What Permuto Capital does

Permuto Capital LLC is a private fintech formed in December 2024 as a joint venture between Chia Network Inc. and 3V Capital Partners SE LLC, headquartered in New York City with a secondary office in South San Francisco. The company designs two structurally novel financial products built on Chia Blockchain infrastructure: (1) Asset Certificates and Dividend Certificates (ACs/DCs), which unbundle each share of an underlying equity into 100 ACs representing the asset component and 100 DCs representing future dividend potential, each tradeable separately on the NYSE or the Chia Blockchain under its own CUSIP with US Bank custody and PwC audit; and (2) Statistical Volatility Perpetuals (svPerps), perpetual contracts on the realized volatility of US equities with on-chain settlement, self-custody collateral held in Chia Vaults, up to 10x leverage via wUSDC.b, and 24/7 trading. Three svPerps markets (QQQ, NVDA, TSLA) were opened in June 2026; three AC/DC trusts (Microsoft, Broadcom, Apple) are progressing through SEC registration under the Investment Company Act of 1940 framework following a September 2025 conversion from a '33 Act filer structure.

The company targets multiple overlapping segments — active volatility traders and market makers, fundamentals-driven investors seeking to separate growth from income, income investors priced out of low-yield growth stocks, institutional investors requiring SEC-regulated products, and blockchain-native investors seeking self-custody. Revenue mechanics are designed around three streams: transaction fees on blockchain-traded ACs/DCs/svPerps, dividend-certificate fees capturing value from previously embedded dividend cash flows, and trust management fees modeled on ETF economics. Pricing is not publicly disclosed; institutional custody, audit, and market-making infrastructure are provided by US Bank, PwC, and unnamed established market makers respectively. The svPerps product is currently restricted to non-US participants pending US regulatory clarity, and the Permuto Volatility Cup (June 15 – July 10, 2026) is being used as the primary pre-launch user-acquisition channel.

Name

Permuto Capital

Legal name

Permuto Capital LLC

Website

https://permuto.capital

Company type

Private

Founded year

2024

Operating status

Operating

Headcount range

11–50 employees

Short description

Permuto Capital is a fintech joint venture of Chia Network and 3V Capital Partners that builds novel on-chain equity instruments — unbundled Asset and Dividend Certificates (ACs/DCs) and Statistical Volatility Perpetuals (svPerps) — for institutional and retail investors on the Chia Blockchain under SEC '40 Act oversight.

Ownership category

akta.pro rank

Product category

Blockchain-based Securities and Derivatives

NAICS

Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523), Securities and Commodity Exchanges (523210)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Commodity Contracts Brokers & Dealers (6221)

akta.pro primary industry

Perpetual Futures (Perps) Venues & Protocols (FSADAGAA)

akta.pro secondary industries

Perpetuals & Derivatives DEXs (FSADABAE), Derivatives Trading Venues (perps, futures, options) (FSAPADAE), Decentralized Derivatives (perps, options, futures, synthetics) (FSAPAEAC)

Keywords

• Volatility derivatives trading
• Unbundled equity securities
• Perpetual contracts platform
• Blockchain-based financial products
• Dividend certificate instruments

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Dividend Certificate fees: The primary ongoing revenue source for the Trusts is the fee taken from dividends. DCs allow Permuto to capture value from dividend cash flows that were previously embedded in equity prices.
2. Blockchain trading fees: Fees generated from trading ACs, DCs, and svPerps on the Chia Blockchain platform. The platform supports trading on traditional exchanges (NYSE) or via the Chia Blockchain for transacting anywhere, anytime.
3. Trust management fees: Revenue from managing Permuto Trusts (Microsoft Trust, Broadcom Trust, Apple Trust) structured under the Investment Company Act of 1940 framework, similar to ETF fee structures.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels6 records

Core offering

Permuto Capital develops and distributes two novel financial products: (1) Statistical Volatility Perpetuals (svPerps) — perpetual contracts enabling direct exposure to the realized volatility of U.S. equities with on-chain settlement, self-custody collateral in wUSDC.b, and up to 10x leverage; and (2) Asset Certificates (ACs) and Dividend Certificates (DCs) — instruments that unbundle each share of stock into 100 ACs (underlying asset value) and 100 DCs (future dividend potential), tradeable separately on the NYSE or Chia Blockchain under their own CUSIPs.

Product overview

Permuto Capital offers two main financial products: svPerps (Statistical Volatility Perpetuals) and ACs & DCs (Asset Certificates and Dividend Certificates). svPerps are perpetual contracts allowing direct exposure to U.S. equity volatility on the Chia blockchain with self-custody collateral. ACs & DCs deconstruct equities into separate tradable certificates—the asset component (ACs) and dividend component (DCs)—enabling investors to tailor their exposure to specific investment profiles. Both products leverage blockchain technology for settlement and custody while maintaining compliance with traditional finance standards.

Differentiator

Problem solved

Functional benefit

Brands

• svPerps: Statistical Volatility Perpetuals – perpetual contracts on the realized volatility of U.S. equities. On-chain settlement, self-custody collateral, no expiry.
• ACs & DCs

Products and services

• svPerps (Statistical Volatility Perpetuals) Perpetual contracts on the realized volatility of U.S. equities, settled on the Chia Blockchain with self-custody collateral (wUSDC.b) and no expiry. Allows users to take long or short positions on volatility itself (go long if expecting an active market, short if expecting calm) with up to 10x leverage and 24/7 trading. Currently open only to eligible participants outside the United States.
• ACs & DCs (Asset Certificates and Dividend Certificates)

Quantifiable outcome

• Microsoft DC implied yield ~84% AC / ~16% DC split vs. 70bps equity yield
• +2 more outcomes

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Seven partnerships are on record, tiered core and supporting.

• Chia Network Inc.coreStrategic or Co-development Partner · 1 December 2024Permuto Capital is a joint venture created by the principals of Chia Network Inc. Gene Hoffman serves as CEO of both Permuto Capital and Chia Network. Chia Network sponsors the Permuto Volatility Cup with $25,000 worth of XCH in prizes. The svPerps platform is built on Chia Blockchain infrastructure.
• 3V Capital Partners SE LLCcoreStrategic or Co-development Partner · 1 December 2024Permuto Capital is a joint venture created by the principals of 3V Capital Partners SE LLC. The partnership combines Chia Network's blockchain expertise with 3V Capital's financial markets experience.
• US BankcoreOthersUS Bank serves as the custodian for shares backing Permuto Trusts. This provides institutional-grade security and regulatory compliance for the AC/DC product.
• PwCcoreOthersPwC serves as the auditor for Permuto trusts, providing independent verification and trust in the company's financial products.
• Market MakerscoreChannel Partner/ Reseller/ DistributorEstablished market makers support the trading of ACs and DCs on public markets, providing liquidity and price discovery for the novel equity instruments.
• Chia Cloud WalletsupportingTechnology or IntegrationOne of two vault options for the Permuto Volatility Cup challenge and svPerps platform. Users can create a vault at vault.chia.net to participate in trading.
• Sage WalletsupportingTechnology or IntegrationAlternative vault option for the Permuto Volatility Cup challenge and svPerps platform. Users can create a vault at sagewallet.net to participate in trading.

Scale indicators3 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Hyperliquid: Hyperliquid is a decentralized perpetual futures exchange with an on-chain order book and self-custody. Like Permuto svPerps, it offers leveraged derivatives trading with 24/7 availability, and is a leading direct competitor in the on-chain perps space.
• Aevo: Aevo is an on-chain options and perpetual futures exchange built on a custom EVM rollup. Like Permuto svPerps, Aevo focuses on derivative instruments with on-chain settlement and self-custody, and has expanded into structured products.
• Synthetix: Synthetix is a decentralized derivatives protocol offering synthetic assets and perpetual futures on Ethereum. Directly comparable to Permuto's on-chain synthetic exposure approach for svPerps, both enabling novel derivative structures via smart contracts.
• GMX: GMX is a decentralized spot and perpetual exchange on Arbitrum/Avalanche using a GLP liquidity model. Comparable to Permuto svPerps as both offer on-chain perpetual derivatives with self-custody, though GMX uses a different liquidity architecture.
• dYdX: dYdX is a decentralized perpetual futures exchange built on its own appchain. Directly comparable to Permuto's svPerps as both offer on-chain perpetual derivatives trading with self-custody, though dYdX focuses on crypto-asset underlyings rather than U.S. equity volatility.

Broad incumbents

• Deribit: Deribit is the largest crypto options and futures exchange, recently acquired by Coinbase. Comparable to Permuto as a derivatives venue serving sophisticated traders, but is a centralized exchange focused on Bitcoin and Ethereum options rather than U.S. equity volatility.
• Cboe Global Markets: Cboe operates the VIX volatility index, VIX futures, and equity options exchanges. Comparable to Permuto as the established U.S. venue for volatility products, representing both a competitive threat (existing vol products) and a partner/distribution opportunity.

Emerging players

• Ondo Finance: Ondo Finance is a decentralized finance platform specializing in tokenized U.S. Treasuries and structured yield products. Comparable to Permuto as a real-world asset tokenization company, though focused on fixed income rather than equity unbundling.
• Mango DAO: Mango DAO operates a decentralized perpetual futures and spot exchange on Solana. Comparable to Permuto svPerps as both are on-chain derivatives venues, though Mango focuses on crypto-asset perps rather than equity volatility.

Others

• Securitize: Securitize is a leading platform for tokenizing real-world assets (RWAs) including private equity, funds, and securities. Comparable to Permuto's ACs/DCs as an enabler of blockchain-based securities, though Securitize is primarily infrastructure rather than an issuer of novel products.

Market position

Strengths4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/PermutoCapital
• LinkedInlinkedin.com/company/permuto-capital

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Permuto Capital