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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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

•	the Trust’s own acquisitions or dispositions of TRX, since there is no limit on the number of TRX
that the Trust may acquire.

Although returns
from investing in TRX have at times diverged from those associated with other asset classes to a greater or lesser extent, there can be
no assurance that there will be any such divergence in the future, either generally or with respect to any particular asset class, or
that price movements will not be correlated. In addition, there is no assurance that TRX will maintain its value in the long, intermediate,
short, or any other term. In the event that the price of TRX declines, the Sponsor expects the value of the Shares to decline proportionately.

The price of the
Shares of the Trust are represented by the Pricing Benchmark that may also be subject to momentum pricing due to speculation regarding
future appreciation in value of TRX, leading to greater volatility that could adversely affect the value of the Shares. Momentum pricing
typically is associated with growth stocks and other assets whose valuation, as determined by the investing public, accounts for future
appreciation in value, if any. The Sponsor believes that momentum pricing of TRX has resulted, and may continue to result, in speculation
regarding future appreciation in the value of TRX, inflating and making the Pricing Benchmark more volatile. As a result, TRX may be more
likely to fluctuate in value due to changing investor confidence, which could impact future appreciation or depreciation in the Pricing
Benchmark and could adversely affect the value of the Trust.

The Trust is not
actively managed and does not and will not have any strategy relating to the development of the Tron Network, nor will the Trust seek
to avoid or mitigate losses from declines in the TRX price. Furthermore, the impact of the expansion of the Trust’s TRX holdings
on the digital asset industry and the Tron Network is uncertain. A decline in the popularity or acceptance of the Tron Network, or the
value of TRX, would harm the value of the Trust.

Digital Asset
Networks Face Significant Scaling Challenges And Efforts To Increase The Volume and Speed Of Transactions May Not Be Successful.

Many digital
asset networks, including the Tron Network, face significant scaling challenges due to the fact that public blockchains generally
face a tradeoff between security and scalability. One means through which public blockchains achieve security is decentralization,
meaning that no intermediary is responsible for securing and maintaining these systems. For example, a greater degree of
decentralization generally means a given digital asset network is less susceptible to manipulation or capture. Achieving
decentralization may mean that every single node on a given digital asset network is responsible for securing the system by
processing every transaction and every single full node is responsible for maintaining a copy of the entire state of the network.
However, this may involve tradeoffs from an efficiency perspective, and impose constraints on throughput. A digital asset network
may be limited in the number of transactions it can process by the fact that all validators participate in validating in each block
and the capabilities of each single fully participating node. Many developers are actively researching and testing scalability
solutions for public blockchains that do not necessarily result in lower levels of security or decentralization, such as off-chain
payment channels. Off-chain payment channels would allow parties to transact without requiring the full processing power of a
blockchain.

As of April 16, 2025, the
Tron Network processed approximately 70.25 transactions per second (TPS) in real-time, with a maximum recorded TPS of 272 and a theoretical
maximum of 2,516 TPS. In an effort to increase the volume of transactions that can be processed on a given digital asset network, many
digital assets are being upgraded with various features to increase the speed and throughput of digital asset transactions.

As corresponding
increases in throughput lag behind growth in the use of digital asset networks, average resource costs and settlement times may increase
considerably. Since inception, Tron Network transaction costs have been based on a variable model that uses Bandwidth and Energy resources,
rather than fixed gas fees. If a user lacks sufficient resources, TRX is burned to complete the transaction. Increased resource costs
and delayed transaction finality could preclude certain use cases for TRX (e.g., micropayments) and could reduce demand for, and the price
of, TRX, which could adversely impact the value of the Shares.

There is no guarantee
that any of the mechanisms in place or being explored for increasing the scale of settlement of Tron Network transactions will be effective,
or how long such mechanisms will take to become effective, which could adversely impact the value of the Shares.

The rapid development
of competing scalability solutions—including those that process most transaction execution, smart contract computation, and application
logic off the Layer 1 blockchain—has given rise to alternatives to on-chain scaling. While the Tron Network does not currently support
a formal Layer 2 ecosystem akin to rollups, it has implemented sidechain infrastructure, such as the BitTorrent Chain (BTTC), which facilitates
cross-chain transactions and offloads activity from the main network. Sidechains allow smart contracts and decentralized applications
to operate independently, with periodic settlement onto the Layer 1 TRX Blockchain. If a widely adopted scaling solution (e.g., a sidechain
like BTTC) were to suffer a technical failure, loss of user confidence, or regulatory constraint, it could reduce demand for TRX by disrupting
a key source of transactional volume. Any of the foregoing scenarios could adversely impact the market price of TRX or the value of the
Shares of the Trust.

the digital asset award or transaction fees for recording transactions on the Tron Network are not sufficiently high to incentivize
validators, or if certain jurisdictions continue to limit or otherwise regulate validating activities, validators may cease validating
activities or demand higher transaction fees, which could negatively impact the value of TRX and the value of the Shares.

If the digital asset
awards for validating blocks or the transaction fees for recording transactions on the Tron Network are not sufficiently high to incentivize
validators, or if certain jurisdictions continue to limit or otherwise regulate validating activities, validators may cease expending
validating power to validate blocks and confirmations of transactions on the TRX Blockchain could be slowed. For example, the realization
of one or more of the following risks could materially adversely affect the value of the Shares:

•	A significant reduction in the price of TRX could enable a malicious actor or botnet
(a volunteer or hacked collection of computers controlled by networked software coordinating the actions of the computers) to accumulate
enough TRX that could be staked to obtain control of the Tron Network. See “Risk Factors—Risks Associated with TRX and the
Tron Network— The TRX Blockchain could be vulnerable to attacks on transaction finality and consensus processes, which could adversely
affect an investment in the trust or the ability of the trust to operate. ”

•	Validators have historically accepted relatively low transaction confirmation fees
on most digital asset networks. If validators demand higher transaction fees for recording transactions in the TRX Blockchain or a software
upgrade automatically charges fees for all transactions on the Tron Network, the cost of using TRX may increase and the marketplace may
be reluctant to accept TRX as a means of payment. Alternatively, validators could collude in an anti-competitive manner to reject low
transaction fees on the Tron Network and force users to
pay higher fees, thus reducing the attractiveness of the Tron Network. Higher transaction confirmation fees resulting through collusion
or otherwise may adversely affect the attractiveness of the Tron Network, the value of TRX and the value of the Shares.