Since Permuto Capital (a joint venture that includes Chia Network Inc.) announced its amended Microsoft (MSFT) trust filing and new trust filings for Apple (AAPL) and Broadcom (AVGO) with the SEC, the Chia Network and Permuto teams have been busy meeting with members of the current U.S. administration and giving interviews to financial media outlets. Here’s a the timeline of what’s happened so far and what more we can expect next.
Timeline of Events
January 15 2025 – Permuto Capital is announced and they publicly filed an S-1 with the SEC. I covered the announcement and new product here: Permuto Capital and a New Financial Product Explained.
January 16 2025 – Chia Network’s Chief Legal Officer Thomas Chow publishes an opinion on CoinDesk’s open letter to President Trump titled “How to Make the United States the Crypto Capital of the World”.
February 13 2025 – Chia Network, represented by Gene Hoffman, along with other top blockchain projects were invited to the White House in a meeting hosted by Bo Hines, Executive Director of Donald Trump’s Crypto Council led by the “Crypto Czar” David Sacks to discuss clearer regulation.
February 25 2025 – Chia Network and Permuto Capital representatives meet with the SEC’s Crypto Task Force headed by Commissioner Hester Peirce. The publicly available meeting notes cover a number of topics including Permuto’s new product and Chia Network’s suggestions for defining decentralization standards and their path toward regulatory compliance. Thomas Chow’s published opinion on CoinDesk’s open letter was also a discussion point.
At some point, the Chia Network confidential S-1 and SEC comment letters were also included in these notes. I summarized the top takeaways and a contributed deep dive into the financials was posted too.
February 28 2025 – The Digital Chamber welcomes Chia Network as a President’s Circle member.
February 28 2025 – Permuto Capital files an amended S-1 in response to the SEC along with two new S-1 registrations. I looked into the specific amendments and noted how minor the changes were: Permuto Capital Filings for Microsoft, Apple, and Broadcom Trusts. Fidelity Stock Transfer is revealed as the transfer agent alongside the previously announced U.S. Bancorp as stock custodian.
More details about the announcement were shared in Spaces:
March 5 2025 – U.S. “Crypto Czar” David Sacks releases a memo detailing his divested and remaining crypto related holdings through his co-founded venture capital fund, Craft Ventures. It was revealed that his seed round investment in Chia Network Inc. remains Craft’s third largest digital asset-related company holding. I consider this proof of his early involvement and awareness of Chia but I wouldn’t read much into the fact he didn’t divest his investment in Chia Network Inc. since the memo cited that some remaining holdings are highly illiquid and thus not easily divested.
March 7 2025 – Gene Hoffman is interviewed by Yahoo! Finance.
March 14 2025 – Gene Hoffman is interviewed by John Furrier for theCUBE + NYSE Wired: Crypto Trailblazers series. I particularly enjoyed John as a knowledgeable and engaging interviewer.
March 21 2025 – Thomas Chow attends and live-tweets the Crypto Task Force roundtable on “How We Got Here and How We Get Out – Defining Security Status“. Recordings can be viewed here: Part 1 Part 2
March 25 2025 – Gene Hoffman publishes a blog post “Back to the Future” detailing the historic regulatory tools and frameworks that uniquely enable Permuto to be launched on Chia.
March 26 2025 – Thomas Chow attends the Digital Chamber Blockchain Summit 2025.
April 1 2025 – Thomas Chow publishes a comparison of Circle and Chia S-1 documents and why technical details should matter to investors.
April 3 2025 – Permuto Capital files amendments to all three of its S-1 registrations, revealing PwC as its auditor and NYSE America as its intended national exchange to list DTC-held certificates. Other changes were minimal, which suggests to me the filings are close to ready.
More details about the announcement were shared in Spaces:
What might we expect next?
The latest amendments to these filings suggest Permuto is close to resolving SEC feedback, with the next milestone being the declaration of effectiveness of the first three trusts potentially as early as within the next 30 days. I am also expecting a handful of additional trusts to be filed, following the same template, soon.
Once effective, and following a 2-3 week roadshow, Permuto could launch in the summer with 5-10 initial trusts, and eventually expanding to over 80 in the long term, as stated by the team. Before that, we’ll probably hear about their market maker(s), and listing status with the NYSE. The team also indicated market volatility is not expected to significantly delay the Permuto product.
On the Chia front, the team mentioned that we’ll see Cloud Wallet mainnet with support for vaults and American options within the next few months, serving as a backbone for the Permuto app itself.
All-in-all, I’m expecting announcements to pile up one after another leading into summer.
