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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may be reduced. Use of Proceeds Proceeds received by the Trust from the issuance of Baskets consist of either TRX or cash. In addition, the Trust will receive proceeds from its Staking Program that consist of TRX. Deposits of TRX are held by the Custodian on behalf of the Trust (including for use in the Staking Program) until (i) transferred out or sold in connection with redemptions of Baskets or (ii) transferred or sold by the Sponsor to pay fees due to the Sponsor or Trust expenses and liabilities not assumed by the Sponsor. Deposits of cash are held by the Cash Custodian on behalf of the Trust until (i) transferred in connection with the purchase of TRX, (ii) delivered out in connection with redemptions of Baskets or (iii) transferred to pay fees due to the Sponsor and Trust expenses and liabilities not assumed by the Sponsor. Emerging Growth Company

The
Trust is an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”).
For as long as the Trust is an emerging growth company, unlike other public companies, it will not be required to, among other things:
(i) provide an auditor’s attestation report on management’s assessment of the effectiveness of its system of internal control
over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act of 2002; or (ii) comply with any new audit rules adopted
by the PCAOB after April 5, 2012, unless the SEC determines otherwise.

The
Trust will cease to be an “emerging growth company” upon the earliest of (i) its having $1.235 billion or more in annual
revenues, (ii) at least $700 million in market value of Shares being held by non-affiliates, (iii) its issuing more than $1.0
billion of non-convertible debt over a three-year period or (iv) the last day of the fiscal year following the fifth anniversary
of its initial public offering.

addition, Section 107 of the JOBS Act also provides that an emerging growth company can take advantage of the extended transition
period provided in Section 7(a)(2)(B) of the Securities Act of 1933 (the “1933 Act”) for complying with new or revised
accounting standards. In other words, an emerging growth company can delay the adoption of certain accounting standards until those standards
would otherwise apply to private companies. The Trust intends to take advantage of the benefits of the extended transition period.

TRX, TRX MARKETS AND REGULATION
OF TRX

This
section of the Prospectus provides a more detailed description of TRX, including: information about the historical development of TRX;
how a person holds TRX; how to use TRX in transactions; how to trade TRX; the spot markets where TRX can be bought, held and sold; and
the TRX OTC market.

TRX

TRX is the
native cryptographic token of the Tron Network, a permissionless and decentralized blockchain network and development platform. TRX serves
multiple functions within the Tron Network, including securing the network through staking, enabling governance participation and facilitating
the payment of transaction fees.

Tron Network – Overview

The Tron Network is a decentralized
blockchain platform launched in 2017 by entrepreneur Justin Sun. It is designed to facilitate high-speed, low-cost transactions and support
the creation of decentralized applications (“dApps”), with a particular emphasis on content sharing and entertainment services.
The Tron Network aims to address the scalability and cost limitations of earlier blockchain infrastructures by implementing a delegated
proof-of-stake (“DPoS”) consensus mechanism, enabling it to process up to 2,000 transactions per second (“TPS”),
making it suitable for applications requiring high throughput, such as gaming and multimedia platforms.

The Tron Network utilizes
a DPoS model in which TRX token holders vote to elect 27 Super Representatives (“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.

The Tron Network supports
the creation and trading of non-fungible tokens (“NFTs”), allowing artists and creators to mint and sell digital assets in
a decentralized marketplace. The gaming industry benefits from the network’s capabilities, with TRX used for in-game purchases,
rewards and other economic activities within blockchain-based games. Additionally, TRX can be utilized in social media and content-sharing
platforms, enabling direct compensation for content creators without intermediaries.

The Tron Network employs advanced
cryptographic techniques to ensure the security, integrity, and confidentiality of transactions. Its decentralized architecture, supported
by the DPoS consensus mechanism, contributes to its resilience against attacks and censorship. The Tron Network is also designed to be
interoperable with other blockchain systems, facilitating the seamless transfer of assets and data across different platforms, thereby
enhancing its versatility and integration within the broader blockchain ecosystem.

Smart Contracts and Development
on the Tron Network

Smart contracts are programs
that run on a blockchain and can execute automatically when certain conditions are met. Smart contracts facilitate the exchange of anything
representative of value, such as money, information, property, or voting rights. Using smart contracts, users can send or receive digital
assets, create markets, store registries of debts or promises, represent ownership of property or a company, move funds in accordance
with conditional instructions, and create new digital assets. Smart contracts can also be used to develop complex governance systems and
DeFi protocols.

On the Tron Network, smart
contracts are executed via the Tron Virtual Machine (“TVM”), a lightweight, Turing-complete virtual machine compatible with
the Ethereum’s virtual machine. The TVM enables developers to deploy and run smart contracts with high speed and low cost by utilizing
Tron’s resource model based on Bandwidth and Energy (each described below). This architecture supports the development of scalable
decentralized applications, while minimizing transaction fees.

TRX Staking

TRX does not have a
fixed total supply and is subject to an inflationary model that may be adjusted over time by community governance. The issuance of
TRX as staking rewards follows a delegated proof-of-stake consensus mechanism. The current block reward is fixed at sixteen (16) TRX
per block, though this rate is subject to change through protocol updates or governance decisions.

To participate in TRX staking,
a user must freeze TRX to obtain either “Bandwidth” or “Energy” (each described below) and receive voting rights.
These votes can then be used to support a Super Representative (described below). TRX holders who do not possess sufficient resources
or do not wish to operate as an Super Representative can still stake by voting for existing Super Representatives to earn a share of block
rewards. Freezing TRX temporarily locks the tokens and makes them unavailable for transfer during the staking period. Users can unfreeze
their TRX after a minimum period (currently three (3) days), at which point the tokens become liquid again.

Bandwidth and Energy

The Tron Network utilizes
a dual-resource model—Bandwidth and Energy—to manage transaction costs and computational resource consumption. These resources
are designed to reduce reliance on traditional transaction fees and to optimize the allocation of network throughput and computing power.

“Bandwidth” is
a measure of data size and is used to cover the cost of simple transactions, such as TRX transfers. Each account on the Tron Network receives
a limited amount of free Bandwidth daily. Additional Bandwidth can be obtained by freezing TRX, which temporarily locks the tokens in
exchange for resource credits and staking rights. Transactions that exceed an account’s available Bandwidth balance may be subject
to TRX fees deducted directly from the account balance.

“Energy” is consumed
when executing more complex operations on the Tron Network, such as smart contract executions. Unlike Bandwidth, Energy is not distributed
for free and must be acquired by freezing TRX. 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