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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in TRX transactions directly on the Tron Network, a user generally must first install on their computer or mobile device a compatible TRX wallet application. This software allows the user to generate a private and public key pair associated with a TRX address. The TRX wallet software and associated address enable the user to connect to the Tron Network and transfer TRX to and receive TRX from other users. Each TRX address, or wallet, is associated with a unique public key and private key pair. To receive TRX, the recipient must provide their public key to the sender initiating the transfer. This process is similar to providing a routing address for a wire transfer in traditional financial systems. The sender authorizes the transaction by signing it with the private key associated with the wallet holding the TRX. The recipient does not reveal or share their private key with the sender.

Private keys are essential
to authorizing and controlling TRX transactions. If a user loses their private key, they may permanently lose access to the TRX in the
associated wallet. Similarly, if a private key is deleted without a backup, the TRX is irretrievably lost. To initiate a TRX transfer,
the user’s wallet software must validate and sign the transaction using the private key. All transactions on the Tron Network require
computational resources in the form of Bandwidth or Energy, which are paid for using TRX if the user does not have sufficient free resource
credits. The transaction is then digitally signed and broadcast to the Tron Network for processing.

Transactions are validated
and recorded on the TRX Blockchain by elected Super Representatives. These validators verify the transaction’s authenticity, add
it to a new block and propagate the updated ledger across the network. Each new block includes a reference to the preceding block, ensuring
the continuity and integrity of the blockchain.

Once a transaction is confirmed
and included in a block, the wallet software of both the sender and the recipient will reflect the updated TRX balances. Once confirmed
on-chain, a TRX transaction is irreversible.

Some TRX transactions may
occur “off-chain” and therefore are not recorded on the Tron blockchain. These off-chain transactions may involve the transfer
of access to a wallet containing TRX or internal ledger changes within a centralized exchange or custodial service. Unlike on-chain transactions,
which are publicly verifiable and secured by the Tron Network’s consensus mechanism, off-chain transactions carry additional risks,
including counterparty risk, and do not constitute direct blockchain-based transfers of TRX.

Creation of New TRX

Initial Creation of TRX

Unlike digital assets such
as bitcoin, which are solely created through a progressive mining process, 100 billion TRX were pre-mined and created prior to the launch
of the Tron mainnet in 2018. At genesis, the initial 100 billion TRX were allocated as follows: (i) approximately 15% was designated for
public purchasers through a token sale conducted in 2017; (ii) 34% was allocated to the TRON Foundation to support ecosystem development,
marketing and operational growth; (iii) 10% was reserved for early private sale participants; and (iv) 40% was allocated to the founding
team and early contributors, including founder Justin Sun and early advisors.

Each of these allocations
was subject to distinct vesting and release schedules, intended to ensure gradual distribution, prevent short-term speculation and promote
the decentralization and long-term sustainability of the Tron Network. Since launch, portions of the allocated TRX have been released
in accordance with these schedules. TRX was originally issued as an ERC-20 token on the Ethereum network and was later migrated to the
native TRX Blockchain upon the launch of the mainnet in June 2018.

TRX Supply Characteristics

TRX does not have a fixed
supply cap, distinguishing it from deflationary digital assets. New TRX may be introduced through block rewards issued to Super Representatives
under the Tron Network’s delegated proof-of-stake consensus mechanism. The issuance rate and reward parameters are determined by
network governance and may be adjusted over time. The ongoing emission of TRX is intended to support network security, reward validators
and encourage active participation in governance and ecosystem development. All TRX in circulation is publicly viewable on the TRX Blockchain,
and the supply is governed transparently through community-driven processes.

TRX Market and TRX Exchanges

TRX can be transferred in
direct peer-to-peer transactions through the direct sending of TRX over the Tron Network from one TRX address to another. Among end-users,
TRX can be used to pay other members of the Tron Network for goods and services under what resembles a barter system. Consumers can also
pay merchants and other commercial businesses for goods or services through direct peer-to-peer transactions on the TRX Blockchain or
through third-party service providers.

In addition to using TRX to
engage in transactions, investors may purchase and sell TRX to speculate as to the value of TRX in the TRX market, or as a long-term investment
to diversify their portfolio. The value of TRX within the market is determined, in part, by the supply of and demand for TRX in the global
TRX market, market expectations for the adoption of TRX as a store of value, the number of merchants that accept TRX as a form of payment,
and the volume of peer-to-peer transactions, among other factors.

TRX spot markets provide investors
with a website that permits investors to open accounts with the spot market and then purchase and sell TRX. Prices for trades on TRX spot
markets are typically reported publicly. An investor opening a trading account must deposit an accepted government-issued currency into
their account with the spot market, or a previously acquired digital asset, before they can purchase or sell assets on the spot market.
The process of establishing an account with a TRX spot market and trading TRX is different from, and should not be confused with, the
process of users sending TRX from one TRX address to another TRX address on the TRX Blockchain. This latter process is an activity that
occurs on the Tron Network, while the former is an activity that occurs entirely on the private website operated by the spot market. The
spot market typically records the investor’s ownership of TRX in its internal books and records, rather than on the TRX Blockchain.
The spot market ordinarily does not transfer TRX to the investor on the TRX Blockchain unless the investor makes a request to the spot
market to withdraw the TRX in their exchange account to an off-exchange TRX wallet.

Outside of spot markets,
TRX can be traded OTC in transactions that are not publicly reported. The OTC market is largely institutional in nature, and OTC
market participants generally consist of institutional entities, such as firms that offer two-sided liquidity for TRX, investment
managers, proprietary trading firms, high-net-worth individuals that trade TRX on a proprietary basis, entities with sizeable TRX
holdings, and family offices. The OTC market provides a relatively flexible market in terms of quotes, price, quantity, and other
factors, although it tends to involve large blocks of TRX. The OTC market has no formal structure and no open-outcry meeting place.
Parties engaging in OTC transactions will agree upon a price—often via phone or email—and then one of the two parties
will then initiate the transaction. For example, a seller of TRX could initiate the transaction by sending the TRX to the
buyer’s TRX address. The buyer would then wire U.S. dollars to the seller’s bank account. OTC trades are sometimes
hedged and eventually settled with concomitant trades on TRX spot markets.

Authorized Participants
will deliver, or facilitate the delivery of, TRX or cash to the Trust’s account with the Custodian in exchange for Shares
of the Trust, and the Trust, through the Custodian, will deliver TRX or cash when such Authorized Participants redeem Shares of
the Trust. See “The Trust and TRX Prices” for more information.

Competition

As of the date of
this Prospectus, more than 8,000 other digital assets are actively tracked by CoinMarketCap.com, all of which have been developed
since the inception of bitcoin, which is currently the most developed digital asset because of the length of time it has been in
existence, the investment in the infrastructure that supports it, and the network of individuals and entities that are using bitcoin
in transactions. While TRX has enjoyed some success in its limited history, the aggregate value of outstanding TRX is smaller than
that of bitcoin and may be eclipsed by the more rapid development of other digital assets.

Regulation of TRX and Government Oversight