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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for digital assets so as to improve their attractiveness to investors who look for maximum liquidity, or it may be motivated by the ability to attract listing fees from token issuers who seek the most liquid and high-volume exchanges on which to list their coins. Results of wash trading may include unexpected obstacles to trade and erroneous investment decisions based on false information. Even in the United States, there have been allegations of wash trading even on regulated venues. Any actual or perceived false trading in the global digital asset trading market, and any other fraudulent or manipulative acts and practices, could adversely affect the value of TRX and/or negatively affect the market perception of TRX. If they were to affect trading at a trading platform which is used to calculate the Pricing Benchmark, they could cause the Trust’s NAV to be calculated incorrectly and cause Shareholders to suffer losses.

To the extent that
wash trading either occurs or appears to occur in TRX trading platforms on which TRX trades, investors may develop negative perceptions
about TRX and the digital assets industry more broadly, which could adversely impact the price of TRX and, therefore, the price of Shares.
Wash trading also may place more legitimate digital asset trading platforms at a relative competitive disadvantage.

Competition
from central bank digital currencies and emerging payments initiatives involving financial institutions could adversely affect
the value of TRX and other digital assets.

Central banks in
various countries have introduced digital forms of legal tender (“CBDCs”). Whether or not they incorporate blockchain or similar
technology, CBDCs, as legal tender in the issuing jurisdiction, could have an advantage in competing with, or replace, TRX and other cryptocurrencies
as a medium of exchange or store of value. Central banks and other governmental entities have also announced cooperative initiatives and
consortia with private sector entities, with the goal of leveraging blockchain and other technology to reduce friction in cross-border
and interbank payments and settlement, and commercial banks and other financial institutions have also recently announced a number of
initiatives of their own to incorporate new technologies, including blockchain and similar technologies, into their payments and settlement
activities, which could compete with, or reduce the demand for, TRX. As a result of any of the foregoing factors, the value of TRX could
decrease, which could adversely affect an investment in the Trust.

Prices
of TRX may be affected due to stablecoins (including Tether and US Dollar Coin (“USDC”)), the activities of stablecoin
issuers and their regulatory treatment.

While the Trust
does not invest in and will not hold stablecoins, it may nonetheless be exposed to risks that stablecoins pose for the TRX market and
other digital asset markets. Stablecoins are digital assets designed to have a stable value over time as compared to typically volatile
digital assets, and are typically marketed as being pegged to a fiat currency, such as the U.S. dollar, at a certain value. Although the
prices of stablecoins are intended to be stable, their market value may fluctuate. This volatility has in the past apparently impacted
the price of TRX. Stablecoins are a relatively new phenomenon, and it is impossible to know all of the risks that they could pose to participants
in the TRX market. In addition, some have argued that some stablecoins, particularly Tether, are improperly issued without sufficient
backing in a way that, when the stablecoin is used to pay for TRX, could cause artificial rather than genuine demand for TRX, artificially
inflating the price of TRX, and also argue that those associated with certain stablecoins may be involved in laundering money. On February
17, 2021 the New York Attorney General entered into an agreement with Tether’s operators, including Bitfinex, requiring them to
cease any further trading activity with New York persons and pay $18.5 million in penalties for false and misleading statements made regarding
the assets backing Tether. On October 15, 2021, the CFTC announced a settlement with Tether’s operators, Tether Holdings Limited,
Tether Operations Limited, Tether Limited, and Tether International Limited, in which they agreed to pay $42.5 million in fines to settle
charges that, among others, Tether’s claims that it maintained sufficient U.S. dollar reserves to back every Tether stablecoin in
circulation with the “equivalent amount of corresponding fiat currency” held by Tether were untrue.

Bitfinex also agreed
to pay the CFTC a $1.5 million fine to settle charges that Bitfinex offered off-exchange leveraged, margined, or financed transactions
involving cryptocurrencies with U.S. customers who were not eligible contract participants and accepted funds (including in the form of
Tether stablecoins) and orders in connection with such illegal off-exchange transactions, triggering an obligation to register with the
CFTC, which the CFTC order asserts it violated. The CFTC previously fined Bitfinex in 2016 on similar charges.

USDC is a reserve-backed
stablecoin issued by Circle Internet Financial that is commonly used as a method of payment in digital asset markets. While USDC is designed
to maintain a stable value at 1U.S. dollar at all times, on March 10, 2023, the value of USDC fell below $1.00 for multiple days after
Circle Internet Financial disclosed that US $3.3 billion of the USDC reserves were held at Silicon Valley Bank, which had entered Federal
Deposit Insurance Corporation (“FDIC”) receivership earlier that day. Stablecoins are reliant on the U.S. banking system and
U.S. treasuries, and the failure of either to function normally could impede the function of stablecoins, and therefore could adversely
affect the value of the Shares.

Given the foundational
role that stablecoins play in global digital asset markets, their fundamental liquidity can have a dramatic impact on the broader digital
asset market, including the market for TRX. Because a large portion of the digital asset market still depends on stablecoins such as Tether
and USDC, there is a risk that a disorderly de-pegging or a run on Tether or USDC could lead to dramatic market volatility in digital
assets more broadly. Volatility in stablecoins, operational issues with stablecoins (for example, technical issues that prevent settlement),
concerns about the sufficiency of any reserves that support stablecoins or potential manipulative activity when unbacked stablecoins are
used to pay for other digital assets (including TRX), or regulatory concerns about stablecoin issuers or intermediaries, such as exchanges,
that support stablecoins, or the removal or migration of prominent stablecoins away from the Tron Network, could impact individuals’
willingness to trade on trading venues that rely on stablecoins, reduce liquidity in the TRX market, and affect the value of TRX, and
in turn impact an investment in the Shares. Given that Bitfinex may be a component of the Pricing Benchmark and Bitfinex and Tether are
understood to be under common ownership and management, problems with Tether specifically could potentially affect pricing of transactions
on Bitfinex or otherwise disrupt Bitfinex’s operations.

Competition
from the emergence or growth of other digital assets or methods of investing in TRX could have a negative impact on the price of
TRX and adversely affect the value of the Shares.

May 2026, TRX was the 8th largest digital asset by market capitalization, as tracked by CoinMarketCap.com. As of May
2026, the alternative digital assets tracked by CoinMarketCap.com had a total market capitalization of approximately $2.64 trillion
(including the approximately $32 billion market cap of TRX), as calculated using market prices and total available supply of each
digital asset, excluding tokens pegged to other assets. TRX faces competition from a wide range of digital assets, including bitcoin
and ethereum. TRX is also supported by fewer regulated trading platforms than more established digital assets, such as bitcoin
and ethereum, which could impact its liquidity. In addition, TRX is in direct competition to other smart contract platforms, such
as Ethereum, Polkadot, Avalanche and Cardano. Competition from the emergence or growth of alternative digital assets and smart
contracts platforms, such as EOS, Tezos, Tron, and numerous others, could have a negative impact on the demand for, and price
of, TRX and thereby adversely affect the value of the Shares.

In addition, some
digital asset networks, including the Tron Network, may be the target of ill will from users of other digital asset networks. For example,
in July 2016, the Solana Network underwent a contentious hard fork that resulted in the creation of a new digital asset network called
Solana Classic. As a result, some users of the Solana Classic network may harbor ill will toward the Solana Network. If something similar
were to occur with respect to the Tron Network, its users may attempt to negatively impact the use or adoption of the Tron Network.