What is Permuto? An update on the Chia-based stock trusts
Permuto Capital is a joint venture between Chia Network Inc. and 3V Capital Partners. On 31 March 2026 it posted an update on its first products: stock trusts that use the Chia blockchain.
The idea
Each Permuto trust holds the stock of one listed company. Every share that goes into a trust is split into 100 Asset Certificates (ACs), for the value of the share, and 100 Dividend Certificates (DCs), for its dividends. The two parts can be held and traded separately, either through the traditional stock market system or on the Chia blockchain. Voting rights are passed through to holders.
The road so far
- 15 January 2025: the first registration statement was filed with the US Securities and Exchange Commission (SEC), for a Microsoft (MSFT) trust.
- February 2025: filings followed for Apple (AAPL) and Broadcom (AVGO) trusts, plus an amended MSFT filing.
- Rest of 2025: several amended filings. In Chia's year-end review, Gene Hoffman wrote that the SEC asked for a last-minute change in the type of filing, and that the long US government shutdown added delay.
The March 2026 update
Permuto said that after months of work with the SEC's Division of Investment Management it had restructured its trusts to fit the standard framework for exchange-traded products. The update names the Microsoft and Broadcom trusts. Permuto's expected next steps:
- Finish one last documentation item, then publicly file the registration statements and an exemptive relief request on the SEC's EDGAR system, expected within 3–6 weeks.
- An SEC review of about 90 days, possibly with a round or two of comments.
- A 25-day notice period, after which the Microsoft trust gets a firm launch date. The Broadcom trust would follow a couple of weeks later.
These are Permuto's own expectations, not guarantees. Until a registration statement becomes effective, no certificates can be sold.
What it means for farmers
Nothing changes for farming. This is news about a company building on the Chia blockchain. It is a news summary, not investment advice.
Sources: Permuto Capital: For Those About to Rock, Permuto Capital: ACs & DCs, Permuto press release, February 2025 (via Nasdaq), Chia Network: Wrapping up 2025