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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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.

•	The open-source structure of TRX services codebase, means that developers and other
contributors are generally not directly compensated for their contributions in maintaining and developing such protocols. As a result,
the developers and other contributors of a particular digital asset may lack a financial incentive to maintain or develop the network,
or may lack the resources to adequately address emerging issues. Alternatively, some developers may be funded by companies whose interests
are at odds with other participants in a particular digital asset network. A failure to properly monitor and upgrade the protocol of the
Tron Network could damage that network.

•	Bitcoin has only become selectively accepted as a means of payment by retail and
commercial outlets, and commercial use of bitcoin remains limited in commercial and retail ventures. Instead, TRX is largely used for
DeFi and token offering solutions launched on the Tron Network, the use of which may be cyclical and result in demand volatility. As a
result, the prices of TRX are largely determined by DeFi and token use, and by speculators, thus contributing to price volatility that
makes retailers less likely to accept it as a form of payment in the future.

•	Banks may not provide banking services, or may cut off banking services, to businesses
that provide digital asset-related services or that accept digital assets as payment, which could dampen liquidity in the market and damage
the public perception of digital assets generally or any one digital asset in particular, such as TRX, and their or its utility as a payment
system, which could decrease the price of digital assets generally or individually.

Moreover,
because digital assets, including TRX, have been in existence for a short period of time and are continuing to develop, there may be additional
risks in the future that are impossible to predict as of the date of this Prospectus.

Digital
assets represent a new and rapidly evolving industry, and the value of the Shares depends on the acceptance Of TRX.

The
first major blockchain-based digital asset, bitcoin, was launched in 2009. The Tron Network launched in 2018. In general, digital asset
networks, including the Tron Network and other cryptographic and algorithmic protocols governing the issuance of digital assets represent
a new and rapidly evolving industry that is subject to a variety of factors that are difficult to evaluate. For example, the realization
of one or more of the following risks could materially adversely affect the value of the Shares:

•	Banks and other established financial institutions may refuse to process funds for
TRX transactions; process wire transfers to or from digital asset trading platforms, TRX-related companies or service providers; or maintain
accounts for persons or entities transacting in TRX. As a result, the prices of TRX are largely determined by speculators and validators,
thus contributing to price volatility that makes retailers less likely to accept TRX in the future.

•	Banks may not provide banking services, or may cut off banking services, to businesses
that provide digital asset related services or that accept digital assets as payment, which could dampen liquidity in the market and damage
the public perception of digital assets generally or any one digital asset in particular, such as TRX, and their or its utility as a payment
system, which could decrease the price of digital assets generally or individually.

•	Certain privacy-preserving features have been or are expected to be introduced to
a number of digital asset networks. If any such features are introduced to the Tron Network, any trading platforms or businesses that
facilitate transactions in TRX may be at an increased risk of criminal or civil lawsuits, or of having banking services cut off if there
is a concern that these features interfere with the performance of anti-money laundering duties and economic sanctions checks.

•	Users, developers and validators may otherwise switch to or adopt certain digital
assets at the expense of their engagement

•	The Trust is not actively managed and will not have any formal strategy relating
to the development of the Tron Network and will not attempt to avoid or mitigate losses caused by declines in the price of TRX.

Due
to the nature of private keys, transactions involving TRX are irrevocable and stolen or incorrectly transferred TRX may be irretrievable.
As a result, any incorrectly executed TRX transactions could adversely affect an investment in the Trust.

Transactions
involving TRX are typically not reversible without the consent and active participation of the recipient of the transaction. Once
a transaction has been signed with private keys, verified and recorded in a block that is added to the TRX Blockchain, an incorrect
transfer of cryptocurrency, such as TRX, or a theft of TRX generally will not be reversible and the Trust may not be capable of
seeking compensation for any such transfer or theft. Although the Trust’s transfers of TRX will regularly be made to or from
the Trust’s accounts at the Custodian or an additional custodian (the “Additional Custodian”), it is possible
that, through computer or human error, or through theft or criminal action, the Trust’s TRX could be transferred from the
Trust’s account at the Custodian or the Additional Custodian in incorrect amounts or to unauthorized third parties, or to
uncontrolled accounts. To the extent that the Trust is unable to successfully seek redress for such error or theft, such loss could
adversely affect an investment in the Trust.

The
custody of the Trust’s TRX is handled by the Custodian or the Additional Custodian, and the transfer of TRX to and from liquidity
providers normally takes place through the Custodian’s Clearing Services and is directed by the Administrator and the Transfer
Agent. The Sponsor has evaluated the procedures and internal controls of the Trust’s Custodian and the Additional Custodian
to safeguard the Trust’s TRX holdings, as well as the procedures and internal controls of the Trust’s Administrator.

However,
it is possible that, through computer or human error, or through theft or criminal action, the Trust’s TRX could be transferred
from the Trust TRX Account or Clearing Account at the Custodian or the Additional TRX Account at the Additional Custodian in incorrect
amounts or to unauthorized third parties, or to incorrect destination addresses on the TRX Blockchain.

Alternatively,
if the Custodian’s and the Additional Custodian’s internal procedures and controls are inadequate to safeguard the
Trust’s TRX holdings, and the Trust’s private key(s) is (are) lost, destroyed or otherwise compromised and no backup
of the private key(s) is (are) accessible, the Trust will be unable to access its TRX, which could adversely affect an investment
in the Shares of the Trust. In addition, if the Trust’s private key(s) is (are) misappropriated and the Trust’s TRX
holdings are stolen, including from or by the Custodian or the Additional Custodian, the Trust could lose some or all of its TRX
holdings, which could adversely impact an investment in the Shares of the Trust.

Such
events have occurred in connection with digital assets in the past. For example, in September 2014, the Chinese digital asset exchange
Huobi announced that it had sent approximately 900 bitcoin and 8,000 litecoin (worth approximately $400,000 at the prevailing market prices
at the time) to the wrong customers. To the extent that the Trust is unable to seek a corrective transaction with such third party or
is incapable of identifying the third party which has received the Trust’s TRX through error or theft, the Trust will be unable
to revert or otherwise recover incorrectly transferred TRX. The Trust will also be unable to convert or recover its TRX transferred to
uncontrolled accounts. To the extent that the Trust is unable to seek redress for such error or theft, such loss could adversely affect
the value of the Shares.

disruption of the internet may affect the Tron Network, which may adversely affect the TRX Industry and an investment in the Trust.