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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NAV of the Trust may not be deemed consistent with GAAP. To the extent the methodology used to calculate the Pricing Benchmark is deemed inconsistent with GAAP, the Trust will utilize an alternative GAAP-consistent pricing source for purposes of the Trust’s periodic financial statements. Creation and redemption of Baskets, the Sponsor Fee and other expenses borne by the Trust will be determined using the Trust’s NAV determined daily based on the Pricing Benchmark. Such NAV of the Trust determined using the Pricing Benchmark price may differ, in some cases significantly, from the NAV reported in the Trust’s periodic financial statements. Risks Related to Pricing. The Trust’s portfolio will be priced, including for purposes of determining the NAV, based upon the Pricing Benchmark. The price of TRX in U.S. dollars or in other currencies available from other data sources may not be equal to the prices used to calculate the NAV.

The NAV of the Trust
will change as fluctuations occur in the market price of the Trust’s TRX holdings as reflected in the Pricing Benchmark. Shareholders
should be aware that the public trading price per Share may be different from the NAV for a number of reasons, including price volatility;
trading activity; the closing of TRX trading platforms due to fraud, failure, security breaches or otherwise; and the fact that supply-and-demand
forces at work in the secondary trading market for Shares are related, but not identical, to the supply-and-demand forces influencing
the market price of TRX.

Shareholders also
should note that the size of the Trust in terms of total TRX held may change substantially over time and as Baskets are created and redeemed.

In the event that
the value of the Trust’s TRX holdings or TRX holdings per Share is incorrectly calculated, neither the Sponsor nor the Administrator
will be liable for any error and such misreporting of valuation data could adversely affect the value of the Shares.

Regulatory Risk

Digital
asset markets in the United States exist in a state of regulatory uncertainty, and adverse legislative or regulatory developments
could significantly harm the value of TRX or the Shares, such as by banning, restricting or imposing onerous conditions or prohibitions
on the use of TRX, mining activity, digital wallets, the provision of services related to trading and custodying TRX, the operation
of the Tron Network, or the digital asset markets generally.

There is a lack
of consensus regarding the regulation of digital assets, including TRX, and their markets. As a result of the growth in the size of the
digital asset market, as well as the 2022 Events, the U.S. Congress and a number of U.S. federal and state agencies (including FinCEN,
SEC, OCC, CFTC, FINRA, the Consumer Financial Protection Bureau (“CFPB”), the Department of Justice, the Department of Homeland
Security, the Federal Bureau of Investigation, the IRS, state financial institution regulators, and others) have been examining the operations
of digital asset networks, digital asset users and the digital asset markets. Many of these state and federal agencies have brought enforcement
actions or issued consumer advisories regarding the risks posed by digital assets to investors.

Ongoing and future
regulatory actions with respect to digital assets generally or TRX in particular may alter, perhaps to a materially adverse extent, the
nature of an investment in the Shares or the ability of the Trust to continue to operate.

The 2022 Events,
including among others the bankruptcy filings of FTX and its subsidiaries, Three Arrows Capital, Celsius Network, Voyager Digital, Genesis,
BlockFi and others, and other developments in the digital asset markets, have resulted in calls for heightened scrutiny and regulation
of the digital asset industry, with a specific focus on intermediaries such as digital asset exchanges, platforms, and custodians. Federal
and state legislatures and regulatory agencies may introduce and enact new laws and regulations to regulate crypto asset intermediaries,
such as digital asset exchanges and custodians. The March 2023 collapses of Silicon Valley Bank, Silvergate Bank, and Signature Bank,
which in some cases provided services to the digital assets industry, may amplify and/or accelerate these trends. On January 3, 2023,
the federal banking agencies issued a joint statement on crypto-asset risks to banking organizations following events which exposed vulnerabilities
in the crypto-asset sector, including the risk of fraud and scams, legal uncertainties, significant volatility, and contagion risk. Although
banking organizations are not prohibited from crypto-asset related activities, the agencies have expressed significant safety and soundness
concerns with business models that are concentrated in crypto-asset related activities or have concentrated exposures to the crypto-asset
sector.

US federal and state
regulators, as well as the White House, have issued reports and releases concerning crypto assets, including TRX and crypto asset markets.
Further, in 2023 the House of Representatives formed two new subcommittees: the Digital Assets, Financial Technology and Inclusion Subcommittee
and the Commodity Markets, Digital Assets, and Rural Development Subcommittee, each of which were formed in part to analyze issues concerning
crypto assets and demonstrate a legislative intent to develop and consider the adoption of federal legislation designed to address the
perceived need for regulation of and concerns surrounding the crypto industry. However, the extent and content of any forthcoming laws
and regulations are not yet ascertainable with certainty, and it may not be ascertainable in the near future. A divided Congress makes
any prediction difficult. We cannot predict how these and other related events will affect us or the crypto asset business.

In August 2021,
the chair of the SEC stated that he believed investors using digital asset trading platforms are not adequately protected, and that activities
on the platforms can implicate the securities laws, commodities laws and banking laws, raising a number of issues related to protecting
investors and consumers, guarding against illicit activity, and ensuring financial stability. The chair expressed a need for the SEC to
have additional authorities to prevent transactions, products, and platforms from “falling between regulatory cracks,” as
well as for more resources to protect investors in “this growing and volatile sector.” The chair called for federal legislation
centering on digital asset trading, lending, and decentralized finance platforms, seeking “additional plenary authority” to
write rules for digital asset trading and lending. Moreover, President Biden’s March 9, 2022 Executive Order, asserting that technological
advances and the rapid growth of the digital asset markets “necessitate an evaluation and alignment of the United States Government
approach to digital assets,” signals an ongoing focus on digital asset policy and regulation in the United States. A number of reports
issued pursuant to the Executive Order have focused on various risks related to the digital asset ecosystem, and have recommended additional
legislation and regulatory oversight. There have also been several bills introduced in Congress that propose to establish additional regulation
and oversight of the digital asset markets.

It is not possible
to predict whether Congress will grant additional authorities to the SEC or other regulators, what the nature of such additional authorities
might be, how they might impact the ability of digital asset markets to function or how any new regulations that may flow from such authorities
might impact the value of digital assets generally and TRX held by the Trust specifically. The consequences of increased federal regulation
of digital assets and digital asset activities could have a material adverse effect on the Trust and the Shares.

FinCEN
requires any administrator or exchanger of convertible digital assets to register with FinCEN as a money transmitter and comply with
the anti-money laundering regulations applicable to money transmitters. Entities which fail to comply with such regulations are
subject to fines, may be required to cease operations, and could have potential criminal liability. For example, in 2015, FinCEN
assessed a $700,000 fine against a sponsor of a digital asset for violating several requirements of the Bank Secrecy Act by acting
as an MSB and selling the digital asset without registering with FinCEN, and by failing to implement and maintain an adequate
anti-money laundering program. In 2017, FinCEN assessed a $110 million fine against BTC-e, a now defunct digital asset exchange, for
similar violations. The requirement that exchangers that do business in the U.S. register with FinCEN and comply with anti-money
laundering regulations may increase the cost of buying and selling TRX and therefore may adversely affect the price of TRX and an
investment in the Shares.

The Office of Foreign
Assets Control (“OFAC”) of the U.S. Department of the Treasury (the “U.S. Treasury Department”) has added digital
currency addresses to the list of Specially Designated Nationals whose assets are blocked, and with whom U.S. persons are generally prohibited
from dealing. Such actions by OFAC, or by similar organizations in other jurisdictions, may introduce uncertainty in the market as to
whether TRX that has been associated with such addresses in the past can be easily sold. This “tainted” TRX may trade at a
substantial discount to untainted TRX. Reduced fungibility in the TRX markets may reduce the liquidity of TRX and therefore adversely
affect their price.