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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As filed with the Securities and
Exchange Commission on April 18, 2025

Registration No. 333-_______

UNITED
STATES

SECURITIES
AND EXCHANGE COMMISSION

WASHINGTON,

FORM

REGISTRATION
STATEMENT

UNDER

THE
SECURITIES ACT OF 1933

CANARY
STAKED TRX ETF

(Exact name
of registrant as specified in its charter)

Delaware	___________

(State or other jurisdiction of
incorporation or organization)	(I.R.S.
Employer

Identification
Number)

c/o Canary Capital Group LLC

Steven McClurg

1131 4th Avenue S #230

Nashville, TN 37210

(Address,
including zip code, and telephone number, including area code,

of registrant’s principal executive offices)

Copy to:

Morrison C. Warren,
Esq.,

James Audette,
Esq.,

Chapman and Cutler
LLP

320 South Canal
Street

Chicago, IL 60606

Approximate date of commencement
of proposed sale to the public: As soon as practicable after the effective date of this Registration Statement.

If any of the
securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the
Securities Act of 1933 check the following box: ☒

If this Form is filed to register
additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities
Act registration statement number of the earlier effective registration statement for the same offering: ☐

If this Form is a post-effective
amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement
number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective
amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement
number of the earlier effective registration statement for the same offering. ☐

Indicate by check
mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, 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 7(a)(2)(B) of the Securities Act. ☐

The Registrant
hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall
file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with
Section 8(a) of the Securities Act of 1933 or until the Registration Statement shall become effective on such date as the Commission,
acting pursuant to said Section 8(a), may determine.

The
information in this Preliminary Prospectus is not complete and may be changed. We may not sell these securities until the registration
statement filed with the Securities and Exchange Commission is effective. This Preliminary Prospectus is not an offer to sell these securities
and it is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.

Subject
to Completion Dated April 18, 2025

PROSPECTUS

Shares

Canary Staked TRX ETF

The
Canary Staked TRX ETF (the “Trust”) is an exchange-traded product that issues shares of beneficial interest (the “Shares”)
that trade on the ________ (the “Exchange”). The Trust’s investment objective is to seek to provide exposure to the
price of Tron (“TRX”) held by the Trust, less the expenses of the Trust’s operations and other liabilities. In seeking
to achieve its investment objective, the Trust will hold TRX and establish its net asset value (“NAV”) by reference to the
[price of TRX as calculated by CoinDesk Indices, Inc.] (“Pricing Benchmark”). The Pricing Benchmark is calculated by CoinDesk
(the “Benchmark Provider”), a financial data website integrating spot market prices from various digital asset trading platforms
(“Constituent Platforms”). Canary Capital Group LLC (the “Sponsor”) is the sponsor of the Trust, CSC Delaware
Trust Company (the “Trustee”) is the trustee of the Trust, ________ (“________” or the “Transfer Agent”)
is the Trust’s transfer agent (in such capacity, the “Transfer Agent”) and cash custodian (in such capacity, the “Cash
Custodian”), and BitGo Trust Company, Inc. (“BitGo” or the “TRX Custodian”) is the custodian for the Trust,
and will hold all of the Trust’s TRX on the Trust’s behalf.

The
Trust is an exchange-traded product. When the Trust sells or redeems its Shares, it will do so in blocks of [____] Shares (a “Basket”)
based on the quantity of TRX attributable to each Share of the Trust (net of accrued but unpaid expenses and liabilities). For a subscription
for Shares, the subscription shall be in the amount of cash needed to purchase the amount of TRX represented by the Basket being created,
as calculated by the Administrator (as defined below). For a redemption of Shares, the Sponsor shall arrange for the TRX represented by
the Basket to be sold and the cash proceeds distributed. Financial firms that are authorized to purchase or redeem Shares with the Trust
(known as “Authorized Participants”) will deliver, or facilitate the delivery of, cash to the Trust’s account with the
Cash Custodian in exchange for Shares when they purchase Shares, and the Trust will deliver cash to such Authorized Participants when
they redeem Shares with the Trust. Shares initially comprising the same Basket but offered by the Authorized Participants to the public
at different times may have different offering prices, which depend on various factors, including the supply and demand for Shares, the
value of the Trust’s assets, and market conditions at the time of a transaction. Owners of the beneficial interests of Shares (“Shareholders”)
who buy or sell Shares during the day from their broker on the secondary market may do so at a premium or discount relative to the per
Share net asset value of the Trust.

Shareholders
who decide to buy or sell Shares of the Trust will place their trade orders through their brokers and will incur customary brokerage commissions
and charges. Prior to this offering, there has been no public market for the Shares. The Shares are expected to be listed for trading,
subject to notice of issuance, on the Exchange under the ticker symbol “____.”

The
offering of an indeterminate amount of the Trust’s Shares is registered with the Securities and Exchange Commission (the “SEC”)
in accordance with the Securities Act of 1933, as amended (the “1933 Act”). The offering is intended to be a continuous offering.
The Trust is not a fund registered under the Investment Company Act of 1940, as amended (the “1940 Act”), and is not subject
to regulation under the 1940 Act. Investors in the 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.

____, 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 “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.