SEC Filing Document

Company: Canary Staked TRX ETF
Ticker: 
CIK: 2064768
Filing Type: S-1/A
Document Type: S-1/A
Date Filed: 2026-05-15
Accession Number: 0001999371-26-010857
Exchange: 
SIC Code: 6221
SIC Description: Commodity Contracts Brokers & Dealers
URL: https://www.sec.gov/Archives/edgar/data/2064768/000199937126010857/canary-s1a_051526.htm

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Trust will not, therefore, receive the regulatory protections afforded by funds registered under the 1940 Act. The Sponsor is not an “Investment Adviser” (as defined in Section 202(a)(11) of the Investment Advisers Act of 1940, as amended (the “Advisers Act”)), and therefore the Sponsor’s provision of services to the Trust will not be governed by the Advisers Act and is not subject to a fiduciary standard of care. The Trust is not a commodity pool for purposes of the Commodity Exchange Act of 1936, as amended (the “CEA”), and the Sponsor is not subject to regulation by the Commodity Futures Trading Commission (the “CFTC”) as a commodity pool operator or a commodity trading advisor. Shareholders in the Trust will not benefit from the protections afforded to investors in TRX futures contracts on regulated futures markets. The Trust’s Shares are neither interests in nor obligations of the Sponsor or the Trustee.

(the “Seed Capital Investor”) has indicated its intent to purchase [______] Shares at a per-Share price of $25.00
(the “Seed Baskets”). The proceeds of such sale are expected to be denominated in-kind in TRX based on the TRX-USD
price established by the Pricing Benchmark on the date of such purchase. The Seed Capital Investor will act as a statutory
underwriter in connection with the Seed Baskets. See “Seed Capital Investor” for additional information.]

The
price of the Seed Share and the Seed Baskets was determined as described herein and such Shares could be sold at different prices if sold
by the Seed Capital Investor at different times.

INVESTMENT IN THE TRUST INVOLVES SIGNIFICANT RISKS AND MAY NOT BE SUITABLE FOR SHAREHOLDERS WHO ARE NOT IN A POSITION TO ACCEPT MORE RISK
THAN MAY BE INVOLVED WITH EXCHANGE-TRADED PRODUCTS THAT DO NOT HOLD TRX. THE SHARES ARE SPECULATIVE SECURITIES. THEIR PURCHASE INVOLVES
A HIGH DEGREE OF RISK AND YOU COULD LOSE YOUR ENTIRE INVESTMENT. YOU SHOULD CONSIDER ALL RISK FACTORS BEFORE INVESTING IN THE TRUST. PLEASE
REFER TO “RISK FACTORS” BEGINNING ON PAGE 20.

the
Shares of the trust are neither interests in nor obligations of the Sponsor, the trustee, the administrator, the transfer agent,
THE MARKETING AGENT, the custodian or any of their respective affiliates.
the Shares are not insured or guaranteed by the federal deposit insurance corporation or any other governmental agency.

NEITHER
THE SEC NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THE SECURITIES OFFERED IN THIS PROSPECTUS, OR DETERMINED IF
THIS PROSPECTUS IS TRUTHFUL OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

THE
TRUST IS AN “EMERGING GROWTH COMPANY” AS THAT TERM IS USED IN THE JUMPSTART OUR BUSINESS STARTUPS ACT OF 2012 AND, AS SUCH,
MAY ELECT TO COMPLY WITH CERTAIN REDUCED REPORTING REQUIREMENTS.

The date of this Prospectus

TABLE OF
CONTENTS

Page

STATEMENT REGARDING FORWARD-LOOKING STATEMENTS	ii

PROSPECTUS SUMMARY	1

TRX, TRX MARKETS AND REGULATION OF TRX	11

RISK FACTORS	20

THE TRUST AND TRX PRICES	63

CALCULATION OF NAV	67

ADDITIONAL INFORMATION ABOUT THE TRUST	68

THE TRUST’S SERVICE PROVIDERS	71

CUSTODY OF THE TRUST’S ASSETS	74

TRANSFER OF SHARES	77

SEED CAPITAL INVESTOR	77

PLAN OF DISTRIBUTION	78

CREATION AND REDEMPTION OF SHARES	79

USE OF PROCEEDS	84

OWNERSHIP OR BENEFICIAL INTEREST IN THE TRUST	84

CONFLICTS OF INTEREST	85

DUTIES OF THE SPONSOR	86

LIABILITY AND INDEMNIFICATION	88

PROVISIONS OF LAW	90

MANAGEMENT; VOTING BY SHAREHOLDERS	91

BOOKS AND RECORDS	92

STATEMENTS, FILINGS, AND REPORTS TO SHAREHOLDERS	92

FISCAL YEAR	92

GOVERNING LAW; CONSENT TO DELAWARE JURISDICTION	92

LEGAL MATTERS	93

EXPERTS	93

MATERIAL CONTRACTS	93

UNITED STATES FEDERAL INCOME TAX CONSEQUENCES	97

PURCHASES BY EMPLOYEE BENEFIT PLANS	100

INFORMATION YOU SHOULD KNOW	101

INTELLECTUAL PROPERTY	102

WHERE YOU CAN FIND MORE INFORMATION	102

PRIVACY POLICY	102

Report of Independent Registered Public Accounting Firm	104

This
Prospectus contains information you should consider when making an investment decision about the Shares of the Trust. You may rely on
the information contained in this Prospectus. The Trust and the Sponsor have not authorized any person to provide you with different information
and, if anyone provides you with different or inconsistent information, you should not rely on it. This Prospectus is not an offer to
sell the Shares in any jurisdiction where the offer or sale of the Shares is not permitted.

The Shares
of the Trust are not registered for public sale in any jurisdiction other than the United States.

STATEMENT REGARDING
FORWARD-LOOKING STATEMENTS

This
Prospectus includes “forward-looking statements” that generally relate to future events or future performance. In some cases,
you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expect,”
“plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential”
or the negative of these terms or other comparable terminology. All statements (other than statements of historical fact) included in
this Prospectus that address activities, events or developments that will or may occur in the future, including such matters as movements
in the digital asset markets and indexes that track such movements, the Trust’s operations, the Sponsor’s plans and references
to the Trust’s future success and other similar matters, are forward-looking statements. These statements are only predictions.
Actual events or results may differ materially. These statements are based upon certain assumptions and analyses the Sponsor has made
based on its perception of historical trends, current conditions and expected future developments, as well as other factors appropriate
in the circumstances.

Whether
or not actual results and developments will conform to the Sponsor’s expectations and predictions, however, is subject to a number
of risks and uncertainties, including the special considerations discussed in this Prospectus, general economic, market and business conditions,
changes in laws or regulations, including those concerning taxes, made by governmental authorities or regulatory bodies, and other world
economic and political developments. Consequently, all the forward-looking statements made in this Prospectus are qualified by these cautionary
statements, and there can be no assurance that actual results or developments the Sponsor anticipates will be realized or, even if substantially
realized, that they will result in the expected consequences to, or have the expected effects on, the Trust’s operations or the
value of its Shares.

Should
one or more of these risks discussed in “Risk Factors” or other uncertainties materialize, or should underlying assumptions
prove incorrect, actual outcomes may vary materially from those described in forward-looking statements. Forward-looking statements
are made based on the Sponsor’s beliefs, estimates and opinions on the date the statements are made and neither the Trust
nor the Sponsor is under a duty or undertakes an obligation to update forward-looking statements if these beliefs, estimates and
opinions or other circumstances should change, other than as required by applicable laws. Investors
are therefore cautioned against placing undue reliance on forward-looking statements.

PROSPECTUS
SUMMARY

This
is only a summary of the Prospectus and, while it contains material information about the Trust and its Shares, it does not contain or
summarize all of the information about the Trust and the Shares contained in this Prospectus that is material and/or which may be important
to you. You should read this entire Prospectus before making an investment decision about the Shares.

Overview of the
Trust

The
Canary Staked TRX ETF (the “Trust”) is an exchange-traded fund that issues shares of beneficial interest (the “Shares”)
that seeks to list and trade on the ____ (the “Exchange”). The Trust’s primary investment objective is to seek
to provide exposure to the price of TRX (“TRX”) held by the Trust, less the expenses of the Trust’s operations
and other liabilities. A secondary investment objective is for the Trust to earn additional TRX through its participation in the
staking program (the “Staking Program”) administered by the Sponsor, in which staking rewards will be earned through
the validation of transactions in the Tron network’s (the “Tron Network”) proof-of-stake (“PoS”)
process. In seeking to achieve its investment objectives, the Trust will hold TRX and establish its net asset value (“NAV”)
by reference to the CoinDesk TRX USD CCIXber 60m New York Rate (“Pricing Benchmark”). The Trust is a passive investment
vehicle that does not seek to generate returns beyond tracking the price of TRX, with staking. The Pricing Benchmark is calculated
by CoinDesk Indices (the “Benchmark Provider”) based on a 60-minute time-weighted average price of the TRX-USD CCIXber
Reference Rate (the “Underlying Index”), which is an aggregation of executed trade flow of major TRX trading platforms
(“Constituent Platforms”). The Trust is sponsored by Canary Capital Group LLC (the “Sponsor”), a wholly
owned subsidiary of Canary Capital Group Inc.