We Salute You – An update on the Permuto Microsoft and Broadcom Trusts

We’re in the final stretch.

After months of working with the SEC’s Division of Investment Management, we’ve restructured Permuto’s trusts to fit cleanly within the established standards for exchange-traded products — the same framework used across the broader ETP market. The SEC has been supportive of the product itself throughout. Our conversations haven’t been about whether this works — they’ve been about making sure the disclosures meet current best practices.

We have one remaining documentation item to finalize with the SEC. Once that’s done, we’ll publicly file our registration statements and exemptive relief request on EDGAR. That’s the formal starting line, and should be complete within the next 3-6 weeks.

From there, the timeline is relatively straightforward:

Days 1–90: The SEC reviews our exemptive relief request. We expect a round or two of comments on the registration statements during this window, but we don’t anticipate major surprises. They’ve had plenty of time with this product already.

Day 90+: Once the SEC is satisfied with the exemptive relief request, a mandatory 25-day notice period begins. At the end of it, we have a firm, locked-in launch date for the Microsoft Trust.

~A couple weeks later: The Broadcom Trust launches.

After that, adding new trusts becomes much faster — they can rely on the groundwork already approved.

Real financial innovation, the kind that actually needs a permissionless blockchain to work, is arriving on the Chia blockchain very soon. And we have more up our sleeves beyond these trusts.

The feeling of a storm breaking or a fuse being lit. Once it starts, you’re just along for the ride…