Blog
Why Registering a Small Crypto Trading Firm in Georgia Makes Sense
| Research | 41 seen
The global crypto market is becoming more institutionalized, and even small proprietary trading firms need to think about jurisdiction, compliance, and taxation. While the U.S. (Wyoming, Delaware) and offshore hubs (BVI, Seychelles) remain popular, Georgia, the country in the Caucasus,has quietly emerged as an attractive option for crypto-friendly businesses.
Below, we’ll explore why Georgia might make sense for a small crypto trading firm, what the registration process looks like, and the pros and considerations you should keep in mind.
Why Georgia?Crypto-friendly environment: Georgia does not have hostile legislation toward crypto. Trading, investing, and holding digital assets is not restricted for companies or individuals.
Low taxes: Georgia applies an Estonian-…
Discovering Derive: Our First Steps into True DEX Options Trading
| Research | 40 seen
At Terramatris, we’ve always been fascinated by the evolution of crypto markets and the growing range of opportunities they create for traders and investors. For years, our main focus has been on more traditional centralized exchanges (CEX) such as Bybit and Deribit. These platforms have provided liquidity, stability, and advanced trading features—making them indispensable for our operations.
But one thing has always been missing: a true decentralized exchange (DEX) for options trading.
Recently, while researching potential institutional partners for our US operations (Kraken), we stumbled upon Derive, a DEX options trading platform. If liquidity and market makers keep growing, Derive has the potential to become a central piece in the future of decentralized…
Why We Added Wormhole (W) to the TerraM Portfolio?
| Investment ideas | 49 seen
At Terramatris, our core strategy is straightforward: we focus on established assets like Bitcoin, Ethereum, and Solana, and we use them to generate a steady flow of options premium. That premium is what drives our consistency. It’s boring, it works, and it’s repeatable.
But there’s another side to our strategy. We also keep a sleeve of moonshot bets — small, speculative positions that could one day turn into something much larger. The logic is simple: in crypto, a single asymmetric bet can change the shape of the portfolio. We’re not reckless, but we are opportunistic.
How Wormhole Landed on Our RadarWe like to make the discovery process fun. Instead of pretending we can out-research every token ourselves, we let AI help us dig. (Thank you, ChatGPT.)
The process…
Ep 111: TerraM Fund’s Strong Recovery Marks 15.66% Weekly Gain and 96.53% YTD Growth
| Weekly updates | 47 seen
As of October 3, 2025, the TerraM crypto fund value stood at $11,162 what is an increase of 15.66% or +$1,511 in dollar terms when compared to the last week. That comes as a strong relief recovery after a sharp decline last week.
We’re still puzzled about what exactly happened last week, aside from it being quarter-end. We’re now using this comeback to strengthen our positions, reduce leverage, and ensure that when the next market selloff arrives, we’ll be better prepared.
From the previous all time high we are still -4.75% away, while YTD funds value has been at 96.53%.
Options IncomeWe sell weekly options every Friday, which is why this update is published at the end of the week.
This week, in total, TerraM fund earned $203 from options premiums,…
Solana Covered Call Growth Fund Performance - September 2025
| Funds | 18 seen
The Terramatris Solana Covered Calls Growth Fund launched on September 4, 2025, with an initial seed contribution of $100. September marked the Fund’s first month of operations, with the onboarding of seven subscribers and the issuance of 5,973 NAV units, bringing total Assets Under Management (AUM) to $5,536.
The Fund remains open to new capital commitments until it reaches $100,000 in AUM. TerraM Fund, one of our core investors, has committed to ongoing biweekly contributions of $100 through at least September 2026.
Execution of the Fund’s covered call strategy proceeded as intended during September. NAV closed the month at $0.93 per share, reflecting ordinary option-market dynamics amid broader volatility in Solana pricing.
For full details on Fund activity, fees,…
Delta-Neutral Arbitrage in Crypto: Inside Terramatris Solana Strategy
| Research | 45 seen
At Terramatris, we are still an early-stage crypto hedge fund. Our core strategy leans toward directional exposure—going long on assets we believe in and applying quantitative options strategies to generate income. Specifically, we sell puts and calls on assets like Ethereum and Solana, capturing option premiums while managing risk.
This allows us to grow the fund more aggressively, as we participate directly in upside movements while securing steady cash flow from option sales.
However, as outside capital gradually flows into the fund, we are also introducing arbitrage strategies alongside our directional and options trades. These arbitrage trades are not designed to rapidly grow a small fund, but they add balance, protection, and consistency to our overall portfolio.
…Ep 110: TerraM Fund Sees Worst Week of 2025, Yet Holds +69.92% YTD Gain
| Weekly updates | 35 seen
As of September 26, 2025, the TerraM crypto fund value stood at $9,651 what is a decrease of -17.64% or -$2,067 in dollar terms when compared to the last week.
That was definitely one of the worst-performing weeks of the year, rivaling late March/early April when our fund dropped by a similar percentage. Back then, however, the pain felt more. Lessons learned.
Because we use only a very small amount of leverage, we are indeed affected by market moves—but we move together with the broader market.
Certainly such massive move stings for small-sized funds like ours, but it also serves as a reminder of just how volatile crypto markets can be. This week’s drop is largely driven by the broader decline in crypto prices — nothing unexpected. Theoretically, we could…
Why We Decided to Invest in Liberland Dollar (LLD)
| Investment ideas | 78 seen
At Terramatris, we are always exploring opportunities that align with our values of innovation, independence, and forward-thinking. Sometimes, these discoveries come through structured research, and sometimes they appear unexpectedly. Our recent investment into Liberland Dollar (LLD) belongs to the second category — a pleasant surprise during our ongoing research into projects that combine crypto innovation with strong community values.
Over the past year, we’ve attended few crypto-related meetups and brunches in Tbilisi, Georgia, a city that has become a lively hub for blockchain conversations. At nearly every event, we’ve run into Samuela, an enthusiastic Czech representative of Liberland, who passionately shares updates about the micronation and its ambitions.
At one of…
Ep 109: TerraM Fund Weekly Report – Value at $11,719, +2.25% Weekly, +106% YTD
| Weekly updates | 33 seen
As of September 19, 2025, the TerraM crypto fund value stood at $11,719 what is an increase of +2.25% or +$257 in dollar terms when compared to the last week. Absolutely brilliant!
Last few weeks have been quite rewarding in crypto markets, with some type of consolidation forming.
As put sellers, we remain cautious, while maintaining an opportunistic outlook.
YTD our main TerraM fund is +106.33%. If the yearly pattern holds, we may be at the beginning of a run heading into Q4 2025. That said, we remain grounded and cautious.
Options IncomeWe sell weekly options every Friday, which is why this update is published at the end of the week.
This week, in total, we earned $160 from options premiums, translating to a 1.36% weekly return on capital. Our…
Why We Launched Solana Covered Call Growth Fund
| Funds | 119 seen
On September 4, 2025, Terramatris LLC officially launched its Solana Covered Call Growth Fund, a specialized investment vehicle designed to combine the growth potential of Solana (SOL) with disciplined income generation through covered call strategies. The fund began with an initial seed investment of $100 from TerraM and a net asset value (NAV) of 1.00, setting the foundation for future expansion.
Economics Behind the FundThe economic rationale of the fund is straightforward yet ambitious. By holding SOL tokens as the core asset, the fund is directly exposed to the appreciation potential of one of the fastest-growing blockchain ecosystems. At the same time, by systematically selling call options against these holdings, the fund generates additional yield, enhancing returns…