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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are reconstituted, they are able to sign a transaction which moves funds in the public blockchain. To mitigate collusion, the individuals who have the sharded keys are different from those who have access to the vaults where the signings happen. The private key is reconstituted in the OVC, but only in internal memory. At no point is it displayed or shown to any user. After signing is done, the key is no longer available in memory. The OVC is run in a read-only disk, so once the laptop is powered off, there is no non-volatile storage of any kind to write back to disk. The OVC operates using a RAM disk, where it simulates a real hard disk, but it is completely ephemeral and is wiped as soon as the machine is power cycled or rebooted, thus wiping the reconstituted private key and preventing it from being copied or compromised.

The Custodian
is a national banking association and the private keys are strategically distributed across various geographic locations within
the United States. In order to enhance security measures, the Custodian refrains from disclosing the exact locations of these keys.

At time
of wallet creation, the Custodian creates a unique key pair within its HSM in order to give each client a unique wallet on-chain.
These online keys are wrapped by the BitGo HSM and stored within the Custodian’s data vault for the BitGo Platform keys
used to sign transactions.

As all custody
wallets are segregated, the existence of TRX held by the Trust can be verified on-chain by the Sponsor or any other authorized party.

The Custodian
cold wallets are supported by a $250 million insurance policy issued by Lloyd’s of London. The specifics of the policy include
Cyber Insurance, E&O, general specie. Any copying and theft of private keys, insider theft or dishonest acts by the Custodian
employees or executives, and loss of keys directly related to the Custodian’s custody of keys would be covered by this amount
at minimum. This insurance policy is shared among all of the Custodian’s clients and is not specific to the Trust or to customers
holding TRX and may not be available or sufficient to protect the Trust from all possible losses or sources of losses. The Sponsor
may purchase additional insurance coverage through the Custodian’s underwriter, though the Sponsor has not purchased such
additional insurance cover as of the date of this prospectus. The Custodian is not FDIC-insured. The Custodian has established
a business continuity plan that will support its ability to conduct business in the event of a significant business disruption.
This plan is reviewed and updated annually, and can be updated more frequently, if deemed necessary, by the Custodian in its sole
discretion. Should the Custodian be impacted by a significant business disruption, the Custodian aims to minimize business interruption
as quickly and efficiently as possible.

The Custodian’s
fork policy determines that in the event of an upcoming modification to the Tron Network that could result in a digital asset network
fork or airdrop, the Custodian will use best commercial efforts to provide the value of the forked digital asset. In addition to
the Custodian’s fork policy, the Custodian adheres to the fork policy outlined by the CME. The Custodian may not support
airdrops, side chains, or other derivative, enhanced, or forked protocols, tokens, or coins which supplement or interact with an
asset supported by the Custodian and assumes absolutely no responsibility in respect to new protocols. The Trust Agreement provides,
and the Sponsor has communicated to the Custodian, that the Trust disclaims all rights to Incidental Rights and IR Virtual Currencies.

The
TRX Custody Agreement commenced on the effective date, as detailed in the agreement, and will continue for one (1) year, unless
earlier terminated in accordance with the terms of the TRX Custody Agreement. After the initial term, the TRX Custody Agreement
will automatically renew for successive renewal terms, as established on the agreement, unless either party notifies the other
of its intention not to renew with prior notice. The Custodian may terminate the TRX Custody Agreement for any reason upon providing
at least thirty (30) days’ written notice to the Trust and to the Sponsor, or immediately if the Custodian perceives a risk
of legal or regulatory non-compliance associated with the Trust’s custodial account activity, among others. The Sponsor
may terminate the TRX Custody Agreement at any time upon providing at least thirty (30) days’ written notice to the Custodian,
paying outstanding amounts and an early termination fee.

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 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 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
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 Custodian will
seek approval of the Trust before claiming such assets on behalf of the Trust and making an entry of ownership on the Custodian’s
books and records for the Trust’s account. The Sponsor has not communicated any anticipatory disclaimer to the 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
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