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Ep 124: TerraM Multi-Asset Crypto Options Fund: +7.57% Weekly Gain to Start 2026
| Weekly updates | 45 seen
Greetings in 2026. The Terramatris team has traveled to the beautiful Palolem Beach in Goa, India, and with great excitement we are preparing the first weekly review of the new year. We wish everyone a strong and successful start to 2026.
As of January 2, 2026, the TerraM Multi-Asset Crypto Options Fund is up +7.57% week-over-week, encouraging start of the new year. While the crypto market remains in a consolidation phase, still trying to decide its next move, last week was relatively calm, with most gains coming from expiring options positions.
TerraM Multi-Assets Fund drawdown from all time high back in September 2025 is –53%. While Year-to-date, our Fund is up 0.85%, underperforming Bitcoin (+1.76%) and ETH (+2.06%).
Options IncomeThis week, the TerraM Multi-…
Bull Put Spreads for Crypto Income
| Crypto Options | 16 seen
In crypto markets, being bullish does not necessarily mean expecting explosive upside. Most of the time, the more realistic assumption is that price will hold above a certain level. Bull put spreads are designed precisely for that environment.
At Terramatris, we use bull put spreads as a structured, probability-driven way to generate income while keeping downside risk explicitly defined. This is not about prediction; it is about positioning.
What Is a Bull Put Spread?A bull put spread is an options strategy that involves selling one put option and buying another put option at a lower strike price, both with the same expiration. The trade is entered for a net credit, meaning premium is received upfront.
The logic is straightforward: as long as the underlying asset…
Ep 123: How TerraM Generated 5.4% Weekly Returns Using In-the-Money Covered Calls
| Weekly updates | 56 seen
As of December 26, 2025, the TerraM Multi-Asset Crypto Options Fund is up +13.77% week-over-week, encouraging result after previous weeks sharp drop. With only a few days left in 2025, crypto appears to be searching for a footing as it heads into 2026.
TerraM Multi-Assets Fund drawdown from all time high back in September is –56%. While Year-to-date, our Fund is down –11.12%, underperforming Bitcoin (–4.57%) and ETH (–10.59%).
Options IncomeThis week, the TerraM Multi-Asset Fund generated $276 in options premiums, what is impressive 5.4% weekly return on capital. The increase in options income comes from selling in-the-money covered calls below our breakeven, which raises premium income but caps upside. On the positive side, we continue selling below breakeven and are…
Ep 122: TerraM Multi-Asset Crypto Options Fund Down 24.86% WoW as ETH Weakness Persists
| Weekly updates | 54 seen
As of December 19, 2025, the TerraM Multi-Asset Crypto Options Fund is down (again) -24.86% week-over-week, discouraging result after brief relief for the past few weeks. Apparently the worst is not over. Unless momentum shifts, ETH likely revisits sub-$2,500 levels before any real recovery.
Overall drawdown is –62%. Year-to-date, the Fund is down –21.87%, underperforming Bitcoin (–6.97%) and ETH (–12.47%). This confirms our returns are still highly directional and closely correlated with the broader market—largely riding the wave, while aiming to add incremental income through our yield and options overlays. Leverage remains a double-edged sword: it can materially amplify gains in bull markets, but it also magnifies losses when the market turns against us.
…
How Put Spreads Help Manage Downside While Selling Covered Calls
| Crypto Options | 11 seen
When markets move below our average entry, we treat the situation as a risk-management problem, not a prediction problem. At that point, the priority is simple: avoid turning a manageable drawdown into a deeper one. One of the tools we use for that purpose is the put spread.
To make the logic concrete, here is a real-style example.
On December 18, 2025, Terramatris was holding 2.8 ETH with a portfolio break-even price of $3,951. As part of our systematic income approach, we regularly sell weekly covered calls to generate premium and work our break-even lower over time. This can be rational in stable or gradually recovering markets. But after a deeper-than-expected drop, it became clear that covered calls alone are not enough: they help reduce basis, yet they do not…
Testing SOL Staking via bbSOL (Bybit) to Add Yield Without Sacrificing Upside
| Research | 19 seen
At Terramatris, we’re always looking for ways to improve risk-adjusted returns — not by chasing hype, but by stacking small, rational edges.
One idea we’ve been exploring lately comes from the broader DeFi world: liquid staking derivatives (LSDs). In plain terms, you stake SOL, but instead of locking it up and waiting, you receive a liquid token that represents your staked position (and typically accrues staking yield). That concept is appealing because it aims to add yield while keeping flexibility — and, in theory, avoiding the classic “earn yield but lose mobility” tradeoff.
Why we still prefer covered callsTo be clear: we generally favor covered calls over staking.
The reason is simple — the yield potential is usually better. Covered calls, when managed properly,…
Ep 121: Crypto Options Fund Up 3.94% $170 Premiums This Week
| Weekly updates | 88 seen
As of December 12, 2025, the TerraM Multi-Asset Crypto Options Fund is up +3.94% week-over-week, encouraging result after the steep drawdown just a few weeks ago.
Our overall drawdown stands at –49%, while YTD Fund value is up +3,98%, slightly outperforming Bitcoin (–1.29%) and ETH (–2.65%). This highlights that our returns remain highly directional and strongly correlated with the broader market - largely “riding the wave” while seeking to extract incremental income through our yield/option overlays.
Options IncomeThis week, the TerraM Multi-Asset Fund generated $170 in options premiums, what is impressive 2.87% weekly return on capital.
Over recent weeks we sold ATM covered calls below our break-even. This week we were challenged and had to roll up…
Job Opening: Strategic Partner — Crypto Partnerships & Referrals
| Jobs | 23 seen
Terramatris is a crypto-focused investment initiative built around liquid digital-asset markets with an emphasis on disciplined risk management and transparent reporting. We work with a long-term mindset, prioritizing process, position sizing, and survivability over hype.
We’re looking for a Strategic Partner who can help us grow by introducing crypto-native capital and/or building partner channels that consistently generate qualified leads. This is a relationship-driven role for someone who already has credibility and access in crypto circles.
This is not a trading role. It’s a partner-facing growth role focused on introductions, referrals, and distribution.
Who You’ll Bring
You’ll focus on crypto-native audiences such as:
On-chain builders, founders, and…Ep 120: Rolling Up, Collecting Credit: TerraM Earns $231 Options Premium as Fund Jumps +9.87%
| Weekly updates | 163 seen
As of December 5, 2025, the TerraM Multi-Asset Crypto Options Fund is up +9.87% week-over-week, giving as a hope that the worst is behind us, and we should focus on growth.
Our overall drawdown has now improved to –51%, a meaningful recovery, though still well below the fund’s mid-September all-time high. Year-to-date, we are up +0.04%, slightly outperforming Bitcoin (–1.63%) and modestly outperforming ETH (–5.32%). This highlights that our returns remain highly directional and strongly correlated with the broader market—largely “riding the wave” while seeking to extract incremental income through our yield/option overlays.
Options IncomeThis week, the TerraM Multi-Asset Fund generated $231 in options premiums, what is impressive 4% weekly return on capital. …
What Are the Main Challenges Running a Solana Covered Calls Growth Portfolio?
| Funds | 55 seen
Solana covered calls sound straightforward: hold SOL, sell calls, collect premium, compound.
And yes—most of the usual “covered call problems” are real: you cap upside in rips, you can get dragged into rolling, and in a drawdown you risk becoming a paid bagholder. But with proper risk management and discipline, those aren’t the problems that keep us up at night. They’re part of the deal, and we price them in.
The real challenge we face running the Terramatris Solana Covered Call Growth fund is simpler and more annoying: the market structure on SOL options just isn’t mature enough yet. It’s not about making the perfect strike/expiry choice. It’s about the fact that, many weeks, you don’t really have a choice at all.
On Solana, there are not enough strikes and not…