May 2025

How to Sell a Synthetic Covered Call on ETH

At TerraMatris Crypto Hedge Fund, we actively deploy a range of options strategies to generate income and manage directional exposure. Today, I want to share an elegant and capital-efficient technique we’re using: the synthetic covered call—a method that replicates the payoff profile of a traditional covered call, without the need to hold the underlying crypto asset.

Tickers

Episode 91 / Crypto Fund Climbs to $6,283, Surging +6.02% This Week

As of May 16, 2025, the Terramatris crypto hedge fund value stands at $6,283, reflecting another weekly increase of +6.02% or +$356 in dollar terms. Nice. The boost comes from strong gains in crypto prices and expired options premiums today. 

Though we are still -19.59% below our all-time high of $7,811 (recorded on March 6, 2025), while the fund's year-to-date performance is +10.63%.

Episode 90 / Crypto Fund Surges 15.92% Weekly

As of May 9, 2025, the Terramatris crypto hedge fund value stands at $5,926, reflecting a  weekly increase of 15.92% or +814.15 in dollar terms. Nice. The boost comes from strong gains in crypto prices and expired options premiums today. 

Although we are still -24.16% below our all-time high of $7,811 (recorded on March 6, 2025), while the fund's year-to-date performance is +4.35%.

Episode 89 / ETH Buybacks & $95 in Weekly Premiums Earned

As of May 2, 2025, the fund's value stands at $5,122, reflecting a small weekly decrease of 0.5% or -$25. Despite this dip, it was actually a strong week for us — the drop is primarily due to repaying $276 in debt, not poor performance.

We are still -34.58% below our all-time high of $7,811 (recorded on March 6, 2025), while the fund's year-to-date performance is -9.98%.