On April 24, 2026, the TerraM token traded at $2.16, up +5.36% week over week. On-chain activity was minimal, with two buys and no sells. The token has moved comfortably above $2 and we expect it staying so, unless some black swan event happens.
During the week total TerraM liquidity on the Raydium pool increased to 3.80% of total supply.
Our broader objective remains to expand liquidity coverage to 10%, with a near-term milestone of reaching 4%. We expect cracking 4% milestone next week and are quite optimistic reaching 5% level by the end of May.
Ethereum strategy
Week over week, the Ethereum strategy delivered a small +0.64% gain. Ethereum retraced back to $2,300 levels.
Since we couldn’t meaningfully roll our existing 2050 calls to the following week, we instead rolled them further out to the end-of-May expiry. This allowed us to collect additional premium while also raising the strike to 2100. The roll adds roughly +$70 in value if ETH remains above 2100 by the end of May.
To continue generating premium for the second consecutive week, we also added an additional put position. This increases tail risk, but the plan is to adjust the position if needed.
From the all-time high in September 2025, the fund is still down -65.60%. While YTD performance stands at -25.13%, slightly underperforming ETH itself, which is down -22.02% 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 $126 in options premiums, reducing our effective ETH break-even price to $1,345. By week’s end, the strategy held 2.14 ETH with an average acquisition price of $1,997.
Current options positions:
- 1.4 ETH MAY 29, 2026 2,100 Covered Call
- 0.4 ETH MAY 1 2026 2,100 Covered Call
- 1.5 ETH MAY 1 2026 2250 Cash-Secured Put
- 0.1 ETH MAY 29, 2026 2,200 Covered Call
- 0.1 ETH MAY 29, 2026 2,400 Covered Call
From the options premium received, we reduced margin debt to –$1,970. The immediate objective is to bring margin back to zero without selling any ETH.
At an average weekly premium of $126, it would take roughly 16 weeks to eliminate the remaining margin balance — targeting mid-August.
Solana Strategy
The Solana strategy dipped slightly this week by a mere -0.68% week-over-week with NAV per unit settling at $0.53. SOL dipped back again to around $85-86 per coin.
By the end of the week, we increased our long spot position to 61.07 SOL, with a buy price at $156.79 and break-even price of $138.39. With Solana trading at $86 at the time of writing, the position is significantly underwater.
During the week, we collected $91.71 in option premium by selling covered calls expiring on May 1st 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 -28.93%, just slightly outperforming SOL itself, which is down -31.24% over the same period.
Bitcoin Strategy
This week we allocated 9% 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 eight week since the launch of Bitcoin strategy it is up +7.08%, Given the fund’s size, the impact is negligible.
Bottom line:
TerraM is stabilizing above $2 with gradual liquidity expansion toward near-term targets, while the ETH strategy is slowly rebuilding via premium generation despite still being deeply underwater. SOL remains the main drag with limited flexibility, and BTC exposure is still too small to matter. Overall, the fund is in recovery mode—focused on reducing margin, compounding premiums, and aiming to turn YTD positive before pursuing new highs.