Canary Capital Group LLC filed a Form S-1 registration statement with the Securities and Exchange Commission (SEC) on Friday for its Canary Staked TRX ETF.
Canary Capital Files S-1 With SEC for Staked TRX ETF
According to the preliminary prospectus, Canary’s proposed fund will issue shares designed to give investors exposure to the price of tron (TRX), after deducting the trust’s operating expenses and other liabilities.
It will establish its net asset value daily at 4 p.m. Eastern time using a Coindesk Indices benchmark that aggregates spot prices from several leading digital asset platforms. The trust also intends to stake a portion of its TRX to earn network rewards, subject to associated liquidity and penalty risks.
Canary Capital is the sponsor, CSC Delaware Trust Company serves as trustee, and Bitgo Trust Company will act as custodian for the trust’s TRX holdings. Ownership of shares will not entitle investors to voting rights, and the trust will not loan or pledge assets or serve as collateral.
The sponsor will pay ordinary operating expenses under a unified fee arrangement, while extraordinary costs will be borne by the trust. The offering will operate continuously under SEC Rule 415, with shares created or redeemed in cash by authorized participants. Each basket will consist of a defined block of shares based on the amount of TRX attributable to each share, net of fees.
The trust was formed as a Delaware statutory trust on April 8 and will operate under a trust agreement between the sponsor and the trustee. Canary has filed for spot exchange-traded funds, or ETFs, tracking SUI, LTC, PENGU (Pudgy Penguins token), HBAR, XRP, AXL, DOGE and SOL. Founded by Steven McClurg—former co-founder and chief investment officer of Valkyrie Funds—the firm seeks to furnish institutional-grade access to a broad spectrum of digital assets.
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