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 amount of Energy consumed depends on the computational complexity of the smart contract operation. Insufficient Energy at the time of execution may result in the failure of the transaction or additional TRX being burned to cover the resource deficit. Both Bandwidth and Energy are non-transferable resource credits tied to a user’s address and are reset or recalculated periodically. The need to freeze TRX in order to access these resources creates temporary illiquidity, which may introduce opportunity costs and liquidity risk for holders. Super Representative The Tron Network utilizes a model in which TRX token holders vote to elect 27 Super Representatives who are responsible for validating transactions and producing blocks. These Super Representatives are elected every six hours, and TRX holders can vote by staking their tokens, thereby participating in the Tron Network’s governance. This mechanism enhances scalability and efficiency, aligning validator incentives with network security. Security and Interoperability

The Tron Network employs advanced
cryptographic techniques to ensure transaction integrity and network resilience. The TVM is designed to support smart contract execution
with efficiency and scalability, although smart contract risks remain inherent to any programmable blockchain. Validators (i.e.,
Super Representatives) are economically incentivized to act honestly, as continued voter support—and thus eligibility for block
rewards—depends on maintaining performance and reputation. While the Tron Network does not implement token slashing, underperformance
or misconduct may result in removal from the validator set. TRX is designed for interoperability, enabling asset and data transfers across
blockchains through cross-chain bridges and integrations (e.g., the BitTorrent Chain), thereby supporting a more connected and
composable multi-chain ecosystem.

Functions and Use Cases
of TRX

TRX is the native asset of
the Tron Network, and serves multiple purposes: (i) staking and network security, where users freeze TRX to vote for Super Representatives
responsible for validating transactions and producing blocks; (ii) transaction fees, as TRX is used to acquire Bandwidth and Energy resources
to cover transaction and smart contract execution costs; (iii) governance participation, where TRX holders influence validator selection
and network upgrades through delegated voting; and (iv) on-chain utility, as TRX is used across a broad ecosystem of smart contracts,
decentralized finance protocols, gaming applications, and NFT platforms.

TRX powers a variety of real-world applications:

1.	Decentralized Finance (DeFi) : Lending and borrowing platforms
on the Tron Network allow users to earn yield by supplying TRX or borrowing against collateral. Liquidity providers can participate in
decentralized exchanges and yield farming protocols. TRX’s low transaction costs and rapid confirmation times support stablecoin-based
payment systems and cost-efficient remittances.

2.	Non-Fungible Tokens (NFTs) : TRX is used to mint and trade
NFTs on TRX’s blockchain through marketplaces. The Tron Network’s low minting and trading fees lower the barrier to entry
for artists and developers. NFTs are also used to represent gaming assets and digital collectibles with verifiable ownership.

3.	Gaming and Metaverse : TRX facilitates in-game transactions,
player rewards, and ownership of tokenized gaming assets in decentralized gaming environments. The Tron Network’s high throughput
supports low-latency, on-chain gameplay and seamless digital commerce.

4.	Enterprise and Supply Chain Solutions : Businesses use the
TRX Blockchain to create immutable records, automate digital agreements via smart contracts, and track goods across supply chains. The
transparency and auditability of the TRX Blockchain enhance trust and efficiency in enterprise systems.

5.	Identity and Security : TRX is being explored in decentralized
identity frameworks, enabling credential verification and reducing fraud. Smart contract-based systems may also support privacy-preserving
applications and selective disclosure mechanisms in the future.

Governance and Ecosystem
Development

TRX holders participate in
network governance primarily through the election of Super Representatives, who validate transactions, produce blocks and influence protocol-level
decisions. TRX holders vote for Super Representatives by freezing their TRX and delegating votes, with vote weight proportional to the
amount staked. While the current governance structure is more representative than direct, Super Representatives may influence network
parameters such as block rewards, resource allocation policies and upgrade proposals. The governance model aims to encourage community
participation and maintain decentralized control over core network functions.

Ecosystem development and
strategic expansion efforts within the Tron Network are supported by the “TRON DAO,” a decentralized autonomous organization
tasked with fostering the growth, security, and long-term sustainability of the Tron ecosystem. The TRON DAO allocates resources to fund
developer grants, infrastructure tooling, academic research and innovation initiatives that advance the Tron Network. The DAO promotes
a permissionless and inclusive framework for ecosystem development, empowering builders and users to collaborate on decentralized applications,
protocols and infrastructure.

The Tron Network was initially
founded by Justin Sun, a prominent entrepreneur in the blockchain space. Early development of the protocol was overseen by the TRON Foundation,
a non-profit entity based in Singapore, which played a central role in launching the network and bootstrapping its early user base. In
2021, the Tron Network formally transitioned to a fully decentralized governance model under the TRON DAO, marking a shift toward community-led
development and decentralization of control.

Ongoing core development contributions
are maintained by a distributed set of developers, including contributors to the Tron Grid API infrastructure, TVM improvements and cross-chain
interoperability via BitTorrent Chain (BTTC). While no single entity controls the protocol, key contributors continue to enhance TRX’s
scalability, usability and composability in alignment with community-driven governance mechanisms.

TRX Initial
Distribution and Supply

At the launch
of the Tron Network mainnet in 2018, a total supply of 100 billion TRX was established and allocated across various stakeholders to support
the long-term growth and decentralization of the network. These allocations included: (i) TRON Foundation operational reserves to support
protocol development, marketing and ecosystem growth; (ii) early private sale participants and strategic investors; (iii) founding team
members and early contributors, including Justin Sun; and (iv) a public token sale, conducted in 2017 to broaden community participation
and raise initial capital for development.

The
original TRX distribution was structured as follows: 15% was allocated to the public token sale, 34% to the TRON Foundation for
ecosystem development and operational funding, 10% to early investors, and 40% to the founding team and early contributors. These
allocations were subject to various vesting schedules to ensure orderly distribution and to mitigate short-term speculation. TRX was
initially issued as an ERC-20 token on Ethereum and later migrated to the native Tron mainnet following its official launch in June

Since its
launch, additional TRX has been issued through block rewards as part of the delegated proof-of-stake consensus mechanism. While TRX does
not have a fixed supply cap, issuance is governed by network parameters and subject to adjustment through governance. The TRON DAO now
oversees aspects of resource allocation, community development programs, and long-term ecosystem incentives designed to promote sustainability,
decentralization, and platform adoption.

TRX Market
and Digital Asset Trading Platforms

All transactions
on the Tron Network require TRX to cover resource costs, including Bandwidth and Energy, which account for the computational resources
necessary for processing and validating transactions. TRX also plays a fundamental role in securing the Tron Network through its delegated
proof-of-stake mechanism, where Super Representatives are elected by TRX holders to participate in consensus and governance mechanisms.
Additionally, TRX is used within decentralized applications, smart contract execution, staking rewards and governance decisions within
the Tron Network.

Beyond its
utility within the Tron Network, investors may purchase and sell TRX as a means of speculating on its market value or as a long-term investment
to gain exposure to the TRX ecosystem. The value of TRX in the market is influenced by several factors, including the supply and demand
for TRX, adoption of the Tron Network by developers and enterprises, network activity and transaction volume, staking participation and
broader market conditions affecting digital assets. As the adoption of the Tron Network grows and demand for its blockspace increases,
the economic dynamics of TRX may evolve accordingly.

The most common
means of determining a reference value is surveying trading platforms where secondary markets for TRX exist. The most prominent digital
asset trading platforms are often referred to as “exchanges”. However, they are not regulated and do not report trade information
in the same way as a national securities exchange (“Digital Asset Trading Platform”). As such, there are some differences
in the form, transparency, and reliability of trading data from Digital Asset Trading Platforms. Generally speaking, TRX data is available
from these Digital Asset Trading Platforms, which have publicly disclosed valuations for each executed trade, measured by one or more
fiat currencies such as the USD or Euro or another digital asset such as USDC or USDT. In addition, TRX and TRX-based tokens (and the
cryptocurrency and crypto tokens transiting other smart contract networks) are often traded through decentralized smart contract platforms,
referred to as “decentralized exchanges.” OTC dealers or market makers do not typically disclose their trade data.