SEC Filing Document

Company: Canary Staked TRX ETF
Ticker: 
CIK: 2064768
Filing Type: S-1
Document Type: S-1
Date Filed: 2025-04-18
Accession Number: 0001999371-25-004423
Exchange: 
SIC Code: 6221
SIC Description: Commodity Contracts Brokers & Dealers
URL: https://www.sec.gov/Archives/edgar/data/2064768/000199937125004423/canary-s1_041825.htm

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the Seed Share was made on ____, 202_. Total proceeds to the Trust from the sale of the Seed Share were $___. On ____, 202_, the Seed Share was redeemed for cash and the Seed Capital Investor purchased ____ Shares at a per-Share price of $____ (the “Seed Baskets”). Total proceeds to the Trust from the sale of the Seed Baskets were $____. On ____, 202_, the Trust purchased ____ TRX with the proceeds of the Seed Baskets. As of the date of the Prospectus, these ____Shares represent all of the outstanding Shares. The Seed Capital Investor will act as a statutory underwriter in connection with the Seed Baskets. See “Seed Capital Investor” for additional information.] The price of the Seed Share and the Seed Baskets was determined as described herein and such Shares could be sold at different prices if sold by the Seed Capital Investor at different times.

INVESTMENT IN THE TRUST INVOLVES SIGNIFICANT RISKS AND MAY NOT BE SUITABLE FOR SHAREHOLDERS WHO ARE NOT IN A POSITION TO ACCEPT MORE RISK
THAN MAY BE INVOLVED WITH EXCHANGE-TRADED PRODUCTS THAT DO NOT HOLD TRX. THE SHARES ARE SPECULATIVE SECURITIES. THEIR PURCHASE INVOLVES
A HIGH DEGREE OF RISK AND YOU COULD LOSE YOUR ENTIRE INVESTMENT. YOU SHOULD CONSIDER ALL RISK FACTORS BEFORE INVESTING IN THE TRUST. PLEASE
REFER TO “RISK FACTORS” BEGINNING ON PAGE __.

the
Shares of the trust are neither interests in nor obligations of the Sponsor, the trustee, the administrator, the transfer agent, THE Distributor,
the TRX custodian or any of their respective affiliates. the Shares are not insured or guaranteed by the federal deposit insurance corporation
or any other governmental agency.

NEITHER
THE SEC NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THE SECURITIES OFFERED IN THIS PROSPECTUS, OR DETERMINED IF
THIS PROSPECTUS IS TRUTHFUL OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

THE
TRUST IS AN “EMERGING GROWTH COMPANY” AS THAT TERM IS USED IN THE JUMPSTART OUR BUSINESS STARTUPS ACT OF 2012 AND, AS SUCH,
MAY ELECT TO COMPLY WITH CERTAIN REDUCED REPORTING REQUIREMENTS.

The date of this Prospectus

TABLE OF
CONTENTS

Page

STATEMENT REGARDING FORWARD-LOOKING STATEMENTS	ii

PROSPECTUS SUMMARY	1

TRX, TRX MARKETS AND REGULATION OF TRX	11

RISK FACTORS	20

THE TRUST AND TRX PRICES	63

CALCULATION OF NAV	67

ADDITIONAL INFORMATION ABOUT THE TRUST	68

THE TRUST’S SERVICE PROVIDERS	71

CUSTODY OF THE TRUST’S ASSETS	74

TRANSFER OF SHARES	77

SEED CAPITAL INVESTOR	77

PLAN OF DISTRIBUTION	78

CREATION AND REDEMPTION OF SHARES	79

USE OF PROCEEDS	84

OWNERSHIP OR BENEFICIAL INTEREST IN THE TRUST	84

CONFLICTS OF INTEREST	85

DUTIES OF THE SPONSOR	86

LIABILITY AND INDEMNIFICATION	88

PROVISIONS OF LAW	90

MANAGEMENT; VOTING BY SHAREHOLDERS	91

BOOKS AND RECORDS	92

STATEMENTS, FILINGS, AND REPORTS TO SHAREHOLDERS	92

FISCAL YEAR	92

GOVERNING LAW; CONSENT TO DELAWARE JURISDICTION	92

LEGAL MATTERS	93

EXPERTS	93

MATERIAL CONTRACTS	93

UNITED STATES FEDERAL INCOME TAX CONSEQUENCES	97

PURCHASES BY EMPLOYEE BENEFIT PLANS	100

INFORMATION YOU SHOULD KNOW	101

INTELLECTUAL PROPERTY	102

WHERE YOU CAN FIND MORE INFORMATION	102

PRIVACY POLICY	102

Report of Independent Registered Public Accounting Firm	104

This
Prospectus contains information you should consider when making an investment decision about the Shares of the Trust. You may rely on
the information contained in this Prospectus. The Trust and the Sponsor have not authorized any person to provide you with different information
and, if anyone provides you with different or inconsistent information, you should not rely on it. This Prospectus is not an offer to
sell the Shares in any jurisdiction where the offer or sale of the Shares is not permitted.

The Shares
of the Trust are not registered for public sale in any jurisdiction other than the United States.

STATEMENT REGARDING
FORWARD-LOOKING STATEMENTS

This
Prospectus includes “forward-looking statements” that generally relate to future events or future performance. In some cases,
you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expect,”
“plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential”
or the negative of these terms or other comparable terminology. All statements (other than statements of historical fact) included in
this Prospectus that address activities, events or developments that will or may occur in the future, including such matters as movements
in the digital asset markets and indexes that track such movements, the Trust’s operations, the Sponsor’s plans and references
to the Trust’s future success and other similar matters, are forward-looking statements. These statements are only predictions.
Actual events or results may differ materially. These statements are based upon certain assumptions and analyses the Sponsor has made
based on its perception of historical trends, current conditions and expected future developments, as well as other factors appropriate
in the circumstances.

Whether
or not actual results and developments will conform to the Sponsor’s expectations and predictions, however, is subject to a number
of risks and uncertainties, including the special considerations discussed in this Prospectus, general economic, market and business conditions,
changes in laws or regulations, including those concerning taxes, made by governmental authorities or regulatory bodies, and other world
economic and political developments. Consequently, all the forward-looking statements made in this Prospectus are qualified by these cautionary
statements, and there can be no assurance that actual results or developments the Sponsor anticipates will be realized or, even if substantially
realized, that they will result in the expected consequences to, or have the expected effects on, the Trust’s operations or the
value of its Shares.

Should
one or more of these risks discussed in “Risk Factors” or other uncertainties materialize, or should underlying assumptions
prove incorrect, actual outcomes may vary materially from those described in forward-looking statements. Forward-looking statements are
made based on the Sponsor’s beliefs, estimates and opinions on the date the statements are made and neither the Trust nor the Sponsor
is under a duty or undertakes an obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances
should change, other than as required by applicable laws. Moreover, neither the Trust, the Sponsor, nor any other person assumes responsibility
for the accuracy and completeness of any of these forward-looking statements. Investors are therefore cautioned against placing undue
reliance on forward-looking statements.

PROSPECTUS
SUMMARY

This
is only a summary of the Prospectus and, while it contains material information about the Trust and its Shares, it does not contain or
summarize all of the information about the Trust and the Shares contained in this Prospectus that is material and/or which may be important
to you. You should read this entire Prospectus before making an investment decision about the Shares.

Overview of the
Trust

The
Canary Staked TRX ETF (the “Trust”) is an exchange-traded fund that issues shares of beneficial interest (the “Shares”)
that seeks to list and trade on the ____ (the “Exchange”). The Trust’s investment objective is to seek to provide exposure
to the price of Tron (“TRX”) held by the Trust, less the expenses of the Trust’s operations and other liabilities. In
seeking to achieve its investment objective, the Trust will hold TRX and establish its net asset value (“NAV”) by reference
to the [price of TRX as calculated by CoinDesk Indices, Inc.] (“Pricing Benchmark”). The Trust is sponsored by Canary Capital
Group LLC (the “Sponsor”), a wholly owned subsidiary of Canary Capital Group Inc.

[The
Trust intends to provide direct exposure to the price of TRX held by the Trust with ________ (“________” or the “TRX
Custodian”). The TRX Custodian is chartered as a New York State limited liability trust company that provides custody services for
digital assets.] The TRX Custodian is not insured by the Federal Deposit Insurance Corporation (the “FDIC”) but carries insurance
provided by private insurance carriers. The net assets of the Trust and its Shares are valued on a daily basis with reference to the Pricing
Benchmark, which is calculated by CoinDesk (the “Benchmark Provider”) by integrating spot market prices from various digital
asset trading platforms (“Constituent Platforms”). The Pricing Benchmark is calculated as of 4:00 p.m. Eastern time (“ET”).

TRX
is a digital asset. Like all digital assets, buying, holding and selling TRX is very different from buying, holding and selling more conventional
investments like stocks and bonds. Stocks represent ownership in a company, entitling shareholders to a portion of the company’s
profits. Bonds are debt instruments issued by corporations or governments, where the bondholder is a creditor to the issuer that is generally
entitled to a stream of income payments. Ownership of stocks and bonds is typically recorded through a centralized system managed by brokers,
custodians or clearinghouses. Ownership of TRX does not entitle its holders to any portion of a company’s profits or any stream
of income payments. TRX is a decentralized digital asset and ownership of it is reflected on a decentralized ledger.