As of August 7, 2026, our Ethereum strategy portfolio was valued at $3,377, up 0.6% week over week. Despite the weekly recovery, the portfolio remains down -37.29% year to date and -71.18% below the all-time high reached in September 2025.
Based on our performance tracking, the strategy is slightly underperforming Ethereum itself, which is down approximately -35.89% year to date.
With less than five months remaining in the year, our goal is to bring the portfolio back to 0% YTD performance. From the current level, this would require approximately $1,600 in additional growth.
I would describe this target as challenging, but achievable. The main difficulty is that we are aiming to generate this recovery primarily through options income and potential appreciation of the existing portfolio, rather than by adding new capital.
Additional upside could potentially come from appreciation of the TerraM token, but this should come from external market demand and token value growth rather than treasury operations.
From today’s perspective, the year-end goal looks sustainable and realistic, although another market drawdown could obviously change the outlook. On our side, the priority remains disciplined risk management, particularly avoiding unnecessary leverage while continuing to generate returns from the existing portfolio.
Weekly Cash-Secured Puts
As our weekly cash-secured puts expired worthless, allowing us to retain the full premium, we opened a new position with an August 14, 2026 expiry:
- 1.4 ETH August 14, 2026 $1,850 cash-secured puts at a $20.2 premium
The total premium collected this week reached $27.48. The position’s break-even price is approximately $1,774.30, with a potential return of 4% over 21 days if the puts expire worthless.
The plan is to continue rolling the puts until cumulative premium income reaches at least $400. At that point, we intend to reset the position and allocate 50% of the realized profit to TerraM token treasury operations, including token buybacks and liquidity provision.
If the puts are assigned before that target is reached, we will take delivery of the ETH and begin selling covered calls against the position.
The total premium collected so far has reached $103. At the current pace, we could reach the $400 target within several weeks. Assuming an average of approximately $28 per week, it would take around 10–11 weeks before the next TerraM token treasury operations, including buybacks and liquidity additions.
However, nothing is guaranteed. The timeline could be significantly shorter or longer depending on market conditions, volatility, option pricing, and whether the position needs to be rolled or assigned.
At the time the new position was opened, the option delta was approximately -0.29, indicating a relatively high probability that the puts could finish in the money and be assigned at expiration.
We have become extremely conservative about using leverage to increase returns. If the puts are assigned next week, we would be required to purchase 1.4 ETH at the $1,850 strike price, for a total cost of $2,590.
Based on the current cash balance, this would leave us approximately $314 short of the amount required. In that scenario, we would temporarily use brokerage margin, accept delivery of the ETH, and switch back to selling covered calls against the position. The income generated from those covered calls would then be used to gradually repay the margin balance.
From the options premium received this week, we also purchased an additional 0.014 ETH, increasing our long-term ETH holdings to approximately 0.0463 ETH. Over time, this accumulating spot position is expected to make a growing contribution to the overall portfolio.
TerraM Token
There was no trading activity in the TerraM token over the past week, and the token price remained unchanged at $0.78.
Solana Covered Call Fund
The Solana strategy decreased by -3.39% week over week. NAV per unit decreased slightly to $0.31.
By the end of the week, our long spot position stood at 85.16 SOL, with an average purchase price of $151.81 and a break-even price of approximately $132.31. With Solana trading near $72 at the time of writing, the position remains significantly underwater.
During the week, we collected a modest options premium of $11.85 by selling 10 covered calls expiring on Septemner 25, 2026. Due to SOL’s recent underperformance, we are writing calls against only a small portion of the position rather than the entire holding, preserving greater upside exposure in case of a strong market rebound.
Our Solana strategy is down -58.03% year to date, compared with a decline of approximately -41.50% for SOL itself. The underperformance reflects not only the decline in SOL but also losses associated with the TerraM allocation.
1-DTE Ethereum Yield-Harvesting and Accumulation Bot
It has now been already three weeks since we restarted our 1-DTE Ethereum trading bot.
So far, the bot has completed 38 trades with a 100% win rate. Last week, it generated $0.65 while trading 0.1 ETH short puts with a delta no lower than −0.06. The strategy’s current annualized return stands at 22.59%.
We plan to keep the bot running until it has completed at least 100 trades before deciding whether to scale the strategy. In the meantime, if a short put is assigned, we would be comfortable taking delivery of the ETH, as accumulation is part of the broader strategy.
Bottom Line and Outlook for Next Week
The portfolio stabilized this week, with the Ethereum strategy posting a modest gain and options income continuing to provide incremental support. However, both the Ethereum and Solana strategies remain deeply negative year to date, meaning that any recovery toward breakeven will still require a sustained combination of market appreciation, disciplined options income, and careful capital management.
For next week, the main focus will be the 1.4 ETH cash-secured put position expiring August 14. With a delta of approximately -0.29, assignment remains a realistic possibility. If ETH stays above the strike, we will retain the full premium and continue rolling the position. If assigned, we are prepared to take delivery of the ETH, use limited margin if necessary, and transition into covered calls while prioritizing repayment of that margin balance.
We will also continue accumulating small amounts of spot ETH from options income and closely monitor whether the recent stabilization in Ethereum develops into a broader recovery. In the Solana strategy, we intend to remain selective with covered calls and avoid overcommitting the position at depressed prices, preserving upside exposure in case SOL rebounds.
The 1-DTE Ethereum bot will continue operating under the same conservative parameters as we build toward the 100-trade evaluation threshold. At this stage, there is no reason to increase its size.
Overall, the priority for next week remains unchanged: generate income, avoid unnecessary leverage, preserve upside exposure, and gradually rebuild the portfolio without forcing returns. A stronger crypto market would materially improve the year-end recovery outlook, but our approach will remain conservative even if volatility increases.