The Terramatris Solana Covered Calls Growth Fund closed December 2025 having completed its first full operational quarter. The strategy remains narrowly focused: systematic income generation through covered call writing on Solana (SOL), with capital preservation as a secondary but explicit objective.
December unfolded as a mildly bearish month for the broader crypto market. Anticipation of a year-end “Santa rally” proved misplaced, and Solana continued to drift lower, declining from $133 at the start of the month to $124 by month-end.
Against this backdrop, the Fund recorded a moderate NAV drawdown while meaningfully outperforming the underlying asset on a relative basis—an early stress test of the strategy under unfavorable market conditions.
This report summarizes December’s performance, fund development, trading activity, fee mechanics, and positioning heading into January 2026.