SEC Filing Document

Company: Canary Staked TRX ETF
Ticker: 
CIK: 2064768
Filing Type: S-1
Document Type: S-1
Date Filed: 2025-04-18
Accession Number: 0001999371-25-004423
Exchange: 
SIC Code: 6221
SIC Description: Commodity Contracts Brokers & Dealers
URL: https://www.sec.gov/Archives/edgar/data/2064768/000199937125004423/canary-s1_041825.htm

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cash equivalents except for cash received from Authorized Participants in connection with a creation transaction or cash held by the Trust pending distribution to Authorized Participants in a redemption transaction or payment of Trust expenses. The Trust has entered into a custodian agreement (the “Cash Custody Agreement”) with the Cash Custodian under which the Cash Custodian acts as custodian of the Trust’s cash. The Trust is obligated to convert any cash contributed to TRX as soon as practicable, except to the extent necessary for a redemption transaction or to pay expenses. The Trust may change the custodial arrangements described in this Prospectus at any time without notice to Shareholders. To the extent a change in custodial arrangements is deemed material by the Sponsor, the Trust will notify Shareholders in a Prospectus supplement and/or a current report on Form 8-K or in its annual or quarterly reports.] Forks and Air Drops

the event of a fork, the Custodial Services Agreement provides that the TRX Custodian may evaluate the consequences of a fork and determine
which chain resulting from the fork it will support as an eligible asset for its customers including the Trust. The TRX Custodian will
determine in its sole discretion whether to support and make available to clients assets resulting from forks or air drops. In the event
that the Trust may have a right to claim assets resulting from a fork or air drop, the TRX Custodian will seek approval of the Trust before
claiming such assets on behalf of the Trust and making an entry of ownership on the TRX Custodian’s books and records for the Trust’s
account. The Sponsor has not communicated any anticipatory disclaimer to the TRX Custodian regarding forked or air dropped assets and
will disclaim or claim them on a case-by-case basis.

Custody of the Trust’s
Cash

The
Trust generally does not intend to hold cash or cash equivalents except for cash received from Authorized Participants in connection with
a creation transaction or cash held by the Trust pending distribution to Authorized Participants in a redemption transaction or payment
of Trust expenses. The Trust has entered into a Cash Custody Agreement with the Cash Custodian under which the Cash Custodian acts as
custodian of the Trust’s cash.

Staked TRX

The
Trust intends to establish a program to stake a portion of the Trust’s assets through one or more Staking Providers. The TRX Custodian
will maintain exclusive possession and control of the private keys associated with any staked TRX at all times. However, as part of the
“voting” and “withdrawing” processes of TRX staking, any staked TRX will be inaccessible for a period of time
determined by a range of factors.

FORM OF SHARES

Registered Form

Shares
are issued in registered form in accordance with the Trust Agreement. The Transfer Agent has been appointed registrar and transfer agent
for the purpose of transferring Shares in certificated form. The Transfer Agent keeps a record of all Shareholders and holders of the
Shares in certified form in the registry. The Sponsor recognizes transfers of Shares in certificated form only if done in accordance with
the Trust Agreement. The beneficial interests in such Shares are held in book-entry form through participants and/or accountholders in
DTC.

Book Entry

Individual
certificates are not issued for the Shares. Instead, Shares are represented by one or more global certificates, which are deposited by
the Administrator with DTC and registered in the name of Cede & Co., as nominee for DTC. The global certificates evidence all of the
Shares outstanding at any time. Shareholders are limited to (1) participants in DTC such as banks, brokers, dealers and trust companies
(“DTC Participants”), (2) those who maintain, either directly or indirectly, a custodial relationship with a DTC Participant
(“Indirect Participants”), and (3) those who hold interests in the Shares through DTC Participants or Indirect Participants,
in each case who satisfy the requirements for transfers of Shares. DTC Participants acting on behalf of Shareholders holding Shares through
such participants’ accounts in DTC will follow the delivery practice applicable to securities eligible for DTC’s Same-Day
Funds Settlement System. Shares are credited to DTC Participants’ securities accounts following confirmation of receipt of payment.

DTC

DTC
has advised us as follows: It is a limited purpose trust company organized under the laws of the State of New York and is a member of
the Federal Reserve System, a “clearing corporation” within the meaning of the New York Uniform Commercial Code and a “clearing
agency” registered pursuant to the provisions of Section 17A of the 1934 Act. DTC holds securities for DTC Participants and facilitates
the clearance and settlement of transactions between DTC Participants through electronic book-entry changes in accounts of DTC Participants.

TRANSFER OF SHARES

The
Shares are only transferable through the book-entry system of DTC. Shareholders who are not DTC Participants may transfer their Shares
through DTC by instructing the DTC Participant holding their Shares (or by instructing the Indirect Participant or other entity through
which their Shares are held) to transfer the Shares. Transfers are made in accordance with standard securities industry practice.

Transfers
of interests in Shares with DTC are made in accordance with the usual rules and operating procedures of DTC and the nature of the transfer.
DTC has established procedures to facilitate transfers among the participants and/or accountholders of DTC. Because DTC can only act on
behalf of DTC Participants, who in turn act on behalf of Indirect Participants, the ability of a person or entity having an interest in
a global certificate to pledge such interest to persons or entities that do not participate in DTC, or otherwise take actions in respect
of such interest, may be affected by the lack of a certificate or other definitive document representing such interest.

DTC
has advised us that it will take any action permitted to be taken by a Shareholder (including, without limitation, the presentation of
a global certificate for exchange) only at the direction of one or more DTC Participants in whose account with DTC interests in global
certificates are credited and only in respect of such portion of the aggregate principal amount of the global certificate as to which
such DTC Participant has or DTC Participants have given such direction.

SEED CAPITAL INVESTOR

____, 202_, ____ (the “Seed Capital Investor”), an affiliate of the Sponsor, purchased one (1) Share at a per-Share price
of $___ (the “Seed Share”). Delivery of the Seed Share was made on ____, 202_. Total proceeds to the Trust from the sale of
the Seed Share were $___. On ____, 202_, the Seed Share was redeemed for cash and the Seed Capital Investor purchased ____ Shares
at a per-Share price of $____ (the “Seed Baskets”). Total proceeds to the Trust from the sale of the Seed Baskets were
$____. On ____, 202_, the Trust purchased ____ TRX with the proceeds of the Seed Baskets. As of the date of the Prospectus, these ____Shares
represent all of the outstanding Shares. The Seed Capital Investor will act as a statutory underwriter in connection with the Seed
Baskets. See “Plan of Distribution” for additional information. The Seed Capital Investor may offer all of the Shares comprising
the Seed Share and the Seed Baskets to the public pursuant to this Prospectus.]

The
Seed Capital Investor will not receive from the Trust, the Sponsor or any of their affiliates any fee or other compensation in connection
with the sale of the Seed Baskets. The Seed Capital Investor will be acting as a statutory underwriter with respect to the Seed Baskets.

The
Seed Capital Investor will not act as an Authorized Participant with respect to the Seed Baskets, and its activities with respect to the
Seed Baskets will be distinct from those of an Authorized Participant. Unlike most Authorized Participants, the Seed Capital Investor
is not in the business of purchasing and selling securities for its own account or the accounts of others. The Seed Capital Investor will
not act as an Authorized Participant to purchase (or redeem) Baskets in the future.

PLAN OF DISTRIBUTION

Buying and Selling Shares

Most
investors buy and sell Shares of the Trust in secondary market transactions through brokers. Shares trade on the Exchange under the ticker
symbol “____.” Shares are bought and sold throughout the trading day like other publicly traded securities. When buying or
selling Shares through a broker, most investors incur customary brokerage commissions and charges. Shareholders are encouraged to review
the terms of their brokerage account for details on applicable charges.

Authorized Participants

The
offering of the Trust’s Shares is a best efforts offering. In addition to, and independent of the initial purchase of the Seed Baskets
(described above), the Trust continuously offers Baskets consisting of ________ Shares to Authorized Participants. Authorized Participants
pay a transaction fee for each order they place to create or redeem one or more Baskets.