucrium Commodity Trust (the “Acquired
Fund”).
Under the terms of the Merger, each shareholder
of the Acquired Fund received one share of the Fund for every one share of the Acquired Fund held on January 3, 2024 based on the net
asset value per share of the Fund being equal to the net asset value per share of the Acquired Fund determined immediately prior to the
Merger closing. The share price used for the delivery of shares of the Acquired Fund was the net asset value per share of the Acquired
Fund determined after the close of business of NYSE Arca on January 2, 2024. Consequently, the Merger resulted in a one-for-one exchange
of shares between the Acquired Fund and the Fund. Upon the Merger closing, the Fund acquired all the assets of the Acquired Fund and assumed
all the liabilities of the Acquired Fund. Upon the Merger closing, all of the Acquired Fund’s shares were cancelled and the Acquired
Fund was liquidated.
The sponsor of the Acquired Fund, Teucrium Trading,
LLC (“Teucrium”), is not receiving any compensation dependent on the consummation of the Merger. Pursuant to a certain Amended
and Restated ’33 Act Fund Platform Support Agreement, as amended (the “Support Agreement”) among Tidal, Administrator,
Hashdex, and Teucrium, Tidal has agreed to provide Teucrium after the Merger with a monthly amount equal to seven percent (7%)
of the Management Fee paid to Tidal from the Fund; provided, however, that such fee will never be less than 0.04% of monthly average net
assets of the Fund (“Teucrium Compensation”). Any payment of the Teucrium Compensation will be made from the resources of
Tidal and not from the assets of the Fund.
On January 3, 2024, the Fund issued 50,000
shares at net asset value of $2,708,819 for 50,000 shares the Acquired Fund, representing $2,708,819 of net assets. The combined
net assets and shares outstanding of the Fund immediately after the Merger were $2,708,819 and 50,000, respectively, representing a net
asset value per share of $54.18.
|
X |
- References
+ Details
Name: |
us-gaap_BusinessCombinationAndAssetAcquisitionAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-5
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/805/tableOfContent
+ Details
Name: |
us-gaap_BusinessCombinationDisclosureTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.24.3
Conversion to Spot Bitcoin ETF
|
9 Months Ended |
Sep. 30, 2024 |
Accounting Changes and Error Corrections [Abstract] |
|
Conversion to Spot Bitcoin ETF |
Note 6 – Conversion to Spot Bitcoin ETF
On March 26, 2024, the Sponsor announced the renaming
of the Fund from the Hashdex Bitcoin Futures ETF to the Hashdex Bitcoin ETF. The renaming of the Fund corresponds to its completion of
the conversion of its investment strategy to allow the Fund to provide spot bitcoin holdings and its tracking of a new benchmark index
effective March 27, 2024.
The Fund’s new benchmark index is the Nasdaq
Bitcoin Reference Price - Settlement (NQBTCS), which better reflects the Fund’s new strategy of direct bitcoin investment.
Going forward and under normal market conditions, the Fund’s investment policy is to maximize its holdings of physical bitcoin such
that it is expected that at least 95% of the Fund’s assets will be invested in spot bitcoin. Up to 5% of the Fund’s
remaining assets may be invested in CME-traded bitcoin futures contracts and in cash and cash equivalents.
|
X |
- References
+ Details
Name: |
us-gaap_AccountingChangesAndErrorCorrectionsAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe entire disclosure for reporting change in reporting entity.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483443/250-10-50-6
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482989/270-10-45-12
+ Details
Name: |
us-gaap_ChangeInReportingEntityTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.24.3
Subsequent Events
|
9 Months Ended |
Sep. 30, 2024 |
Subsequent Events [Abstract] |
|
Subsequent Events |
Note 7 – Subsequent Events
In preparing these financial statements, Management
has evaluated the financial statements for the nine months ended September 30, 2024 for subsequent events through the date of this filing
and noted no material events requiring either recognition through the date of the filing or disclosure herein for the Fund.
|
X |
- References
+ Details
Name: |
us-gaap_SubsequentEventsAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/855/tableOfContent
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483399/855-10-50-2
+ Details
Name: |
us-gaap_SubsequentEventsTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.24.3
Organization and Significant Accounting Policies (Policies)
|
9 Months Ended |
Sep. 30, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Use of Estimates |
Use of Estimates
The preparation of financial statements in conformity
with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure
of contingent assets and liabilities at the date of the financial statements, and the reported amounts of the revenue and expenses during
the reporting period. Actual results could differ from those estimates.
|
Indemnifications |
Indemnifications
In the normal course of business, the Fund enters
into contracts that contain a variety of representations which provide general indemnifications. The Fund’s maximum exposure under
these arrangements cannot be known; however, the Fund expects any risk of loss to be remote.
|
Cash |
Cash
Cash includes money market funds held.
|
Income Taxes |
Income Taxes
For U.S. federal income tax purposes, the Fund
will be classified as a publicly traded partnership. A publicly traded partnership is generally taxable as a corporation for U.S. federal
income tax purposes unless 90% or more of the publicly traded partnership’s gross income for each taxable year of its existence
consists of qualifying income as defined in section 7704(d) of the Internal Revenue Code of 1986, as amended (the “Code”).
Qualifying income is defined as generally including, in pertinent part, interest (other than from a financial business), dividends, and
gains from the sale or disposition of capital assets held for the production of interest or dividends. In the case of a partnership of
which a principal activity is the buying and selling of commodities, other than as inventory, or of futures, forwards, and options with
respect to commodities, qualifying income also includes income and gains from commodities and from futures, forwards, options with respect
to commodities and, provided the partnership is a trader or investor with respect to such assets, swaps and other notional principal contracts
with respect to commodities. There is very limited authority on the U.S. federal income tax treatment of bitcoin and no direct authority
on bitcoin derivatives, such as Bitcoin Futures Contracts. Based on an opinion received by Tidal from their independent legal counsel
and a Commodity Futures Trading Commission determination that treats bitcoin as a commodity under the Commodity Exchange Act, the Fund
intends to take the position that bitcoin and Bitcoin Futures Contracts consist of futures on commodities for purposes of the qualifying
income exception under section 7704 of the Code. Accordingly, the Fund expects that at least 90% of the Fund’s gross income for
each taxable year will consist of qualifying income and that the Fund will be taxed as a partnership for U.S. federal income tax purposes.
Therefore, the Fund does not record a provision for income taxes because the shareholders report their share of the Fund’s income
or loss on their income tax returns.
The Fund is required to determine whether a tax
position is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related
appeals or litigation processes, based on the technical merits of the position. The Fund will file income tax returns in the U.S. federal
jurisdiction and may file income tax returns in various U.S. states and foreign jurisdictions.
The Fund may be subject to potential examination
by U.S. federal, U.S. state, or foreign jurisdictional authorities in the area of income taxes. These potential examinations may include
among other things questioning the tax classification of the Fund, the timing and amount of deductions, the nexus of income among various
tax jurisdictions, and compliance with U.S. federal, U.S. state and foreign tax laws.
|
Creation and Redemptions |
Creation and Redemptions
Authorized Purchasers may purchase Creation Baskets
consisting of 10,000 Shares from the Fund. The amount of the proceeds required to purchase a Creation Basket will be equal to the
NAV of the Shares in the Creation Basket determined as of 4:00 p.m. (ET) on the day the order to create the basket is received in good
order.
Authorized Purchasers may redeem Shares from the
Fund only in blocks of 10,000 Shares called “Redemption Baskets.” The amount of the redemption proceeds for a Redemption
Basket will be equal to the NAV of the Shares in the Redemption Basket determined as of 4:00 p.m. (ET) on the day the order to redeem
the basket is received in good order.
The Fund will receive the proceeds from Shares
sold or will pay for redeemed Shares within three business days after the trade date of the purchase or redemption, respectively. The
amounts due from Authorized Purchasers will be reflected in the Fund’s statements of assets and liabilities as capital shares receivable.
Amounts payable to Authorized Purchasers upon redemption will be reflected in the Fund’s statements of assets and liabilities as
payable for Shares redeemed.
As outlined in the Trust’s Registration
Statement on Form S-1, filed with the SEC on March 18, 2024, 10,000 Shares represent five Redemption Baskets for the Fund and a
minimum level of Shares. If the Fund experienced redemptions that caused the number of Shares outstanding to decrease to the minimum level
of Shares required to be outstanding, until the minimum number of Shares is again exceeded through the purchase of a new Creation Basket,
there can be no more redemptions by an Authorized Purchaser.
|
Calculation of Net Asset Value |
Calculation of Net Asset Value
The Fund’s NAV is calculated by:
| ● | Taking the current market value of its total assets; |
| ● | Subtracting any liabilities; and |
| ● | Dividing the above total by the number of Shares outstanding. |
U.S. Bancorp Fund Services, LLC, doing business
as U.S. Bank Global Fund Services (“Global Fund Services”), the Fund’s sub-administrator, will calculate the NAV of
the Fund once each trading day. It will calculate the NAV as of the earlier of the close of the New York Stock Exchange or 4:00 p.m. (ET).
The NAV for a particular trading day will be released after 4:15 p.m. (ET).
To determine the value of Bitcoin Futures Contracts,
Global Fund Services uses the settlement price for the Benchmark Component Futures Contracts, as reported on the CME. CME Group staff
determines the daily settlements for the Benchmark Component Futures Contracts based on trading activity on CME Globex exchange between
14:59:00 and 15:00:00 Central Time (CT), the settlement period. When a Bitcoin Futures Contract has closed at its daily price fluctuation
limit, that limit price will be the daily settlement price that the CME publishes. The Fund will use the published settlement price to
price its Shares on that day. If the CME halted trading in Bitcoin Futures Contracts for other reasons, including if trading were halted
for an entire trading day or several trading days, the Fund would value its Bitcoin Futures Contracts by using the settlement price that
the CME publishes. Such valuation is generally deemed a Level 1 valuation.
The value of the Bitcoin held by the Fund will
be determined using a “Futures-Based Spot Price” (or “FBSP”) methodology. This methodology has been chosen by
the Sponsor specifically to calculate the Fund’s NAV, isolating it from data from unregulated bitcoin exchanges. The methodology
to derive the settlement prices of Bitcoin Futures Contracts on the CME involves a calculation that is a function of both the length of
time (the tenor) until each Bitcoin Futures Contract is due for settlement, and the final settlement price for each contract on that day.
The calculation is based on estimating a simple quadratic function to fit the prices across the different tenors and extrapolate this
curve to zero days tenor. This approach is designed to give more importance to contracts that are due for settlement in the near term,
considering that the prices of these near-term contracts are more reliable indicators of the current spot price of bitcoin and are also
more heavily traded. Such Valuation is generally deemed a Level 2 valuation.
|
Fair Value - Definition and Hierarchy |
Fair Value - Definition and Hierarchy
In accordance with GAAP, fair value is defined
as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly
transaction between market participants at the measurement date.
In determining fair value, the Fund uses various
valuation approaches. In accordance with GAAP, a fair value hierarchy for inputs is used in measuring fair value that maximizes the use
of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available.
Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources
independent of the Fund. Unobservable inputs reflect the Fund’s assumptions about the inputs market participants would use in pricing
the asset or liability developed based on the best information available in the circumstances. The fair value hierarchy is categorized
into three levels based on the inputs as follows:
Level 1 | - |
Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
Valuation adjustments and block discounts are not applied to Level 1 financial instruments. Since valuations are based on quoted prices
that are readily and regularly available in an active market, valuation of these financial instruments does not entail a significant
degree of judgment. |
| |
|
Level 2 | - |
Valuations based on quoted prices in markets that are not active
or for which all significant inputs are observable, either directly or indirectly. |
| |
|
Level 3 | - |
Valuations based on inputs that are unobservable and
significant to the overall fair value measurement. |
The availability of valuation techniques and observable
inputs can vary from financial instrument to financial instrument and is affected by a wide variety of factors including, the type of
financial instrument, whether the financial instrument is new and not yet established in the marketplace, and other characteristics particular
to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market,
the determination of fair value requires more judgment. Those estimated values do not necessarily represent the amounts that may be ultimately
realized due to the occurrence of future circumstances that cannot be reasonably determined. Because of the inherent uncertainty of valuation,
those estimated values may be materially higher or lower than the values that would have been used had a ready market for the financial
instruments existed. Accordingly, the degree of judgment exercised by the Fund in determining fair value is greatest for financial instruments
categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy.
In such cases, for disclosure purposes, the level in the fair value hierarchy, within which the fair value measurement in its entirety
falls, is determined based on the lowest level input that is significant to the fair value measurement.
Schedule of fair values of investments disaggregated into three levels of fair value hierarchy
September 30, 2024
| |
| | |
| | |
| | |
| |
| |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Balance as of September 30,
2024 | |
Assets: | |
| | | |
| | | |
| | | |
| | |
Cryptocurrency | |
$ | — | | |
$ | 9,379,568 | | |
$ | — | | |
$ | 9,379,568 | |
Money market funds | |
| 12,413 | | |
| — | | |
| — | | |
| 12,413 | |
Total | |
$ | 12,413 | | |
$ | 9,379,568 | | |
$ | — | | |
$ | 9,391,981 | |
December 31, 2023
| |
| | |
| | |
| | |
| |
| |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Balance as of December 31, 2023 | |
Assets: | |
| | | |
| | | |
| | | |
| | |
Cash Equivalents | |
$ | 1,867,663 | | |
$ | — | | |
$ | — | | |
$ | 1,867,663 | |
Bitcoin futures contracts | |
| 129,519 | | |
| — | | |
| — | | |
| 129,519 | |
Total | |
$ | 1,997,182 | | |
$ | — | | |
$ | — | | |
$ | 1,997,182 | |
| |
| | | |
| | | |
| | | |
| | |
Liabilities: | |
| | | |
| | | |
| | | |
| | |
Bitcoin futures contracts | |
$ | 51,376 | | |
$ | — | | |
$ | — | | |
$ | 51,376 | |
For the three and nine months ended September
30, 2024 and year ended December 31, 2023, the Fund did not have any significant transfers between any of the levels of the fair value
hierarchy.
|
Derivative Investments |
Derivative Investments
In the normal course of business, the Fund utilizes
derivative contracts in connection with its proprietary trading activities. Investments in derivative contracts are subject to additional
risks that can result in a loss of all or part of an investment. The Fund’s derivative activities and exposure to derivative contracts
are classified by the following primary underlying risks: interest rate, credit, commodity price, and equity price risks. In addition
to its primary underlying risks, the Fund is also subject to additional counterparty risk due to inability of its counterparties to meet
the terms of their contracts.
|
Futures Contracts |
Futures Contracts
The Fund is subject to cryptocurrency price risk
in the normal course of pursuing its investment objectives. A futures contract represents a commitment for the future purchase or sale
of an asset at a specified price on a specified date.
The purchase and sale of futures contracts requires
margin deposits with a Futures Commission Merchant (“FCM”). Subsequent payments (variation margin) are made or received by
the Fund each day, depending on the daily fluctuations in the value of the contract, and are recorded as unrealized gains or losses by
the Fund. Futures contracts may reduce the Fund’s exposure to counterparty risk since futures contracts are exchange-traded; and
the exchange’s clearinghouse, as the counterparty to all exchange-traded futures, guarantees the futures against default.
The Commodity Exchange Act requires an FCM to
segregate all customer transactions and assets from the FCM’s proprietary activities. A customer’s cash and other equity deposited
with an FCM are considered commingled with all other customer funds subject to the FCM’s segregation requirements. In the event
of an FCM’s insolvency, recovery may be limited to the Fund’s pro rata share of segregated customer funds available. It is
possible that the recovery amount could be less than the total of cash and other equity deposited.
The following table discloses information about
offsetting assets and liabilities presented in the statements of assets and liabilities to enable users of these financial statements
to evaluate the effect or potential effect of netting arrangements for recognized assets and liabilities. These recognized assets and
liabilities are presented as defined in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Update
(“ASU”) No. 2011-11 “Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities” and subsequently
clarified in FASB ASU 2013-01 “Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.”
The following table identifies the fair value amounts of derivative
instruments included in the statements of assets and liabilities as derivative contracts, categorized by primary underlying risk, and
held by StoneX.
As of September 30, 2024, there were no derivative instruments included
in the statements of assets and liabilities.
Offsetting of Financial Assets and Derivative Assets as of December
31, 2023
|
|
|
|
|
|
|
|
|
|
(iv) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Amount Not Offset
in the Statement of
Assets and Liabilities |
|
|
|
Description |
|
(i)
Gross
Amount
of
Recognized
Assets |
|
|
(ii)
Gross Amount
Offset in the
Statement of
Assets and
Liabilities |
|
|
(iii) = (i-ii)
Net Amount
Presented in
the Statement
of Assets and
Liabilities |
|
Futures
Contracts
Available for
Offset |
|
Collateral,
Due to
Broker |
|
(v) = (iii)-(iv)
Net Amount |
|
Cryptocurrency Price |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bitcoin futures contracts |
|
$ |
129,519 |
|
|
$ |
— |
|
|
|
129,519 |
|
|
51,376 |
|
$ |
— |
|
78,143 |
|
Offsetting of Financial Liabilities and Derivative Assets as of
December 31, 2023
|
|
|
|
|
|
|
|
|
|
(iv) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Amount Not Offset
in the Statement of
Assets and Liabilities |
|
|
|
Description |
|
(i)
Gross
Amount
of
Recognized
Assets |
|
|
(ii)
Gross
Amount
Offset in the
Statement of
Assets and
Liabilities |
|
|
(iii) = (i-ii)
Net Amount
Presented in
the Statement
of Assets and
Liabilities |
|
Futures
Contracts
Available for
Offset |
|
Collateral,
Due to
Broker |
|
(v) = (iii)-(iv)
Net Amount |
|
Cryptocurrency Price |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bitcoin futures contracts |
|
$ |
51,376 |
|
|
$ |
— |
|
|
|
51,376 |
|
|
51,376 |
|
$ |
— |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following tables identify the net gain and loss amounts included
in the statements of operations as realized and unrealized gains and losses on trading of cryptocurrency futures contracts categorized
by primary underlying risk:
Three months ended September 30, 2024. |
| |
| | |
| |
| |
Realized Gain (Loss) on Commodity Futures Contracts | | |
Net Change in
Unrealized
Appreciation/ Depreciation on
Commodity Futures
Contracts | |
Cryptocurrency Price | |
| | | |
| | |
Bitcoin futures contracts | |
$ | (16,691 | ) | |
| 7,741 | |
Three months ended September 30, 2023. |
| |
| | |
| |
| |
Realized Gain (Loss) on Commodity Futures Contracts | | |
Net Change in Unrealized Appreciation/ Depreciation on
Commodity Futures Contracts | |
Cryptocurrency Price | |
| | | |
| | |
Bitcoin futures contracts | |
$ | (176,608 | ) | |
$ | (107,189 | ) |
Nine months ended September 30, 2024. |
| |
| | |
| |
| |
Realized Gain (Loss) on Commodity Futures Contracts | | |
Net Change in Unrealized Appreciation/ Depreciation on
Commodity Futures Contracts | |
Cryptocurrency Price | |
| | | |
| | |
Bitcoin futures contracts | |
$ | 7,528,643 | | |
| (78,239 | ) |
Nine months ended September 30, 2023. |
| |
| | |
| |
| |
Realized Gain (Loss) on Commodity Futures Contracts | | |
Net Change in Unrealized Appreciation/ Depreciation on
Commodity Futures Contracts | |
Cryptocurrency Price | |
| | | |
| | |
Bitcoin futures contracts | |
$ | 524,179 | | |
$ | (9,669 | ) |
|
Volume of Monthly Derivative Activities |
Volume of Monthly Derivative Activities
The average notional market value categorized
by primary underlying risk for the futures contracts held was $109.5 thousand and $4.5 million respectively for the three and
nine months ended September 30, 2024 and $1.7 million and $1.8 million respectively for the three and nine months ended September
30, 2023.
|
Basis of Presentation |
Basis of Presentation
The preparation of these financial statements
in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the
reported amount of net assets and liabilities and disclosure of contingent assets and liabilities at the balance sheet date. Actual results
could differ from those estimates.
|
Organizational and Offering Costs |
Organizational and Offering Costs
All organizational and initial offering costs
for the Trust and the Fund were borne directly by the Sponsor. The Trust and the Fund do not have an obligation to reimburse the Sponsor
for organization and offering costs paid on their behalf.
|
Revenue Recognition |
Revenue Recognition
Investment transactions are accounted for on a
trade-date basis. All such transactions are recorded on the identified cost basis and marked to market daily. Unrealized appreciation
or depreciation on investments are reflected in the statements of operations as the difference between the original amount and the fair
market value as of the last business day of the year or as of the last date of the financial statements. Changes in the appreciation or
depreciation between periods are reflected in the statements of operations.
|
Brokerage Commissions |
Brokerage Commissions
The Sponsor recognizes the expense for brokerage
commissions for futures contract trades on a per-trade basis. The below table shows the amounts included on the statements of operations
as total brokerage commissions.
Three Months Ended September 30, 2024 | | |
$ | 50 | |
Three Months Ended September 30, 2023 | | |
$ | 593 | |
Nine Months Ended September 30, 2024 | | |
$ | 6,336 | |
Nine Months Ended September 30, 2023 | | |
$ | 1,970 | |
|
Due from/to Broker |
Due from/to Broker
The amount recorded by the Fund for the amount
due from and to the clearing broker includes, but is not limited to, cash held by the broker, amounts payable to the clearing broker related
to open transactions, payables for cryptocurrency futures accounts liquidating to an equity balance on the clearing broker’s records
and amounts of brokerage commissions paid and recognized as unrealized losses.
Margin is the minimum amount of funds that must
be deposited by a cryptocurrency interest trader with the trader’s broker to initiate and maintain an open position in futures contracts.
A margin deposit acts to assure the trader’s performance of the futures contracts purchased or sold. Futures contracts are customarily
bought and sold on initial margin that represents a very small percentage of the aggregate purchase or sales price of the contract. Because
of such low margin requirements, price fluctuations occurring in the futures markets may create profits and losses that, in relation to
the amount invested, are greater than customary in other forms of investment or speculation. As discussed below, adverse price changes
in the futures contract may result in margin requirements that greatly exceed the initial margin. In addition, the amount of margin required
in connection with a particular futures contract is set from time to time by the exchange on which the contract is traded and may be modified
from time to time by the exchange during the term of the contract. Brokerage firms, such as the Fund’s clearing brokers, carrying
accounts for traders in commodity interest contracts generally require higher amounts of margin as a matter of policy to further protect
themselves. Over the counter trading generally involves the extension of credit between counterparties, so the counterparties may agree
to require the posting of collateral by one or both parties to address credit exposure.
When a trader purchases an option, there is no
margin requirement; however, the option premium must be paid in full. When a trader sells an option, on the other hand, he or she is required
to deposit margin in an amount determined by the margin requirements established for the underlying interest and, in addition, an amount
substantially equal to the current premium for the option. The margin requirements imposed on the selling of options, although adjusted
to reflect the probability that out-of-the-money options will not be exercised, can in fact be higher than those imposed in dealing in
the futures markets directly. Complicated margin requirements apply to spreads and conversions, which are complex trading strategies in
which a trader acquires a mixture of options positions and positions in the underlying interest.
Ongoing or “maintenance” margin requirements
are computed each day by a trader’s clearing broker. When the market value of a particular open futures contract changes to a point
where the margin on deposit does not satisfy maintenance margin requirements, a margin call is made by the broker. If the margin call
is not met within a reasonable time, the broker may close out the trader’s position. With respect to the Fund’s trading, the
Fund (and not its shareholders personally) is subject to margin calls. Finally, many major U.S. exchanges have passed certain cross margining
arrangements involving procedures pursuant to which the futures and options positions held in an account would, in the case of some accounts,
be aggregated and margin requirements would be assessed on a portfolio basis, measuring the total risk of the combined positions.
|
Expenses |
Expenses
Expenses are recorded using the accrual method of accounting.
|
Net Income (Loss) per Share |
Net Income (Loss) per Share
Net income (loss) per share is the difference
between the NAV per unit at the beginning of each period and at the end of each period. The weighted average number of units outstanding
was computed for purposes of disclosing net income (loss) per weighted average unit. The weighted average units are equal to the number
of units outstanding at the end of the period, adjusted proportionately for units created or redeemed based on the amount of time the
units were outstanding during such period.
|
X |
- DefinitionDisclosure of accounting policy for calculation of net asset value.
+ References
+ Details
Name: |
defi_CalculationOfNetAssetValuePolicyTextBlock |
Namespace Prefix: |
defi_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for amounts due from/to Broker.
+ References
+ Details
Name: |
defi_DueFromToBrokerPolicyTextBlock |
Namespace Prefix: |
defi_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for futures contracts.
+ References
+ Details
Name: |
defi_FuturesContractsPolicyTextBlock |
Namespace Prefix: |
defi_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for organizational and offering costs.
+ References
+ Details
Name: |
defi_OrganizationalAndOfferingCostsPolicyTextBlock |
Namespace Prefix: |
defi_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for volume of derivative activities.
+ References
+ Details
Name: |
defi_VolumeOfDerivativeActivitiesPolicyTextBlock |
Namespace Prefix: |
defi_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for basis of accounting, or basis of presentation, used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).
+ References
+ Details
Name: |
us-gaap_BasisOfAccountingPolicyPolicyTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for cash and cash equivalents, including the policy for determining which items are treated as cash equivalents. Other information that may be disclosed includes (1) the nature of any restrictions on the entity's use of its cash and cash equivalents, (2) whether the entity's cash and cash equivalents are insured or expose the entity to credit risk, (3) the classification of any negative balance accounts (overdrafts), and (4) the carrying basis of cash equivalents (for example, at cost) and whether the carrying amount of cash equivalents approximates fair value.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482913/230-10-50-1
+ Details
Name: |
us-gaap_CashAndCashEquivalentsPolicyTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for fees earned by the broker dealer, acting as an agent in the buying and selling of securities and administrative efforts on behalf of customers and may include the timing of commission revenue recognition and presentation in the financial statements. Commissions earned are usually related to the broker dealer's customers' trading volume and the dollar amounts of the trades.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 940 -SubTopic 20 -Name Accounting Standards Codification -Section 25 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481913/940-20-25-2
+ Details
Name: |
us-gaap_CommissionsPolicy |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for its derivative instruments and hedging activities.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 815 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483443/250-10-50-9
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(n)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1
Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A
Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1
Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4
Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-7
+ Details
Name: |
us-gaap_DerivativesPolicyTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for computing basic and diluted earnings or loss per share for each class of common stock and participating security. Addresses all significant policy factors, including any antidilutive items that have been excluded from the computation and takes into account stock dividends, splits and reverse splits that occur after the balance sheet date of the latest reporting period but before the issuance of the financial statements.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-2
+ Details
Name: |
us-gaap_EarningsPerSharePolicyTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for fair value measurements of financial and non-financial assets, liabilities and instruments classified in shareholders' equity. Disclosures include, but are not limited to, how an entity that manages a group of financial assets and liabilities on the basis of its net exposure measures the fair value of those assets and liabilities.
+ References
+ Details
Name: |
us-gaap_FairValueMeasurementPolicyPolicyTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for guarantees, indemnifications and product warranties, and methodologies used in determining the amount of such liabilities.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 460 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/460/tableOfContent
+ Details
Name: |
us-gaap_GuaranteesIndemnificationsAndWarrantiesPolicies |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 20 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-20
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 19 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-19
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482525/740-10-45-25
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-03(h)(1)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 17 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-17
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482525/740-10-45-28
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482765/220-10-50-1
+ Details
Name: |
us-gaap_IncomeTaxPolicyTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for recognizing interest expense, including the method of amortizing debt issuance costs.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 835 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482900/835-30-50-1
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 835 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483013/835-20-50-1
+ Details
Name: |
us-gaap_InterestExpensePolicyTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for recognizing revenue from a transaction on a gross or net basis.
+ References
+ Details
Name: |
us-gaap_RevenueRecognitionAccountingPolicyGrossAndNetRevenueDisclosure |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for its capital stock transactions, including dividends and accumulated other comprehensive income.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477968/946-235-50-2
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 505 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-1
+ Details
Name: |
us-gaap_StockholdersEquityPolicyTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 275 -SubTopic 10 -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482861/275-10-50-9
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 275 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482861/275-10-50-4
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b) -SubTopic 10 -Topic 275 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482861/275-10-50-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -SubTopic 10 -Topic 275 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482861/275-10-50-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 11 -SubTopic 10 -Topic 275 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482861/275-10-50-11
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 12 -SubTopic 10 -Topic 275 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482861/275-10-50-12
Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 275 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482861/275-10-50-8
+ Details
Name: |
us-gaap_UseOfEstimates |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.24.3
Organization and Significant Accounting Policies (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Schedule of fair values of investments disaggregated into three levels of fair value hierarchy |
The availability of valuation techniques and observable
inputs can vary from financial instrument to financial instrument and is affected by a wide variety of factors including, the type of
financial instrument, whether the financial instrument is new and not yet established in the marketplace, and other characteristics particular
to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market,
the determination of fair value requires more judgment. Those estimated values do not necessarily represent the amounts that may be ultimately
realized due to the occurrence of future circumstances that cannot be reasonably determined. Because of the inherent uncertainty of valuation,
those estimated values may be materially higher or lower than the values that would have been used had a ready market for the financial
instruments existed. Accordingly, the degree of judgment exercised by the Fund in determining fair value is greatest for financial instruments
categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy.
In such cases, for disclosure purposes, the level in the fair value hierarchy, within which the fair value measurement in its entirety
falls, is determined based on the lowest level input that is significant to the fair value measurement.
Schedule of fair values of investments disaggregated into three levels of fair value hierarchy
September 30, 2024
| |
| | |
| | |
| | |
| |
| |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Balance as of September 30,
2024 | |
Assets: | |
| | | |
| | | |
| | | |
| | |
Cryptocurrency | |
$ | — | | |
$ | 9,379,568 | | |
$ | — | | |
$ | 9,379,568 | |
Money market funds | |
| 12,413 | | |
| — | | |
| — | | |
| 12,413 | |
Total | |
$ | 12,413 | | |
$ | 9,379,568 | | |
$ | — | | |
$ | 9,391,981 | |
December 31, 2023
| |
| | |
| | |
| | |
| |
| |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Balance as of December 31, 2023 | |
Assets: | |
| | | |
| | | |
| | | |
| | |
Cash Equivalents | |
$ | 1,867,663 | | |
$ | — | | |
$ | — | | |
$ | 1,867,663 | |
Bitcoin futures contracts | |
| 129,519 | | |
| — | | |
| — | | |
| 129,519 | |
Total | |
$ | 1,997,182 | | |
$ | — | | |
$ | — | | |
$ | 1,997,182 | |
| |
| | | |
| | | |
| | | |
| | |
Liabilities: | |
| | | |
| | | |
| | | |
| | |
Bitcoin futures contracts | |
$ | 51,376 | | |
$ | — | | |
$ | — | | |
$ | 51,376 | |
|
Offsetting of Financial Assets and Derivative Assets as of December 31, 2023 |
Offsetting of Financial Assets and Derivative Assets as of December
31, 2023
|
|
|
|
|
|
|
|
|
|
(iv) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Amount Not Offset
in the Statement of
Assets and Liabilities |
|
|
|
Description |
|
(i)
Gross
Amount
of
Recognized
Assets |
|
|
(ii)
Gross Amount
Offset in the
Statement of
Assets and
Liabilities |
|
|
(iii) = (i-ii)
Net Amount
Presented in
the Statement
of Assets and
Liabilities |
|
Futures
Contracts
Available for
Offset |
|
Collateral,
Due to
Broker |
|
(v) = (iii)-(iv)
Net Amount |
|
Cryptocurrency Price |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bitcoin futures contracts |
|
$ |
129,519 |
|
|
$ |
— |
|
|
|
129,519 |
|
|
51,376 |
|
$ |
— |
|
78,143 |
|
|
Offsetting of Financial Liabilities and Derivative Assets as of December 31, 2023 |
Offsetting of Financial Liabilities and Derivative Assets as of
December 31, 2023
|
|
|
|
|
|
|
|
|
|
(iv) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Amount Not Offset
in the Statement of
Assets and Liabilities |
|
|
|
Description |
|
(i)
Gross
Amount
of
Recognized
Assets |
|
|
(ii)
Gross
Amount
Offset in the
Statement of
Assets and
Liabilities |
|
|
(iii) = (i-ii)
Net Amount
Presented in
the Statement
of Assets and
Liabilities |
|
Futures
Contracts
Available for
Offset |
|
Collateral,
Due to
Broker |
|
(v) = (iii)-(iv)
Net Amount |
|
Cryptocurrency Price |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bitcoin futures contracts |
|
$ |
51,376 |
|
|
$ |
— |
|
|
|
51,376 |
|
|
51,376 |
|
$ |
— |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following tables identify the net gain and loss amounts included in the statements of operations as realized and unrealized gains and losses on trading of cryptocurrency futures contracts categorized by primary underlying risk: |
The following tables identify the net gain and loss amounts included
in the statements of operations as realized and unrealized gains and losses on trading of cryptocurrency futures contracts categorized
by primary underlying risk:
Three months ended September 30, 2024. |
| |
| | |
| |
| |
Realized Gain (Loss) on Commodity Futures Contracts | | |
Net Change in
Unrealized
Appreciation/ Depreciation on
Commodity Futures
Contracts | |
Cryptocurrency Price | |
| | | |
| | |
Bitcoin futures contracts | |
$ | (16,691 | ) | |
| 7,741 | |
Three months ended September 30, 2023. |
| |
| | |
| |
| |
Realized Gain (Loss) on Commodity Futures Contracts | | |
Net Change in Unrealized Appreciation/ Depreciation on
Commodity Futures Contracts | |
Cryptocurrency Price | |
| | | |
| | |
Bitcoin futures contracts | |
$ | (176,608 | ) | |
$ | (107,189 | ) |
Nine months ended September 30, 2024. |
| |
| | |
| |
| |
Realized Gain (Loss) on Commodity Futures Contracts | | |
Net Change in Unrealized Appreciation/ Depreciation on
Commodity Futures Contracts | |
Cryptocurrency Price | |
| | | |
| | |
Bitcoin futures contracts | |
$ | 7,528,643 | | |
| (78,239 | ) |
Nine months ended September 30, 2023. |
| |
| | |
| |
| |
Realized Gain (Loss) on Commodity Futures Contracts | | |
Net Change in Unrealized Appreciation/ Depreciation on
Commodity Futures Contracts | |
Cryptocurrency Price | |
| | | |
| | |
Bitcoin futures contracts | |
$ | 524,179 | | |
$ | (9,669 | ) |
|
The below table shows the amounts included on the statements of operations as total brokerage commissions. |
The Sponsor recognizes the expense for brokerage
commissions for futures contract trades on a per-trade basis. The below table shows the amounts included on the statements of operations
as total brokerage commissions.
Three Months Ended September 30, 2024 | | |
$ | 50 | |
Three Months Ended September 30, 2023 | | |
$ | 593 | |
Nine Months Ended September 30, 2024 | | |
$ | 6,336 | |
Nine Months Ended September 30, 2023 | | |
$ | 1,970 | |
|
X |
- DefinitionTabular disclosure of brokerage commissions.
+ References
+ Details
Name: |
defi_BrokerageCommissionsTableTextBlock |
Namespace Prefix: |
defi_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTabular disclosure of assets measured at fair value measured on a recurring or nonrecurring basis. Includes, but is not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
+ Details
Name: |
us-gaap_FairValueAssetsMeasuredOnRecurringAndNonrecurringBasisTableTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTabular disclosure of derivative and other financial assets that are subject to offsetting, including master netting arrangements.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483466/210-20-50-4
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483466/210-20-50-3
+ Details
Name: |
us-gaap_OffsettingAssetsTableTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTabular disclosure of derivative and other financial liabilities that are subject to offsetting, including master netting arrangements.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483466/210-20-50-4
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483466/210-20-50-3
+ Details
Name: |
us-gaap_OffsettingLiabilitiesTableTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A
+ Details
Name: |
us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.24.3
Sponsor Fee Allocation of Expenses and Related Party Transactions (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
Related Party Transactions [Abstract] |
|
Expenses paid by the Sponsor or the Prior Sponsor are, if applicable, presented as waived expenses in the statements of operations for the Fund: |
The Sponsor has the ability to elect to pay certain
expenses on behalf of the Fund or waive the management fee. This election is subject to change by the Sponsor, at its discretion. Expenses
paid by the Sponsor or the Prior Sponsor are, if applicable, presented as waived expenses in the statements of operations for the Fund:
Three Months Ended September 30, 2024 |
|
|
$ |
— |
|
Three Months Ended September 30, 2023 |
|
|
$ |
91,023 |
|
Nine Months Ended September 30, 2024 |
|
|
$ |
— |
|
Nine Months Ended September 30, 2023 |
|
|
$ |
222,642 |
|
|
X |
- DefinitionTabular disclosure of related party transactions. Examples of related party transactions include, but are not limited to, transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners and (d) affiliates.
+ References
+ Details
Name: |
us-gaap_ScheduleOfRelatedPartyTransactionsTableTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.24.3
Financial Highlights (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
Investment Company [Abstract] |
|
The following tables present per unit performance data and other supplemental financial data for the three and nine months ended September 30, 2024 and 2023. |
The following tables present per unit performance
data and other supplemental financial data for the three and nine months ended September 30, 2024 and 2023. This information has been
derived from information presented in the financial statements and is presented with total expenses gross of expenses waived by the Sponsor
and with total expenses net of expenses waived by the Sponsor, as appropriate.
TIDAL COMMODITIES TRUST I
FINANCIAL HIGHLIGHTS
| |
| | |
| | |
| | |
| |
| |
Three Months Ended | | |
Three Months Ended | | |
Nine Months
Ended | | |
Nine Months
Ended | |
| |
September 30, 2024 | | |
September 30, 2023* | | |
September 30, 2024* | | |
September 30, 2023* | |
Per Share Operation Performance | |
| | | |
| | | |
| | | |
| | |
Net asset value at beginning of period | |
$ | 68.43 | | |
$ | 38.78 | | |
$ | 50.74 | | |
$ | 21.40 | |
Income (loss) from investment operations: | |
| | | |
| | | |
| | | |
| | |
Net investment income (loss) | |
| (0.15 | ) | |
| 0.34 | | |
| 0.39 | | |
| 0.83 | |
Net realized and unrealized gain (loss) | |
| 3.97 | | |
| (5.68 | ) | |
| 21.12 | | |
| 11.21 | |
Total increase (decrease) from investment operations | |
| 3.82 | | |
| (5.34 | ) | |
| 21.51 | | |
| 12.04 | |
Net asset value at end of period | |
$ | 72.25 | | |
$ | 33.44 | | |
$ | 72.25 | | |
$ | 33.44 | |
Total Return | |
| 5.58 | % | |
| (13.76 | )% | |
| 42.39 | % | |
| 56.23 | % |
Ratios to Average Net Assets (Annualized) | |
| | | |
| | | |
| | | |
| | |
Total expenses | |
| 0.92 | % | |
| 21.29 | % | |
| 1.08 | % | |
| 17.69 | % |
Total expenses, net | |
| 0.92 | % | |
| 0.94 | % | |
| 1.08 | % | |
| 0.94 | % |
Net investment income (loss) | |
| (0.86 | )% | |
| 3.80 | % | |
| 0.77 | % | |
| 3.28 | % |
* |
Reflects financial data for the Hashdex Bitcoin Futures ETF, which was a series of Teucrium Commodity Trust until January 3, 2024. Please
see Note 5, below, for more information. |
HASHDEX BITCOIN ETF
(FORMERLY HASHDEX BITCOIN FUTURES ETF)
FINANCIAL HIGHLIGHTS
| |
| | |
| | |
| | |
| |
| |
Three Months Ended | | |
Three Months Ended | | |
Nine Months Ended | | |
Nine Months Ended | |
| |
September 30, 2024 | | |
September 30, 2023 | | |
September 30, 2024 | | |
September 30, 2023 | |
Per Share Operation Performance | |
| | | |
| | | |
| | | |
| | |
Net asset value at beginning of period | |
$ | 68.43 | | |
$ | 38.78 | | |
$ | 50.74 | | |
$ | 21.40 | |
Income (loss) from investment operations: | |
| | | |
| | | |
| | | |
| | |
Net investment income (loss) | |
| (0.15 | ) | |
| 0.34 | | |
| 0.39 | | |
| 0.83 | |
Net realized and unrealized gain (loss) | |
| 3.97 | | |
| (5.68 | ) | |
| 21.12 | | |
| 11.21 | |
Total increase (decrease) from investment operations | |
| 3.82 | | |
| (5.34 | ) | |
| 21.51 | | |
| 12.04 | |
Net asset value at end of period | |
$ | 72.25 | | |
$ | 33.44 | | |
$ | 72.25 | | |
$ | 33.44 | |
Total Return | |
| 5.58 | % | |
| (13.76 | )% | |
| 42.39 | % | |
| 56.23 | % |
Ratios to Average Net Assets (Annualized) | |
| | | |
| | | |
| | | |
| | |
Total expenses | |
| 0.92 | % | |
| 21.29 | % | |
| 1.08 | % | |
| 17.69 | % |
Total expenses, net | |
| 0.92 | % | |
| 0.94 | % | |
| 1.08 | % | |
| 0.94 | % |
Net investment income (loss) | |
| (0.86 | )% | |
| 3.80 | % | |
| 0.77 | % | |
| 3.28 | % |
|
X |
- References
+ Details
Name: |
us-gaap_InvestmentCompanyAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTabular disclosure of financial highlights. Includes, but is not limited to, per share information, income and expense ratios, total return, capital commitment and fee waiver.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 205 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478494/946-205-50-1
+ Details
Name: |
us-gaap_InvestmentCompanyFinancialHighlightsTableTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.24.3
Schedule of fair values of investments disaggregated into three levels of fair value hierarchy (Details) - USD ($)
|
Sep. 30, 2024 |
Dec. 31, 2023 |
Assets: |
|
|
|
Cryptocurrency |
$ 9,379,568
|
|
[1] |
Bitcoin futures contracts |
|
129,519
|
[1] |
Total |
9,391,981
|
1,997,182
|
|
Liabilities: |
|
|
|
Bitcoin futures contracts |
|
51,376
|
[1] |
Cryptocurrency [Member] |
|
|
|
Assets: |
|
|
|
Cryptocurrency |
9,379,568
|
|
|
Money Market Funds [Member] |
|
|
|
Assets: |
|
|
|
Cash Equivalents |
12,413
|
|
|
Cash Equivalents [Member] |
|
|
|
Assets: |
|
|
|
Cash Equivalents |
|
1,867,663
|
|
Bitcoin Futures Contracts [Member] |
|
|
|
Assets: |
|
|
|
Bitcoin futures contracts |
|
129,519
|
|
Liabilities: |
|
|
|
Bitcoin futures contracts |
|
51,376
|
|
Fair Value, Inputs, Level 1 [Member] |
|
|
|
Assets: |
|
|
|
Total |
12,413
|
1,997,182
|
|
Fair Value, Inputs, Level 1 [Member] | Cryptocurrency [Member] |
|
|
|
Assets: |
|
|
|
Cryptocurrency |
|
|
|
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] |
|
|
|
Assets: |
|
|
|
Cash Equivalents |
12,413
|
|
|
Fair Value, Inputs, Level 1 [Member] | Cash Equivalents [Member] |
|
|
|
Assets: |
|
|
|
Cash Equivalents |
|
1,867,663
|
|
Fair Value, Inputs, Level 1 [Member] | Bitcoin Futures Contracts [Member] |
|
|
|
Assets: |
|
|
|
Bitcoin futures contracts |
|
129,519
|
|
Liabilities: |
|
|
|
Bitcoin futures contracts |
|
51,376
|
|
Fair Value, Inputs, Level 2 [Member] |
|
|
|
Assets: |
|
|
|
Total |
9,379,568
|
|
|
Fair Value, Inputs, Level 2 [Member] | Cryptocurrency [Member] |
|
|
|
Assets: |
|
|
|
Cryptocurrency |
9,379,568
|
|
|
Fair Value, Inputs, Level 2 [Member] | Money Market Funds [Member] |
|
|
|
Assets: |
|
|
|
Cash Equivalents |
|
|
|
Fair Value, Inputs, Level 2 [Member] | Cash Equivalents [Member] |
|
|
|
Assets: |
|
|
|
Cash Equivalents |
|
|
|
Fair Value, Inputs, Level 2 [Member] | Bitcoin Futures Contracts [Member] |
|
|
|
Assets: |
|
|
|
Bitcoin futures contracts |
|
|
|
Liabilities: |
|
|
|
Bitcoin futures contracts |
|
|
|
Fair Value, Inputs, Level 3 [Member] |
|
|
|
Assets: |
|
|
|
Total |
|
|
|
Fair Value, Inputs, Level 3 [Member] | Cryptocurrency [Member] |
|
|
|
Assets: |
|
|
|
Cryptocurrency |
|
|
|
Fair Value, Inputs, Level 3 [Member] | Money Market Funds [Member] |
|
|
|
Assets: |
|
|
|
Cash Equivalents |
|
|
|
Fair Value, Inputs, Level 3 [Member] | Cash Equivalents [Member] |
|
|
|
Assets: |
|
|
|
Cash Equivalents |
|
|
|
Fair Value, Inputs, Level 3 [Member] | Bitcoin Futures Contracts [Member] |
|
|
|
Assets: |
|
|
|
Bitcoin futures contracts |
|
|
|
Liabilities: |
|
|
|
Bitcoin futures contracts |
|
|
|
|
|
X |
- References
+ Details
Name: |
us-gaap_AssetsAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionFair value portion of asset recognized for present right to economic benefit.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
+ Details
Name: |
us-gaap_AssetsFairValueDisclosure |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionFair value portion of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
+ Details
Name: |
us-gaap_CashAndCashEquivalentsFairValueDisclosure |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionFair value of crypto asset. Excludes crypto asset held for platform user.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 60 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147476168/350-60-50-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 60 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147476168/350-60-50-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 60 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147476168/350-60-50-3
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 60 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147476167/350-60-45-1
+ Details
Name: |
us-gaap_CryptoAssetFairValue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionFair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 103 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103
Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2)(i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-12
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-6
Reference 11: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 55 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477439/946-210-55-1
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-6
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-6
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a)(4) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-6
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-1
Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-1
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-1
Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-1
Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-6
Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-6
Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(3)(c)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1
Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 5C -Subparagraph (SX 210.12-13C(Column H)(Footnote 7)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5C
Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(3)(b)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1
Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 5 -Subparagraph (SX 210.12-13(Column A)(Footnote 3)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5
Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 5C -Subparagraph (SX 210.12-13C(Column H)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5C
Reference 26: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 5A -Subparagraph (SX 210.12-13A(Column E)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5A
Reference 27: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 5B -Subparagraph (SX 210.12-13B(Column E)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5B
Reference 28: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 5B -Subparagraph (SX 210.12-13B(Column E)(Footnote 4)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5B
Reference 29: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483466/210-20-50-3
Reference 30: http://www.xbrl.org/2003/role/exampleRef -Topic 210 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483444/210-20-55-22
Reference 31: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483444/210-20-55-10
Reference 32: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-10
+ Details
Name: |
us-gaap_DerivativeAssets |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionFair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2)(i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-6
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-6
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-6
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a)(4) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-6
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-1
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-1
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-1
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-1
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-6
Reference 16: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-6
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(9)(e)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1
Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 5C -Subparagraph (SX 210.12-13C(Column H)(Footnote 7)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5C
Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(9)(b)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1
Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(9)(d)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1
Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 5 -Subparagraph (SX 210.12-13(Column G)(Footnote 8)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5
Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 5C -Subparagraph (SX 210.12-13C(Column H)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5C
Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 5 -Subparagraph (SX 210.12-13(Column G)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5
Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 5A -Subparagraph (SX 210.12-13A(Column E)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5A
Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 5B -Subparagraph (SX 210.12-13B(Column E)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5B
Reference 26: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 5B -Subparagraph (SX 210.12-13B(Column E)(Footnote 4)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5B
Reference 27: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483466/210-20-50-3
Reference 28: http://www.xbrl.org/2003/role/exampleRef -Topic 210 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483444/210-20-55-22
Reference 29: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483444/210-20-55-10
Reference 30: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-10
+ Details
Name: |
us-gaap_DerivativeLiabilities |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
us-gaap_LiabilitiesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_InvestmentTypeAxis=defi_CryptocurrencyMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_InvestmentTypeAxis=us-gaap_MoneyMarketFundsMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_InvestmentTypeAxis=us-gaap_CashEquivalentsMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_InvestmentTypeAxis=defi_BitcoinFuturesContractsMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.24.3
Offsetting of Financial Assets and Derivative Assets (Details) - USD ($)
|
Sep. 30, 2024 |
Dec. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
|
|
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement |
|
$ 129,519
|
|
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset |
|
|
|
Derivative Asset, Total |
|
129,519
|
[1] |
Derivative Asset, Subject to Master Netting Arrangement, Deduction of Financial Instrument Not Offset |
|
51,376
|
|
Derivative Asset, Subject to Master Netting Arrangement, Collateral, Obligation to Return Security Not Offset |
|
|
|
Derivative Asset, Including Not Subject to Master Netting Arrangement, after Offset and Deduction, Total |
|
$ 78,143
|
|
|
|
X |
- DefinitionFair value, before effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and elected not to be offset.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 5C -Subparagraph (SX 210.12-13C(Column F)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5C
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 5B -Subparagraph (SX 210.12-13B(Column E)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5B
Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 210 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483444/210-20-55-22
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483466/210-20-50-3
+ Details
Name: |
us-gaap_DerivativeAssetFairValueGrossAssetIncludingNotSubjectToMasterNettingArrangement |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionFair value of liability associated with financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset, and obligation to return cash collateral under master netting arrangements.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 5 -SubTopic 10 -Topic 815 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480463/815-10-45-5
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -SubTopic 20 -Topic 210 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483466/210-20-50-3
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 55 -Paragraph 8 -SubTopic 20 -Topic 210 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483444/210-20-55-8
Reference 4: http://www.xbrl.org/2003/role/exampleRef -Topic 210 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483444/210-20-55-21
+ Details
Name: |
us-gaap_DerivativeAssetFairValueGrossLiabilityAndObligationToReturnCashOffset |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionFair value of financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and contract can be net settled by means outside contract or delivery of asset, subject to master netting arrangement or similar agreement and not elected or qualified to offset, deducted from derivative asset.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 55 -Paragraph 13 -SubTopic 20 -Topic 210 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483444/210-20-55-13
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d)(1)(i) -SubTopic 20 -Topic 210 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483466/210-20-50-3
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d)(1)(ii) -SubTopic 20 -Topic 210 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483466/210-20-50-3
+ Details
Name: |
us-gaap_DerivativeAssetNotOffsetPolicyElectionDeduction |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionFair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 103 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103
Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2)(i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-12
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-6
Reference 11: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 55 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477439/946-210-55-1
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-6
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-6
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a)(4) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-6
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-1
Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-1
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-1
Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-1
Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-6
Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-6
Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(3)(c)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1
Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 5C -Subparagraph (SX 210.12-13C(Column H)(Footnote 7)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5C
Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(3)(b)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1
Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 5 -Subparagraph (SX 210.12-13(Column A)(Footnote 3)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5
Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 5C -Subparagraph (SX 210.12-13C(Column H)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5C
Reference 26: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 5A -Subparagraph (SX 210.12-13A(Column E)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5A
Reference 27: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 5B -Subparagraph (SX 210.12-13B(Column E)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5B
Reference 28: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 5B -Subparagraph (SX 210.12-13B(Column E)(Footnote 4)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5B
Reference 29: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483466/210-20-50-3
Reference 30: http://www.xbrl.org/2003/role/exampleRef -Topic 210 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483444/210-20-55-22
Reference 31: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483444/210-20-55-10
Reference 32: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-10
+ Details
Name: |
us-gaap_DerivativeAssets |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount of obligation to return securities collateral under master netting arrangements that have not been offset against derivative assets.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 55 -Paragraph 13 -SubTopic 20 -Topic 210 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483444/210-20-55-13
Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 210 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 20 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483444/210-20-55-20
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483466/210-20-50-3
+ Details
Name: |
us-gaap_DerivativeCollateralObligationToReturnSecurities |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionFair value, after effect of master netting arrangement and deduction of obligation to return financial collateral not offset and financial instrument subject to master netting arrangement not offset, of financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and contract can be net settled by means outside contract or delivery of asset. Includes derivative not subject to master netting arrangement or similar agreement.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 55 -Paragraph 13 -SubTopic 20 -Topic 210 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483444/210-20-55-13
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8
+ Details
Name: |
us-gaap_DerivativeFairValueOfDerivativeAssetAmountOffsetAgainstCollateral |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.24.3
Offsetting of Financial Liabilities and Derivative Assets (Details) - USD ($)
|
Sep. 30, 2024 |
Dec. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
|
|
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement |
|
$ 51,376
|
|
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset |
|
|
|
Derivative Liability |
|
51,376
|
[1] |
Derivative Liability, Subject to Master Netting Arrangement, Deduction of Financial Instrument Not Offset |
|
51,376
|
|
Derivative Liability, Subject to Master Netting Arrangement, Collateral, Right to Reclaim Security Not Offset |
|
|
|
Derivative Liability, Including Not Subject to Master Netting Arrangement, after Offset and Deduction |
|
|
|
|
|
X |
- DefinitionAmount of right to receive securities collateral under master netting arrangements that have not been offset against derivative liabilities.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 55 -Paragraph 13 -SubTopic 20 -Topic 210 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483444/210-20-55-13
Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 210 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 20 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483444/210-20-55-20
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483466/210-20-50-3
+ Details
Name: |
us-gaap_DerivativeCollateralRightToReclaimSecurities |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionFair value, after effect of master netting arrangement and deduction of obligation to return financial collateral not offset and financial instrument subject to master netting arrangement not offset, of financial liability or contract with one or more underlyings, notional amount or payment provision or both, and contract can be net settled by means outside contract or delivery of asset. Includes derivative not subject to master netting arrangement or similar agreement.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 55 -Paragraph 13 -SubTopic 20 -Topic 210 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483444/210-20-55-13
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8
+ Details
Name: |
us-gaap_DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionFair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2)(i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-6
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-6
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-6
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a)(4) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-6
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-1
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-1
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-1
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-1
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-6
Reference 16: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-6
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(9)(e)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1
Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 5C -Subparagraph (SX 210.12-13C(Column H)(Footnote 7)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5C
Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(9)(b)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1
Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(9)(d)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1
Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 5 -Subparagraph (SX 210.12-13(Column G)(Footnote 8)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5
Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 5C -Subparagraph (SX 210.12-13C(Column H)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5C
Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 5 -Subparagraph (SX 210.12-13(Column G)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5
Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 5A -Subparagraph (SX 210.12-13A(Column E)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5A
Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 5B -Subparagraph (SX 210.12-13B(Column E)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5B
Reference 26: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 5B -Subparagraph (SX 210.12-13B(Column E)(Footnote 4)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5B
Reference 27: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483466/210-20-50-3
Reference 28: http://www.xbrl.org/2003/role/exampleRef -Topic 210 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483444/210-20-55-22
Reference 29: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483444/210-20-55-10
Reference 30: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-10
+ Details
Name: |
us-gaap_DerivativeLiabilities |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionFair value of asset associated with financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset, and right to receive cash collateral under master netting arrangements.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 5 -SubTopic 10 -Topic 815 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480463/815-10-45-5
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -SubTopic 20 -Topic 210 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483466/210-20-50-3
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 55 -Paragraph 8 -SubTopic 20 -Topic 210 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483444/210-20-55-8
Reference 4: http://www.xbrl.org/2003/role/exampleRef -Topic 210 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483444/210-20-55-21
+ Details
Name: |
us-gaap_DerivativeLiabilityFairValueGrossAssetAndRightToReclaimCashOffset |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionFair value, before effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and elected not to be offset.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 5C -Subparagraph (SX 210.12-13C(Column F)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5C
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 5B -Subparagraph (SX 210.12-13B(Column E)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5B
Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 210 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483444/210-20-55-22
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483466/210-20-50-3
+ Details
Name: |
us-gaap_DerivativeLiabilityFairValueGrossLiabilityIncludingNotSubjectToMasterNettingArrangement |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionFair value of financial liability or contract with one or more underlyings, notional amount or payment provision or both, and contract can be net settled by means outside contract or delivery of asset, subject to master netting arrangement or similar agreement and not elected or qualified to offset, deducted from derivative liability.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 55 -Paragraph 13 -SubTopic 20 -Topic 210 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483444/210-20-55-13
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d)(1)(i) -SubTopic 20 -Topic 210 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483466/210-20-50-3
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d)(1)(ii) -SubTopic 20 -Topic 210 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483466/210-20-50-3
+ Details
Name: |
us-gaap_DerivativeLiabilityNotOffsetPolicyElectionDeduction |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.24.3
The following tables identify the net gain and loss amounts included in the statements of operations as realized and unrealized gains and losses on trading of cryptocurrency futures contracts categorized by primary underlying risk: (Details) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
[1] |
Sep. 30, 2024 |
[1] |
Sep. 30, 2023 |
[1] |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
|
|
|
|
|
Gain (Loss) on Sale of Derivatives |
$ (16,691)
|
$ (176,608)
|
$ 7,528,643
|
|
$ 524,179
|
|
Unrealized Gain (Loss) on Derivatives |
$ 7,741
|
$ (107,189)
|
$ (78,239)
|
[2] |
$ (9,669)
|
[2] |
|
|
X |
- DefinitionThe difference between the book value and the sale price of options, swaps, futures, forward contracts, and other derivative instruments. This element refers to the gain (loss) included in earnings.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Subparagraph (b) -SubTopic 10 -Topic 230 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(13)(h)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(7)(a)(7)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(7)(a)(3)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(7)(a)(5)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(7)(a)(6)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1
+ Details
Name: |
us-gaap_GainLossOnSaleOfDerivatives |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Subparagraph (b) -SubTopic 10 -Topic 230 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(7)(c)(3)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(7)(c)(5)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(7)(c)(6)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(7)(c)(7)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 5A -Subparagraph (SX 210.12-13A(Column F)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5A
+ Details
Name: |
us-gaap_UnrealizedGainLossOnDerivatives |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
v3.24.3
X |
- References
+ Details
Name: |
us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe amount of cash paid for brokerage fees during the current period. This element is intended to represent the brokerage fees paid by and between financial industry participants.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 25 -Subparagraph (g) -SubTopic 10 -Topic 230 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482740/230-10-45-25
+ Details
Name: |
us-gaap_PaymentsForBrokerageFees |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
v3.24.3
Organization and Significant Accounting Policies (Details Narrative) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
|
|
|
Block of shares issued and redeemed |
|
|
10,000
|
|
Initial price per share |
$ 25
|
|
$ 25
|
|
Derivative, Average Notional Amount |
$ 109,500
|
$ 1,700,000
|
$ 4,500,000
|
$ 1,800,000
|
X |
- DefinitionBlock of shares issued and redeemed.
+ References
+ Details
Name: |
defi_BlockOfSharesIssuedAndRedeemed |
Namespace Prefix: |
defi_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAverage nominal or face amount used to calculate payment on derivative.
+ References
+ Details
Name: |
defi_DerivativeAverageNotionalAmount |
Namespace Prefix: |
defi_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionPer share or per unit amount of equity securities issued.
+ References
+ Details
Name: |
us-gaap_SharesIssuedPricePerShare |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:perShareItemType |
Balance Type: |
na |
Period Type: |
instant |
|
v3.24.3
X |
- DefinitionAmount of fee voluntarily waived by investment company.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480990/946-20-50-7
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(2)(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1
+ Details
Name: |
us-gaap_InvestmentCompanyVoluntaryFeeWaived |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
v3.24.3
X |
- DefinitionPercentage of management fee paid to the Sponsor.
+ References
+ Details
Name: |
defi_PercentageOfManagementFee |
Namespace Prefix: |
defi_ |
Data Type: |
dtr-types:percentItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionPercentage of private keys held in cold storage.
+ References
+ Details
Name: |
defi_PercentageOfPrivateKeysHeldInColdStorage |
Namespace Prefix: |
defi_ |
Data Type: |
dtr-types:percentItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.24.3
X |
- References
+ Details
Name: |
us-gaap_EarningsPerShareAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionPercentage, after deduction of fee waiver and before deduction of incentive fee, of expense to average net assets.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 205 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478494/946-205-50-13
+ Details
Name: |
us-gaap_InvestmentCompanyExpenseRatioExcludingIncentiveFee |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:percentItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionPercentage, after deduction of fee waiver and incentive fee, of expense to average net assets.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 205 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478494/946-205-50-14
+ Details
Name: |
us-gaap_InvestmentCompanyExpenseRatioIncludingIncentiveFee |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:percentItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_InvestmentCompanyFinancialRatiosAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionPer share or unit amount of realized and unrealized gain (loss) on investment.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 205 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478494/946-205-50-7
+ Details
Name: |
us-gaap_InvestmentCompanyGainLossOnInvestmentPerShare |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:perShareItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_InvestmentCompanyInvestmentIncomeLossFromOperationsPerShareAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionPer share or unit amount, after investment expense, of dividend and interest investment income (loss).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 205 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478494/946-205-50-7
+ Details
Name: |
us-gaap_InvestmentCompanyInvestmentIncomeLossPerShare |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:perShareItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionPercentage of investment income (loss) to average net assets.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 205 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478494/946-205-50-10
+ Details
Name: |
us-gaap_InvestmentCompanyInvestmentIncomeLossRatio |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:percentItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionPer share or unit amount of increase (decrease) in net asset value.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 205 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478494/946-205-50-7
+ Details
Name: |
us-gaap_InvestmentCompanyNetAssetValuePerSharePeriodIncreaseDecrease |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:perShareItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionPercentage increase (decrease) in fund net asset value, assuming reinvestment of dividends and capital gain distributions.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 205 -Name Accounting Standards Codification -Section 50 -Paragraph 27 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478494/946-205-50-27
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480990/946-20-50-2
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 205 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478494/946-205-50-18
+ Details
Name: |
us-gaap_InvestmentCompanyTotalReturn |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:percentItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionNet asset value per share or per unit of investments in certain entities that calculate net asset value per share. Includes, but is not limited to, by unit, membership interest, or other ownership interest. Investment includes, but is not limited to, investment in certain hedge funds, venture capital funds, private equity funds, real estate partnerships or funds. Excludes fair value disclosure.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479168/946-830-55-12
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 45 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477796/946-210-45-4
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 205 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478494/946-205-50-7
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 205 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478494/946-205-50-7
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 505 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478448/946-505-50-1
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(19)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.6-05(4)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2
+ Details
Name: |
us-gaap_NetAssetValuePerShare |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:perShareItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- Details
Name: |
dei_LegalEntityAxis=defi_HashdexBitcoinETFMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.24.3
Merger with Hashdex Bitcoin Futures ETF (Details Narrative) - USD ($)
|
Jan. 03, 2024 |
Sep. 30, 2024 |
Jun. 30, 2024 |
Dec. 31, 2023 |
Sep. 30, 2023 |
Jun. 30, 2023 |
[2] |
Dec. 31, 2022 |
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Net assets |
$ 2,708,819
|
$ 9,392,528
|
[1] |
|
$ 2,536,958
|
[1] |
$ 1,672,130
|
[1] |
|
$ 1,070,263
|
[1] |
Shares outstanding |
50,000
|
|
|
|
|
|
|
|
|
|
|
Net asset value per share |
$ 54.18
|
$ 72.25
|
[2] |
$ 68.43
|
$ 50.74
|
[2],[3] |
$ 33.44
|
[2] |
$ 38.78
|
$ 21.40
|
[2] |
Hashdex Bitcoin Futures ETF [Member] |
|
|
|
|
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
50,000
|
|
|
|
|
|
|
|
|
|
|
Value of shares issued |
$ 2,708,819
|
|
|
|
|
|
|
|
|
|
|
Number of shares acquired |
50,000
|
|
|
|
|
|
|
|
|
|
|
Value of shares acquired |
$ 2,708,819
|
|
|
|
|
|
|
|
|
|
|
Teucrium Trading LLC [Member] |
|
|
|
|
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Percentage of management fee agreed to provide |
7.00%
|
|
|
|
|
|
|
|
|
|
|
Minimum percentage of monthly net assets for fee |
0.04%
|
|
|
|
|
|
|
|
|
|
|
|
|
X |
- DefinitionMinimum percentage of monthly net assets for fee.
+ References
+ Details
Name: |
defi_MinimumPercentageOfMonthlyNetAssetsForFee |
Namespace Prefix: |
defi_ |
Data Type: |
dtr-types:percentItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionPercentage of Management Fee agreed to provide.
+ References
+ Details
Name: |
defi_PercentageOfManagementFeeAgreedToProvide |
Namespace Prefix: |
defi_ |
Data Type: |
dtr-types:percentItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionNumber of shares of stock acquired during the period.
+ References
+ Details
Name: |
defi_StockAcquiredDuringPeriodShares |
Namespace Prefix: |
defi_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionValue of stock acquired during the period.
+ References
+ Details
Name: |
defi_StockAcquiredDuringPeriodValue |
Namespace Prefix: |
defi_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-5
+ Details
Name: |
us-gaap_BusinessAcquisitionLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionNumber of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 505 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-2
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(29)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.6-05(4)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2
Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(4)(b)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(16)(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1
Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(7)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3
+ Details
Name: |
us-gaap_CommonStockSharesOutstanding |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionNet asset value per share or per unit of investments in certain entities that calculate net asset value per share. Includes, but is not limited to, by unit, membership interest, or other ownership interest. Investment includes, but is not limited to, investment in certain hedge funds, venture capital funds, private equity funds, real estate partnerships or funds. Excludes fair value disclosure.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479168/946-830-55-12
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 45 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477796/946-210-45-4
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 205 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478494/946-205-50-7
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 205 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478494/946-205-50-7
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 505 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478448/946-505-50-1
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(19)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.6-05(4)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2
+ Details
Name: |
us-gaap_NetAssetValuePerShare |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:perShareItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionNumber of shares of stock issued during the period pursuant to acquisitions.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(28)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(29)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1
+ Details
Name: |
us-gaap_StockIssuedDuringPeriodSharesAcquisitions |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionValue of stock issued pursuant to acquisitions during the period.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 505 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-2
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(29)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(30)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(31)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1
+ Details
Name: |
us-gaap_StockIssuedDuringPeriodValueAcquisitions |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(29)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(30)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(31)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 4: http://www.xbrl.org/2003/role/exampleRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481372/852-10-55-10
Reference 5: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479168/946-830-55-12
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(19)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.6-05(4)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2
Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(4)(b)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(6)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(7)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3
Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1
Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3
Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-28
Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 4.E) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480418/310-10-S99-2
+ Details
Name: |
us-gaap_StockholdersEquity |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- Details
Name: |
us-gaap_BusinessAcquisitionAxis=defi_HashdexBitcoinFuturesETFMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
srt_CounterpartyNameAxis=defi_TeucriumTradingLLCMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.24.3
X |
- DefinitionPercentage of investment owned to net assets.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 55 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477439/946-210-55-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-6
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-6
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-1
Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478795/946-210-50-6
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-12(Column C)(Footnote 5)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-12B(Column D)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-12B(Column C)(Footnote 2)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-12B(Column A)(Footnote 6)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14(Column F)(Footnote 7)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6
+ Details
Name: |
us-gaap_InvestmentOwnedPercentOfNetAssets |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:percentItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- Details
Name: |
dei_LegalEntityAxis=defi_HashdexBitcoinETFMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_InvestmentTypeAxis=defi_SpotBitcoinMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_InvestmentTypeAxis=defi_CMETradedBitcoinFuturesContractsCashAndCashEquivalentsMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
Hashdex Bitcoin ETF (AMEX:DEFI)
Historical Stock Chart
From Nov 2024 to Dec 2024
Hashdex Bitcoin ETF (AMEX:DEFI)
Historical Stock Chart
From Dec 2023 to Dec 2024