NEW YORK & SOUTH SAN FRANCISCO, Calif.–(BUSINESS WIRE)–Permuto Capital LLC (Permuto), a collaboration between 3V Capital Partners SE LLC and Chia Network Inc., has announced the submission of revised registration statements for the MSFT Trust, originally filed on January 15, 2025, along with the AVGO and AAPL Trusts submitted on February 28, 2025. The updates highlight the appointment of Gene Hoffman and Trent Martensen, Co-CEOs, to the Board of Directors, with Hoffman taking on the role of Chairman. Furthermore, three independent board members, Noor Menai, David Frazee, and Willayna Banner, have joined the leadership team at Permuto. Both Menai and Frazee are also board members at Chia Network Inc.
Noor Menai has been part of the Permuto Capital Board of Directors since June 2025. He holds the roles of Chief Executive Officer and President at CTB Bank USA, as well as President of California Capital Corp, its parent company, since November 2012. His extensive experience includes senior positions at CTBC Bank and various significant roles at Citigroup from 1997 to 2006. Menai has been involved with the Federal Reserve Bank of San Francisco’s Community Depository Institutions Advisory Council since January 2022 and has been on the board of Chia Network Inc. since August 2023, in addition to his longstanding roles at CTB Bank USA and California Capital Corp since November 2012, and with the International Bankers Association of California since June 2012.
David Frazee has been serving on the Board of Directors for Permuto Capital since June 2025. He is a managing partner at Richmond Global Ventures, a venture capital firm, since September 2013. Additionally, Frazee co-founded Demystifying Silicon Valley, an educational initiative for venture capitalists and entrepreneurs, where he has been Chief Executive Officer since June 2020. He has been part of the Chia Network Inc. board since May 2021 and previously worked as a partner at K&L Gates LLP from February 2010 to August 2013.
Willayna Banner has also been a member of the Board of Directors of Permuto Capital since June 2025. Her past roles at Microsoft include Senior Director of Growth & Innovation for Retail, Consumer Goods, and Agriculture, as well as Senior Director overseeing Web3/Blockchain and Financial Services. Banner has held various positions at Wells Fargo, concluding as Senior Vice President for Business Delivery Executive from November 2016 to September 2020, and has also worked at Bank of America in senior roles.
The proposed offering will proceed solely through a prospectus. Preliminary prospectuses for these offerings will be available via email upon request. Registration statements for these securities have been submitted to the SEC but are not yet active. Therefore, sales or offers to purchase these securities cannot occur until the registration statement is effective. This announcement does not constitute a sales offer or solicitation in any state or jurisdiction where such actions would be illegal prior to proper registration or qualification under relevant securities laws. Market conditions will influence the offerings, and there are no guarantees regarding their completion or the specifics of the offerings.
### About Permuto Capital
Permuto, headquartered in New York City and South San Francisco, is committed to fostering innovative financial solutions tailored for both institutional and retail investors. With a focus on integrity and strategic advancement, the firm aims to facilitate progress in a rapidly changing financial landscape.
### About 3V Capital Partners SE LLC
3V Capital Partners is dedicated to making advanced financial solutions accessible, which were historically reserved for qualified institutional investors and often came with substantial fees. The firm employs state-of-the-art technology and strict risk management practices to provide products with minimal fees for investors and reduced counterparty risks. Established by a team of investment bankers with a technology emphasis, the company seeks to transform financial markets, enabling investors to manage risk and tailor their exposure to public securities more effectively.
### About Chia Network Inc.
Chia Network offers software solutions that empower businesses to tokenize, custody, and trade various assets while ensuring verifiable authenticity and provenance. Founded by Bram Cohen, the creator of BitTorrent, Chia’s underlying open-source blockchain serves as a secure, regulatory-compliant foundation for One Market.
