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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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.

Currently,
several Digital Asset Trading Platforms are operating worldwide and trading platforms represent a substantial percentage of TRX buying
and selling activity and provide the most data concerning prevailing valuations of TRX. TRX is currently listed for trading on a limited
number of U.S.-based Digital Asset Trading Platform including Coinbase, Kraken, and Crypto.com. Most of TRX trading activity takes place
on overseas platforms including Binance, Bybit, and HTX. A Digital Asset Trading Platforms provides investors with a way to purchase and
sell TRX, similar to stock exchanges like the New York Stock Exchange or NASDAQ, which provide ways to buy stocks and bonds in the so-called
“secondary market.” Unlike stock exchanges regulated to monitor securities trading activity, Digital Asset Trading Platforms
are largely regulated as money services businesses (or a foreign regulatory equivalent) that monitor against money laundering and other
illicit financing. Digital Asset Trading Platforms operate websites that permit investors to open accounts with the trading platform and
then purchase and sell TRX and other digital assets.

Although bitcoin
was the first cryptocurrency, since 2009, the number of digital assets, market participants and companies in the space has increased dramatically.
There are currently many other prominent digital assets. The digital asset marketplace is still being defined and evolving, including
the practices of exchanges, the behavior of investors, and the protocols and prominence of particular digital assets. Before 2017, bitcoin
accounted for approximately 85% or more of the total market capitalization of all digital assets. By August 2024, this figure had dropped
to around 54% as other digital assets, such as ether, launched and/or grew faster than bitcoin.

Shareholders
creating Shares can acquire TRX to be deposited with the Trust either on Digital Asset Trading Platforms, in the OTC markets or in direct
bilateral transactions. OTC trading and direct transactions of TRX are generally accomplished via bilateral agreements on a principal-to-principal
basis. All risks and issues related to creditworthiness are between the parties directly involved in the transaction.

Development
of the Tron Network

Digital assets
such as TRX may be used, among other things, to buy and sell goods and services or to transfer and store value by users. The Tron Network
and other digital asset networks are a new and rapidly evolving industry. The growth of the digital asset industry in general, and the
Tron Network in particular, is subject to a high degree of uncertainty. The factors affecting the further development of the digital asset
industry, as well as the Tron Network, include:

●	continued worldwide growth in the adoption and use of TRX and other digital assets, including those competitive
with TRX;

●	government and quasi-government regulation of TRX and other digital assets and their use, or restrictions
on or regulation of access to and operation of the Tron Network or similar digital asset systems;

●	the maintenance and development of the open-source software codebase used for Tron Network services;

●	changes in consumer demographics and public tastes and preferences;

●	the availability and popularity of other forms or methods of buying and selling goods and services, including
new means of using fiat currencies; and

●	general economic conditions and the regulatory environment relating to digital assets and digital asset
service providers.

The Trust
is not actively managed and will not have any strategy relating to the development of the Tron Network. Furthermore, the Sponsor cannot
be certain as to the impact of the Trust and the expansion of its TRX holdings on the digital asset industry and the Tron Network. A decline
in the popularity or acceptance of the Tron Network may harm the price of the Shares. There is no assurance that the Tron Network, or
the service providers necessary to accommodate it, will continue in existence or grow. Furthermore, there is no assurance that the availability
of and access to digital asset service providers will not be negatively affected by government regulation or supply and demand of TRX.

Market Participants

Stakers and Super Representatives

Stakers and Super Representatives
range from individual TRX holders to professional staking organizations that design and maintain high-availability validator infrastructure.
Users who do not operate a Super Representative node can delegate their votes by freezing TRX and supporting an existing Super Representative
to participate in staking rewards. Any account holding a minimum balance of one TRX is eligible to freeze TRX and participate in the staking
process. Only the top 27 vote-receiving candidates are selected as active Super Representatives, though additional candidates may receive
rewards as standby Super Representatives depending on network conditions.

Investment and Speculative
Sector

This sector includes the investment
and trading activities of both private and professional investors and speculators. Historically, larger financial services institutions
are publicly reported to have limited involvement in investment and trading in digital assets. However, the participation landscape is
beginning to change and large corporations, financial institutions and investment firms are taking positions providing exposure to TRX
and other digital assets.

Retail Sector

The retail sector
includes users transacting in direct peer-to-peer TRX transactions through the direct sending of TRX over the Tron Network. The
retail sector also includes transactions in which consumers purchase goods and services from commercial or service businesses
through direct transactions or third-party service providers, although the use of TRX as a means of payment is still developing and
has not yet been accepted in the same manner as bitcoin or ether due to its infancy and because TRX has a different purpose than
bitcoin and ether.

Service Sector

This sector includes
companies that provide various services including the buying, selling, payment processing and storing of TRX. Bitfinex, Bitstamp,
Coinbase Pro, Gemini, Kraken and FTX are some of the largest trading platforms by volume traded. Coinbase Custody Trust Company,
LLC, the Custodian for the Trust, is a digital asset custodian that provides custodial accounts that store TRX for users. As the
Tron Network continues to grow in acceptance, it is anticipated that service providers will expand the currently available range
of services and that additional parties will enter the service sector for the Tron Network.

Potential Forms
of Attack Against the Tron Network

All blockchain-based
networked systems are vulnerable to various attacks, including majority-controlled attacks, distributed denial-of-service strikes, botnet
attacks, and Sybil attacks. For example, a Sybil attack could occur if an attacker manages to create a large number of validator nodes,
either by splitting their stake into multiple smaller nodes or by acquiring enough TRX.

Many digital
asset networks have also been subjected to denial-of-service attacks, which led to temporary delays in transaction recording and the transfer
of digital assets. Any similar attacks on the Tron Network that impact the ability to transfer TRX could adversely affect the price of
TRX and the value of the Shares. The development of software on and consensus around the Tron Network could be temporarily or more permanently
impacted by any attack.

Summary of a TRX Transaction

Prior to engaging in TRX transactions
directly on the Tron Network, a user generally must first install on their computer or mobile device a compatible TRX wallet application.
This software allows the user to generate a private and public key pair associated with a TRX address. The TRX wallet software and associated
address enable the user to connect to the Tron Network and transfer TRX to and receive TRX from other users.

Each TRX address, or wallet,
is associated with a unique public key and private key pair. To receive TRX, the recipient must provide their public key to the sender
initiating the transfer. This process is similar to providing a routing address for a wire transfer in traditional financial systems.
The sender authorizes the transaction by signing it with the private key associated with the wallet holding the TRX. The recipient does
not reveal or share their private key with the sender.