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Ep 116: Volatile Week in Crypto: TerraM Fund Drops 31%, Solana Fund Down 8%
| Weekly updates | 21 seen
As of November 7, 2025, the value of the TerraM Multi-Asset Crypto Options Fund has declined by -31.12%. While this may appear to be our worst week-over-week result, it is not unprecedented — on March 13, 2025, the fund experienced an even steeper drop of -34%.
Let’s hope it stays that way, as there’s no reason to challenge that record. The current decline stems from a broad weakening in the crypto market and the fact that several positions remain leveraged.
We’ve been actively reducing leverage over the past few weeks, and despite the market stress, the fundamentals remain intact. There are no margin calls, just an exceptionally tense view on the charts.
Drawdown from the all-time high, recorded in mid-September, stands at -43%.
Our open-ended Solana Covered…
How to Repair a Deep-in-the-Money Covered Call in Crypto
| Crypto Options | 65 seen
Covered calls are among the most reliable tools for extracting yield in volatile markets. Still, when prices fall sharply, even disciplined positions face pressure. The decision then shifts from profit maximization to risk control and capital efficiency.
In this article, we’ll walk through practical ways to repair a broken covered call, especially when the underlying asset has crashed and the position is deep in the money.
At Terramatris, we primarily trade crypto options, so the examples focus on assets like Ethereum — but the same principles apply to traditional stock covered calls as well.
1. Rolling Down the Call
When the underlying declines, the short call’s value drops. Buying it back and reselling at a lower strike increases income but sacrifices…
Solana Covered Call Growth Fund Performance - October 2025
| Funds | 50 seen
The Terramatris Solana Covered Calls Growth Fund completed its second full month of operations in October 2025. The Fund continued to follow its systematic covered call strategy on Solana (SOL), maintaining disciplined position management amid heightened crypto market volatility.
By the end of October, the Fund had 12,171 shares issued, bringing total Assets Under Management (AUM) to $10,831 based on a closing NAV of $0.89 per share. This represents a 95.6% increase in AUM from September’s level of $5,536.
Solana’s market price declined from $208 to $186 (-10.6%) over the month, while the Fund’s NAV decreased 4.3%, demonstrating relative resilience and approximately +6.3% outperformance versus the underlying asset.
The Fund remains open to new capital commitments…
Ep 115: TerraM Multi-Asset Crypto Options Fund Gains +2.42% While Solana Covered Call Slips –1.52%
| Weekly updates | 33 seen
As of October 31, 2025, the TerraM Multi-Asset Crypto Options Fund achieved another week-over-week gain of +2.42%.
Meanwhile, the Solana Covered Call Growth Fund maintained its consistent performance, generating steady options income that was fully reinvested into SOL to strengthen the fund’s core long position. The NAV per unit closed at $0.88, reflecting a modest -1.52% weekly decline.
Activity around the TERRAM token increased notably this week, with the price stabilizing at $3.13 by week’s end. Trading bots have begun interacting with the token — a positive sign, as these algorithms are deploying real USDC. This suggests that TERRAM has reached sufficient liquidity and trading volume to attract automated market participants, signaling growing interest that may continue…
Why We Added MNT to Our Long-Term Investment Portfolio
| Investment ideas | 37 seen
At Terramatris, we’ve added a small position in Mantle (MNT) to our Multi-Asset Crypto Options Fund, following Bybit’s launch of MNT options. The move aligns perfectly with our focus on assets that support options trading — a key part of our long-term yield strategy.
We’re generally bullish on assets that we can build structured positions around — primarily BTC, ETH, and SOL — since these allow us to generate steady yield through systematic option selling. Seeing MNT appear on Bybit’s options chain was a bit unexpected, but it instantly put the project on our radar.
Mantle brings together a modular Ethereum Layer-2 design, a growing DeFi ecosystem, and now — importantly for us — derivative market access. That last point makes all the difference for an options-based strategy…
Ep 114: TerraM Fund Rebounds; SOL Fund Surpasses 1% Weekly Income
| Weekly updates | 39 seen
As of October 24, 2025, the TerraM Multi Asset Crypto Options Fund reported a net asset value of $9,325, showing decent recovery of +7.67% from the previous week.
The past few weeks have been characterized by significant volatility, with the market showing no clear directional bias. As option sellers, we remain aware of the possibility of a substantial correction before any sustained recovery occurs. Current conditions remain choppy, though we certainly hope this cautious outlook proves unnecessary.
The Solana Covered Call Growth Fund continued its steady performance, generating weekly options income above the 1% target for the first time, which was fully reinvested into SOL to strengthen its core long position. As a result, the NAV per unit increased to $0.89,…
Ep 113: TerraM Crypto Fund Suffers -22% Weekly Drop, NAV Falls to $8,661
| Weekly updates | 54 seen
As of October 17, 2025, the TerraM Crypto Fund reported a net asset value of $8,661, representing another massive -22.08% decline from the previous week. This seems to be our biggest drawdown so far in 2025 — let’s hope it stays that way.
Wow, what a week — from the dramatic drop following last Friday’s announcement of a 100% tariff on China, to quickly recover by Monday, and then yet another decline even more harsh than last week.
As mentioned earlier, the crypto market has entered a rather choppy phase, and we are not excluding the possibility of further drawdowns. We believe the situation may worsen before it improves.
Since the fund is heavily reliant on ETH, we expect its price to decline to around $3,151 (the lower 50/200-day moving average), with a…
How Crypto Reacts to U.S. Tariff Announcements — and Why It Hurts More Than Stocks
| Research | 68 seen
When the U.S. government announces new tariffs, markets panic, and crypto tends to take the hardest hit.
We’ve seen this pattern repeatedly: a single policy shock sends stocks tumbling, bonds rallying, and Bitcoin plunging twice as hard. But why does a trade policy aimed at physical goods ripple so violently through digital assets? And how long does it usually take for crypto to recover?
Let’s break down the dynamics, the psychology, and what we’ve observed firsthand in our own portfolio after major tariff shocks.
The Immediate Reaction: Panic, Liquidations, and CorrelationTariff announcements are not just about economics — they’re about uncertainty.
The moment new import taxes or trade restrictions are declared, global investors shift into “risk-off” mode. Equities…
Ep 112: Crypto Market Turns Choppy: TerraM Fund Maintains Discipline, Records 1.87% Weekly Gain on Options Premiums
| Weekly updates | 32 seen
As of October 10, 2025, the TerraM crypto fund value stood at $11,115 what is a slight decrease of -0.42% if compared to the last week.
When analyzing the overall crypto market, it appears we are entering a choppy phase — characterized by sharp drops, quick recoveries, and even sharper subsequent declines. History shows we’ve been here before. Looking at current trading charts, the probability of large downside moves ahead cannot be excluded.
In such an environment, traders should focus less on chasing short-term swings and more on risk management and protection strategies.
From the previous all time high we are still -5.15% away, while YTD funds value has been at 95.7%.
Options IncomeWe sell weekly options every Friday, which is why this update is…
Georgian Tax Residency: A Strategic Option for HNWIs and Crypto Individuals
| Research | 111 seen
At Terramatris, we examine how funds and financial structures work across different jurisdictions. We don’t provide legal or tax advice, but we do explore how certain models stand out in the global landscape. One of the most compelling examples today is Georgia’s tax residency framework, which offers particular advantages to high-net-worth individuals (HNWIs) and crypto investors.
What Is Georgian Tax Residency?The most common path is the 183-day rule:
If you spend at least 183 days in Georgia during a rolling 12-month period, you qualify as a tax resident.There is also a High Net Worth Individual (HNWI) track, where residency can be granted even without the 183 days, provided you can demonstrate certain global income or asset thresholds. This makes Georgia appealing to…