On April 10, 2026, the TerraM token traded at $1.95, up +5.4% week over week. On-chain activity was limited during the period, with two buys and no sells. We’re back on a growth trajectory toward the $2 per token target and may finish April in the $2.20–$2.30 range. However, with roughly three weeks still remaining, it’s too early to draw firm conclusions.
During the week total TerraM liquidity on the Raydium pool increased to 3.63% 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 +5.77% gain. It was a solid week for ETH, briefly trading above $2,200 before easing back to around $2,185 by Friday.
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 -66.65%. While YTD performance stands at -27.42%, just slightly underperforming ETH itself, which is down -26.35% 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 $89 in options premiums, reducing our effective ETH break-even price to $1,430. By week’s end, the strategy held 2.082 ETH with an average acquisition price of $1,986.
Current options positions:
- 1.5 ETH APR 17, 2026 2,050 Covered Call
- 0.4 ETH APR 17, 2026 2,100 Covered Call
- 0.1 ETH MAY 29, 2026 2,200 Covered Call
We rolled last week’s $2,050 and $2,100 covered calls forward to next Friday, maintaining the same strikes. With ETH trading around $2,180, this caps our upside, which we are fully comfortable with. Besides that we managed laddering our covered calls, having sold a smaller portion at a higher $2,200 strike.
Our margin debt increase by some $200 to –$1,645 , because of we added more exposure to spot ETH, and most of our calls are ITM The immediate objective is to bring margin back to zero without selling any ETH.
At an average premium of $89 per week, it would take approximately 19 weeks to eliminate the remaining margin balance — around end of August.
Solana Strategy
The Solana strategy rebounded this week, gaining +7.51% WoW and lifting NAV to $0.49. SOL moved back above $80, providing a solid boost to the fund.
By the end of the week, we increased our long spot position to 58.80 SOL, with a buy price at $157.02 and break-even price of $149.98. With Solana trading at $84 at the time of writing, the position is significantly underwater.
During the week, we collected $14.61 in option premium by selling covered calls expiring on April 17 and 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 -33.63%, just slightly underperforming SOL itself, which is down -33.36% over the same period.
Bitcoin Strategy
This week we allocated 7% of the total options income from the Ethereum strategy to purchase spot BTC, increasing our holdings to 0.00043678 BTC
It will take several months before this position becomes noticeable, but we like the start. After sixth week since the launch of Bitcoin strategy it is up +3.79%, Given the fund’s size, the impact is negligible.
Bottom line
Momentum has improved across the board, with both ETH and SOL contributing to a positive week and TerraM edging closer to the $2 target. However, the core constraints remain unchanged: limited liquidity, capped upside from ITM covered calls, and elevated margin usage.
Near term, execution matters more than market direction. The priority is reducing margin through consistent premium generation while gradually improving liquidity depth. If ETH holds current levels and options income remains stable, the strategy is on a credible path to stabilize and transition from recovery to growth over the coming months—but it’s not there yet.