On March 13, 2026, the TerraM token traded at $1.83, up 3.97% week over week. On-chain activity was limited during the period, with two buys and no sells.
During the week, we added additional TerraM liquidity to the Raydium pool, increasing the share of fully USDC-backed TerraM tokens to 3.29% of total supply.
Our broader objective remains expanding liquidity coverage to 10%, while the next short-term milestone is reaching 4%, which we expect to achieve by the end of the month, with continued buybacks in operation we also expect token price to stabilize around $2 by that time.
Until liquidity deepens further, elevated slippage should be expected.
Ethereum strategy
Week over week, the Ethereum strategy gained 3.54%. During the week we ran a few experiments with in-the-money covered calls, but decided to scale back on experimentation while we are still operating with borrowed funds, in order to reduce tail risk.
From the all-time high in September 2025, the fund is still down -69.74%. While YTD performance stands at -34.14%, underperforming ETH itself, which is down -29.53% over the same period.
During the week, the ETH Strategy generated $112 in options premiums, reducing the effective ETH break-even price to $1,646. By week’s end, the strategy held 2.025 ETH with an average acquisition price of $1,982.
We are generally satisfied to have crossed $100 in weekly options income again, and we aim to maintain this as a minimum baseline in the coming weeks before scaling up further.
From the options premium received, we reduced margin debt to –$1,660. In the longer term, if we manage to close our current call position below our strike price (2050), the margin debt will decrease by roughly $200 to $1,460. Otherwise we will keep rolling up and forward.
The immediate objective is to bring margin back to zero without selling any ETH. After that, depending on market conditions, we may increase exposure by adding 1 additional ETH on margin. Time will determine the right moment.
At an average premium of $112 per week, it would take approximately 15 weeks to eliminate the remaining margin balance — around end of June.
Solana Strategy
The Solana strategy increased by +2.37% week over week, with NAV reaching $0.51. Not the largest contribution to the fund, but every dollar counts.
By the end of the week, we increased our long spot position to 54.80 SOL, with a buy price at $163.33 and break-even price of $145.75. With Solana trading at $89.07 at the time of writing, the position is still significantly underwater.
During the week, we collected $23.34 in option premium by selling 5 weekly calls and 4 calls expiring on April 24, 2026.
Because the position is currently underwater, our flexibility is limited. To generate meaningful premium, we had to sell calls below our average entry price, effectively capping part of the upside recovery.
Overall our Solana Strategy YTD performance is -31.05%, slightly underperforming SOL itself, which is down -28.44% over the same period.
Bitcoin Strategy
This week we allocated 3% of the total options income from our Ethereum strategy to purchase spot BTC, increasing our holdings to 0.00008200 BTC.
It will likely take several weeks or months before this position becomes noticeable, but we like the start. and after second week since the launch our Bitcoin strategy is up 0.86%, which is a good start.
Bottom Line
Overall, it was a good week for the fund. After early volatility, the crypto market recovered some portion of losses, with Bitcoin climbing back above $71,000 by the end of the week.
Operationally, the fund continued making steady progress across multiple fronts. The Ethereum strategy generated consistent options income, the Solana strategy added incremental premium despite being underwater, and we kept gradual Bitcoin accumulation using a portion of ETH options income.
While the fund remains significantly below its all-time high, the current focus remains unchanged: reduce margin exposure, maintain weekly premium generation, and continue strengthening the foundation of the strategies.
Step by step, these incremental improvements compound over time.