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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the other information included in this Prospectus, as well as information found in documents incorporated by reference in this Prospectus, before you decide to purchase any Shares. These risk factors may be amended, supplemented or superseded from time to time by risk factors contained in any periodic report or Prospectus supplement in the future. Neither the Trust nor the Sponsor has any current obligation to provide any periodic report or supplement to investors and is not required to update these risk factors. Risks Associated with TRX and the Tron Network The trading prices of many digital assets, including TRX, have experienced extreme volatility in recent periods and may continue to do so. Extreme volatility in the Future, including further declines in the trading prices of TRX, could have a material adverse effect on the value of the Shares and the Shares could lose all or substantially all of their value.

The
trading prices of many digital assets, including TRX, have experienced extreme volatility in recent periods and may continue to do so.
For instance, there were steep increases in the value of certain digital assets over the course of 2021, and multiple market observers
asserted that digital assets were experiencing a “bubble.” These increases were followed by steep drawdowns throughout 2022
in digital asset trading prices. These episodes of rapid price appreciation followed by steep drawdowns have occurred multiple times throughout
the history of the digital asset industry. ​Since its launch in 2018, TRX has experienced significant price volatility, reaching
an all-time low of $0.001091 in November 2017 and an all-time high of $0.4407 in December 2024. As of April 16, 2025, TRX was trading
at approximately $0.2503.

Extreme
volatility may persist and the value of the Shares may significantly decline in the future without recovery. The digital asset markets
may still be experiencing a bubble or may experience a bubble again in the future. For example, in the first half of 2022, each of Celsius
Network, Voyager Digital Ltd., and Three Arrows Capital declared bankruptcy, resulting in a loss of confidence in participants of the
digital asset ecosystem and negative publicity surrounding digital assets more broadly. In November 2022, FTX Trading Ltd. (“FTX”),
one of the largest digital asset exchanges by volume at the time, halted customer withdrawals amid rumors of the company’s liquidity
issues and likely insolvency, which were subsequently corroborated by its CEO. Shortly thereafter, FTX’s CEO resigned and FTX and
many of its affiliates filed for bankruptcy in the United States, while other affiliates have entered insolvency, liquidation, or similar
proceedings around the globe, following which the U.S. Department of Justice brought criminal fraud and other charges, and the SEC and
CFTC brought civil securities and commodities fraud charges, against certain of FTX’s and its affiliates’ senior executives,
including its former CEO. In addition, several other entities in the digital asset industry filed for bankruptcy following FTX’s
bankruptcy filing, such as BlockFi Inc. and Genesis Global Capital, LLC (“Genesis”). In response to these events (collectively,
the “2022 Events”), the digital asset markets have experienced extreme price volatility and other entities in the digital
asset industry have been, and may continue to be, negatively affected, further undermining confidence in the digital asset markets.

For
example, some sources report the price of Solana declined 94% overall in 2022, including over 50% in the two months following
FTX’s declaration of bankruptcy. The 2022 events have also negatively impacted the liquidity of the digital asset markets as
certain entities affiliated with FTX engaged in significant trading activity. If the liquidity of the digital asset markets
continues to be negatively impacted by these events, digital asset prices, including TRX, may continue to experience significant
volatility or price declines and confidence in the digital asset markets may be further undermined. In addition, regulatory and
enforcement scrutiny has increased, including from, among others, the Department of Justice, the SEC, the CFTC, the White House and
Congress, as well as state regulators and authorities. These events are continuing to develop and the full facts are continuing to
emerge. It is not possible to predict at this time all of the risks that they may pose to the Trust, its service providers or to the
digital asset industry as a whole.

Extreme
volatility in the future, including further declines in the trading prices of TRX, could have a material adverse effect on the value of
the Shares and the Shares could lose all or substantially all of their value. Furthermore, negative perception, a lack of stability and
standardized regulation in the digital asset economy may reduce confidence in the digital asset economy and may result in greater volatility
in the price of TRX and other digital assets, including a depreciation in value. The Trust is not actively managed and will not take any
actions to take advantage, or mitigate the impacts, of volatility in the price of TRX.

The
value of the Shares depends on the development and acceptance of the Tron Network. The slowing or stopping of the development or
acceptance of the Tron Network may adversely affect an investment in the Trust.

Digital
assets such as TRX were only introduced within the past decade, and the medium-to-long term value of the Shares is subject to a number
of factors relating to the capabilities and development of the Tron Network and other digital asset networks, such as the infancy of their
development, their dependence on the internet and other technologies, their dependence on the role played by nodes, miners, stakers and
developers and the potential for malicious activity. For example, the realization of one or more of the following risks could materially
adversely affect the value of the Shares:

•	Digital asset networks and the software used to operate them are in the early stages
of development. Digital assets have experienced, and the Sponsor expects will experience in the future, sharp fluctuations in value. Given
the infancy of the development of digital asset networks, parties may be unwilling to transact in digital assets, which would dampen the
growth, if any, of digital asset networks.

•	The trading prices of many digital assets, including TRX, are derived from a variety
of factors including supply and demand for TRX, as well as more indirect and macro factors such as interest rates, monetary policy, broader
market uncertainty and geopolitical, social and economic events.

•	The trading prices of many digital assets, including TRX, have experienced extreme
volatility in recent periods and may continue to do so. For instance, there were steep increases in the value of certain digital assets
over the course of 2017, and multiple market observers asserted that digital assets were experiencing a “bubble.” These increases
were followed by steep drawdowns throughout 2018 in digital asset trading prices. These drawdowns notwithstanding, bitcoin and other digital
asset prices have increased again since 2019, despite significant drawdowns in early 2020 amidst broader market declines as a result of
the then novel coronavirus outbreak. Digital asset markets may still be experiencing a bubble or may experience a bubble again in the
future. Extreme volatility in the future, including further declines in the trading prices of TRX, could have a material adverse effect
on the value of the Shares and the Shares could lose all or substantially all of their value.

•	Digital asset networks are dependent upon the internet. A disruption of the internet
or a digital asset network, such as the Tron Network, would affect the ability to transfer digital assets, including TRX, and, consequently,
their value.

•	The
loss or destruction of a private key required to access a digital asset such as TRX may
be irreversible. If private keys associated with the Trust are lost, destroyed or otherwise
compromised and no backup of the private key is accessible, the Trust will be unable
to access the TRX held in the Trust TRX Account that correspond to such private keys
and the private keys will not be capable of being restored by the Tron Network.

•	Nodes, developers and users may switch to or adopt certain digital assets at the
expense of their engagement with other digital asset networks, which may negatively impact those networks, including the Tron Network.

•	Many digital asset networks, including TRX, face significant scaling challenges
and are being upgraded with various features to increase the speed and throughput of digital asset transactions. These attempts to increase
the volume of transactions may not be effective. Because the Tron Network also relies on cross-chain communication to process transactions
between blockchains, delays can occur if there are bottlenecks in transaction finality on the source or destination chain or if TRX validators
take longer than expected to process a transaction.