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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program to stake a portion of the Trust’s assets through one or more Staking Providers. The Staking Provider will provide hardware, software and services necessary to enable the Trust to establish nodes and stake the Trust’s TRX on the Tron Network. As a result of any staking activity in which the Trust may engage, the Trust expects to receive certain staking rewards of TRX, which may be treated for federal income tax purposes as income to the Trust. The Staking Provider exercises no discretion as to the amount the Trust’s TRX to be staked or timing of the staking activities (other than as is incidental in establishing or deactivating validator nodes). The Custodian will maintain exclusive possession and control of the private keys associated with any staked TRX at all times. The amount of TRX the Trust may receive as reward for its staking activity can vary significantly over time.

Staking
activity comes with a risk of loss of TRX. None of the Trust’s assets, including any staked assets, are subject to the protections
enjoyed by depositors with Federal Deposit Insurance Corporation (“FDIC”) or SIPC member institutions. The staked assets
may also be subject to validator penalties, which could impact staking rewards, but do not subject staked assets to the risk of
loss. While the Sponsor does not expect the activities of the Staking Provider to result in penalties, there can be no guarantee
that penalties will not occur. Furthermore, the Staking Provider’s liability to the Trust is limited, and the Staking Provider
may lack the assets or insurance in order to support the recovery of any losses incurred. Accordingly, there can be no guarantee
that the Trust would recover any of its staked assets, or the value thereof, if it is subject to validator penalties.

Additionally,
the TRX Blockchain implements “activation” and “exit” buffer periods moderating when stakers can unstake and withdraw
their stake. This prevents malicious actors from performing an attack and withdrawing before funds are slashed and preserves network stability.

“Activation”
is the funding of a validator to be included in the active set, being forward selected for attestations and block proposals. “Exit”
is the request to exit from the active set and no longer be selected for attestations or block proposals. As part of these “voting”
and “withdrawing” processes of TRX staking, any staked TRX will be inaccessible for a period of time. The duration
of activating and exiting periods are dependent on a range of factors, including network conditions. However, depending on demand,
unstaking can take between hours, weeks or months to complete. This can result in certain liquidity risk to the Trust, which the
Sponsor will seek to manage through a range of risk management methods.

TRX
staking may result in adverse tax consequences for the Trust.

The
staking of the Trust’s TRX is expected to result in the Trust’s receipt of staking proceeds in the form of additional
TRX. Any such rewards are expected to be treated as ordinary income for tax purposes. To the extent that staking proceeds are
regarded as ordinary income, the Trust is expected to experience a taxable event. Thus, the Trust’s participation in TRX
staking could result in increasing the tax liability of the Trust. Any such tax liability could adversely affect an investment
in the Shares.

The
Staking Provider may not optimally execute the Trust’s TRX staking program.

The
Trust relies on the resources of the Staking Provider to facilitate the Trust’s staking program. The Staking Provider will
provide the hardware, software and services necessary for the Custodian to deposit TRX into a validator node. The hardware and
software utilized by the Staking Provider may prove to be inadequate to maximize the Trust’s staking revenue. The Trust
is dependent on the hardware, software and services of the Staking Provider to effectively execute the Trust’s staking program.

Risk Factors Related to Digital
Assets

The
value of the shares relates directly to the value of TRX, the value of which may be highly volatile and subject to fluctuations
due to a number of factors.

The value of the
Shares relates directly to the value of the TRX held by the Trust and fluctuations in the price of TRX could adversely affect the value
of the Shares. The market price of TRX may be highly volatile, and subject to a number of factors, including:

•	an increase in the global TRX supply or a decrease in global TRX demand;

•	market conditions of, and overall sentiment towards, the digital assets and blockchain technology industry;

•	trading activity on digital asset trading platforms, which, in many cases, are
largely unregulated or may be subject to manipulation;

•	the adoption of TRX as a medium of exchange, store-of-value or other consumptive
asset and the maintenance and development of the open-source software protocol of the Tron Network, and their ability to meet user demands;

•	manipulative trading activity on digital asset exchanges, which, in many cases, are largely unregulated;

•	the needs of decentralized applications, smart contracts, their users, and users
of the Tron Network generally for TRX to pay Bandwidth or Energy resources to execute transactions;

•	forks in the Tron Network, particularly where changes to the Tron Network
source code are either not well-received by key constituencies within the TRX community or are not successfully executed or implemented and fail to achieve
the functionality such changes were intended to bring about;

•	governmental or regulatory actions by, or investigations or litigation in, countries
around the world targeting well-known decentralized applications or smart contracts that are built on the Tron Network, or other developments
or problems, and associated publicity, involving or affecting such decentralized applications or smart contracts;

•	increased competition from other forms of digital assets or payment services, including
digital currencies constituting legal tender that may be issued in the future by central banks, or digital assets meant to serve as a
medium of exchange by major private companies or other institutions;

•	increased competition from other blockchain networks combining smart contracts,
programmable scripting languages, and an associated runtime environment, with blockchain-based recordkeeping, particularly where such
other blockchain networks are able to offer users access to a larger consumer user base, greater efficiency, reliability, or processing
speed, or more economical transaction processing fees than the Tron Network;

•	investors’ expectations with respect to interest rates, the rates of inflation
of fiat currencies or TRX, and digital asset exchange rates;

•	consumer preferences and perceptions of TRX specifically and digital assets generally,
the Tron Network relative to competing blockchain protocols, and TRX relative to competing digital assets;

•	negative events, publicity, and social media coverage relating to the digital assets and blockchain technology
industry;

•	fiat currency withdrawal and deposit policies on digital asset trading platforms;

•	the liquidity of digital asset markets and any increase or decrease in trading volume or market making
on digital asset markets;

•	business failures, bankruptcies, hacking, fraud, crime, government investigations,
or other negative developments affecting digital asset businesses, including digital asset trading platforms, or banks or other financial
institutions and service providers which provide services to the digital assets industry;

•	the use of leverage in digital asset markets, including the unwinding of positions,
“margin calls”, collateral liquidations and similar events;

•	investment and trading activities of large or active consumer and institutional users, speculators, miners,
and investors in TRX;

•	a “short squeeze” resulting from speculation on the price of TRX, if
aggregate short exposure exceeds the number of shares available for purchase;

•	an active derivatives market for TRX or for digital assets generally;

•	monetary policies of governments, legislation or regulation, trade restrictions,
currency devaluations and revaluations and regulatory measures or enforcement actions, if any, that restrict the use of TRX as a form
of payment or the purchase of TRX on the digital asset markets;

•	global or regional political, economic or financial conditions, events and situations, such as the novel
coronavirus outbreak;

•	fees associated with processing a TRX transaction and the speed at which TRX transactions are settled;

•	the maintenance, troubleshooting, and development of the Tron Network including by miners and developers
worldwide;

•	the ability for the Tron Network to attract and retain miners to secure and confirm transactions accurately
and efficiently;

•	ongoing technological viability and security of the Tron Network and TRX transactions,
including vulnerabilities against hacks and scalability;

•	financial strength of market participants;

•	the availability and cost of funding and capital;

•	the liquidity and credit risk of digital asset trading platforms;

•	interruptions in service from or closures or failures of major digital asset trading
platforms or their banking partners, or outages or system failures affecting the Tron Network;

•	decreased confidence in digital assets and digital assets trading platforms;

•	poor risk management or fraud by entities in the digital assets ecosystem;

•	increased competition from other forms of digital assets or payment services; and