On April 17, 2026, the TerraM token traded at $2.05, up +5.12% week over week. On-chain activity was minimal, with two buys and no sells. The token has moved back above $2 and could end April in the $2.20–$2.30 range. Still, with about two weeks remaining, it’s too early to draw firm conclusions.
During the week total TerraM liquidity on the Raydium pool increased to 3.72% of total supply.
Our broader objective remains to expand liquidity coverage to 10%, with a near-term milestone of reaching 4%.
Until liquidity deepens further, elevated slippage should be expected.
Ethereum strategy
Week over week, the Ethereum strategy delivered a strong +2.5% gain. It was a solid week for ETH, with it trading above $2,400 on Friday evening
While the price move was positive for ETH, it put pressure on our covered calls, which moved deep in the money. Short-term rolling conditions were not particularly favorable, but we still managed to roll positions and capture additional premium.
From the all-time high in September 2025, the fund is still down -65.82%. While YTD performance stands at -25.61%, slightly underperforming ETH itself, which is down -17.52% over the same period.
Our short-term goal is to return the strategy to positive YTD performance; from there, the focus shifts to recovering and ultimately surpassing previous all-time highs. In an ideal scenario, the strategy should also outperform ETH itself.
During the week, the ETH Strategy generated $104 in options premiums, reducing our effective ETH break-even price to $1,404. By week’s end, the strategy held 2.11 ETH with an average acquisition price of $1,988.
Current options positions:
- 1.4 ETH APR 24, 2026 2,050 Covered Call
- 0.4 ETH APR 24 2026 2,100 Covered Call
- 0.1 ETH MAY 29, 2026 2,200 Covered Call
- 0.1 ETH MAY 29, 2026 2,400 Covered Call
We rolled last week’s $2,050 and $2,100 covered calls forward to next Friday, keeping the same strikes. With ETH trading around $2,400, this effectively caps our upside — a trade-off we’re comfortable with.
We also continued laddering our covered calls: a smaller portion remains at the $2,100 strike, and we added another 0.1 call at a $2,400 strike with end-of-May expiry.
Margin debt increased by approximately $655 to –$2,271, driven by additional spot ETH exposure and the fact that most calls are now in-the-money. The immediate objective is to bring margin back to zero without selling ETH.
At an average weekly premium of $104, it would take roughly 22 weeks to eliminate the remaining margin balance — targeting mid-September.
Solana Strategy
The Solana strategy rebounded this week, gaining +7.81% WoW and lifting NAV to $0.54. SOL moved back above $89, providing a solid boost to the fund.
By the end of the week, we increased our long spot position to 60.08 SOL, with a buy price at $156.69 and break-even price of $139.51. With Solana trading at $89 at the time of writing, the position is significantly underwater.
During the week, we collected $24.53 in option premium by selling covered calls expiring on May 29.
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 -28.44%, just slightly underperforming SOL itself, which is down -27.48% over the same period.
Bitcoin Strategy
This week we allocated 8% of the total options income from the Ethereum strategy to purchase spot BTC, increasing our holdings to 0.00054358 BTC
It will take several months before this position becomes noticeable, but we like the start. After the seventh week since the launch of Bitcoin strategy it is up +11.17%, Given the fund’s size, the impact is negligible.
Bottom line:
A constructive week driven by ETH strength and steady premium generation, but structural challenges remain. TerraM price recovered above $2 with improving (yet still shallow) liquidity, while the ETH strategy continues to generate consistent income despite capped upside and rising margin pressure.
Solana rebounded but remains deeply underwater, limiting flexibility, and Bitcoin accumulation is still too small to matter. Near term, the priority is clear: reduce margin to zero, continue disciplined premium collection, and gradually improve liquidity — performance recovery will depend more on execution than market direction.