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Solana Covered Call Growth Fund Performance - December 2025
| Funds | 4 seen
The Terramatris Solana Covered Calls Growth Fund closed December 2025 having completed its first full operational quarter. The strategy remains narrowly focused: systematic income generation through covered call writing on Solana (SOL), with capital preservation as a secondary but explicit objective.
December unfolded as a mildly bearish month for the broader crypto market. Anticipation of a year-end “Santa rally” proved misplaced, and Solana continued to drift lower, declining from $133 at the start of the month to $124 by month-end.
Against this backdrop, the Fund recorded a moderate NAV drawdown while meaningfully outperforming the underlying asset on a relative basis—an early stress test of the strategy under unfavorable market conditions.
This report…
Ep 126: TerraM Token and Multi-Asset Fund Update: Liquidity, Buyback Plans, and 9.45% Weekly Gain
| Weekly updates | 48 seen
On January 16, 2026, the TerraM token traded at $2.69. Trading activity remained modest, with transactions skewed mostly toward buys. During the week, we also added liquidity to the Raydium pool, increasing the share of fully USDC-backed TerraM tokens to 1.35% of total supply bringing our total market cap to $26,900.
Slippage remains elevated due to shallow liquidity. This is not ignored—we are actively working on liquidity depth, pool balance, and execution efficiency as part of the broader TerraM token mechanics.
Our CEO announced his intention to initiate a 52-week TerraM buyback challenge. If executed consistently, this could result in him personally holding up to ~5% of the TerraM token supply over the course of a year.
TerraM Multi Asset FundTerraM Multi-Asset…
Why Invest in MicroStrategy (MSTR) When You Can Buy Bitcoin Directly?
| Research | 16 seen
Like everyone in crypto should have heard about MicroStrategy by now. It’s impossible to miss it — Michael Saylor, massive debt issuance, billions in Bitcoin on the balance sheet, and MSTR trading like a leveraged BTC ticker. But what has always personally puzzled me is simple: why bother investing in MSTR at all, when you can just buy Bitcoin directly?
If the core thesis is that Bitcoin goes up over time, then spot BTC feels like the cleanest and most honest expression of that belief. No management risk, no dilution, no debt, no equity market correlation, no corporate structure layered on top. Just Bitcoin. And yet, MSTR keeps attracting capital and often trades at a premium to the Bitcoin it actually holds. That disconnect is worth examining.
The first mistake is to think…
Ep 125: TerraM Fund Update: +4.73% Weekly Gain, but Drawdown Still −51% From ATH
| Weekly updates | 62 seen
As of January 9, 2026, the TerraM Multi-Asset Crypto Options Fund is up +4.73% week-over-week, marking the second consecutive week of gains in 2026. Broader crypto market conditions remain constructive, though this outlook remains subject to invalidation.
TerraM Multi-Assets Fund drawdown from all time high back in September 2025 is –51.47%. While YTD fund is up 6.14%, outperforming Bitcoin (+3.81%) and ETH (+4.55%).
Market Outlook (Bitcoin)Bitcoin has finally broken above its 50-day moving average, trading at $90,600 as of writing this article. While a short-term pullback has followed, a steeper recovery toward the 200-day moving average near $106,000 remains plausible. That said, it is still too early to confirm this scenario: bears could regain control, pushing BTC…
Ep 124: TerraM Multi-Asset Crypto Options Fund: +7.57% Weekly Gain to Start 2026
| Weekly updates | 50 seen
Greetings in 2026. The Terramatris team has traveled to the beautiful Palolem Beach in Goa, India, and with great excitement we are preparing the first weekly review of the new year. We wish everyone a strong and successful start to 2026.
As of January 2, 2026, the TerraM Multi-Asset Crypto Options Fund is up +7.57% week-over-week, encouraging start of the new year. While the crypto market remains in a consolidation phase, still trying to decide its next move, last week was relatively calm, with most gains coming from expiring options positions.
TerraM Multi-Assets Fund drawdown from all time high back in September 2025 is –53%. While Year-to-date, our Fund is up 0.85%, underperforming Bitcoin (+1.76%) and ETH (+2.06%).
Options IncomeThis week, the TerraM Multi-…
Bull Put Spreads for Crypto Income
| Crypto Options | 20 seen
In crypto markets, being bullish does not necessarily mean expecting explosive upside. Most of the time, the more realistic assumption is that price will hold above a certain level. Bull put spreads are designed precisely for that environment.
At Terramatris, we use bull put spreads as a structured, probability-driven way to generate income while keeping downside risk explicitly defined. This is not about prediction; it is about positioning.
What Is a Bull Put Spread?A bull put spread is an options strategy that involves selling one put option and buying another put option at a lower strike price, both with the same expiration. The trade is entered for a net credit, meaning premium is received upfront.
The logic is straightforward: as long as the underlying asset…
Ep 123: How TerraM Generated 5.4% Weekly Returns Using In-the-Money Covered Calls
| Weekly updates | 58 seen
As of December 26, 2025, the TerraM Multi-Asset Crypto Options Fund is up +13.77% week-over-week, encouraging result after previous weeks sharp drop. With only a few days left in 2025, crypto appears to be searching for a footing as it heads into 2026.
TerraM Multi-Assets Fund drawdown from all time high back in September is –56%. While Year-to-date, our Fund is down –11.12%, underperforming Bitcoin (–4.57%) and ETH (–10.59%).
Options IncomeThis week, the TerraM Multi-Asset Fund generated $276 in options premiums, what is impressive 5.4% weekly return on capital. The increase in options income comes from selling in-the-money covered calls below our breakeven, which raises premium income but caps upside. On the positive side, we continue selling below breakeven and are…
Ep 122: TerraM Multi-Asset Crypto Options Fund Down 24.86% WoW as ETH Weakness Persists
| Weekly updates | 57 seen
As of December 19, 2025, the TerraM Multi-Asset Crypto Options Fund is down (again) -24.86% week-over-week, discouraging result after brief relief for the past few weeks. Apparently the worst is not over. Unless momentum shifts, ETH likely revisits sub-$2,500 levels before any real recovery.
Overall drawdown is –62%. Year-to-date, the Fund is down –21.87%, underperforming Bitcoin (–6.97%) and ETH (–12.47%). This confirms our returns are still highly directional and closely correlated with the broader market—largely riding the wave, while aiming to add incremental income through our yield and options overlays. Leverage remains a double-edged sword: it can materially amplify gains in bull markets, but it also magnifies losses when the market turns against us.
…
How Put Spreads Help Manage Downside While Selling Covered Calls
| Crypto Options | 11 seen
When markets move below our average entry, we treat the situation as a risk-management problem, not a prediction problem. At that point, the priority is simple: avoid turning a manageable drawdown into a deeper one. One of the tools we use for that purpose is the put spread.
To make the logic concrete, here is a real-style example.
On December 18, 2025, Terramatris was holding 2.8 ETH with a portfolio break-even price of $3,951. As part of our systematic income approach, we regularly sell weekly covered calls to generate premium and work our break-even lower over time. This can be rational in stable or gradually recovering markets. But after a deeper-than-expected drop, it became clear that covered calls alone are not enough: they help reduce basis, yet they do not…
Testing SOL Staking via bbSOL (Bybit) to Add Yield Without Sacrificing Upside
| Research | 19 seen
At Terramatris, we’re always looking for ways to improve risk-adjusted returns — not by chasing hype, but by stacking small, rational edges.
One idea we’ve been exploring lately comes from the broader DeFi world: liquid staking derivatives (LSDs). In plain terms, you stake SOL, but instead of locking it up and waiting, you receive a liquid token that represents your staked position (and typically accrues staking yield). That concept is appealing because it aims to add yield while keeping flexibility — and, in theory, avoiding the classic “earn yield but lose mobility” tradeoff.
Why we still prefer covered callsTo be clear: we generally favor covered calls over staking.
The reason is simple — the yield potential is usually better. Covered calls, when managed properly,…