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Our Outlook on TON: Humble Investment Today, Moonshot Tomorrow?
| Investment ideas | 38 seen
At Terramatris, we regularly allocate a small portion of our fund to assets that we believe could have asymmetric upside potential — what we call moonshots. One of those tokens today is TON (The Open Network).
Our investment in TON is currently modest: at the time of writing, we hold just under 100 TON tokens, with a possible outlook to increase this allocation to 200–300 tokens in 2026. While this is a humble position compared to our core holdings, it reflects our conviction that TON has the potential to become a significant player in the crypto ecosystem.
There are a few key reasons why we believe in TON:
1. The Pavel Durov FactorAlthough Pavel Durov (the founder of Telegram and earlier, VKontakte) is not directly running TON — the project is now developed and…
Wishful Thinking, Statistics, and Modeling: Where Could Terramatris Fund Be in September 2026?
| Research | 56 seen
On September 2, 2025, the Terramatris crypto hedge fund stands at $10,500. Out of this, roughly $3,500 is low-interest debt, which we are steadily repaying at a rate of $300–450 per month. If nothing changes, we expect to be debt-free by April 2026. Importantly, there is no real pressure to return these funds quickly; and if market conditions turn against us, we believe we could borrow back on similar terms without risk to the core strategy.
This puts Terramatris in a comfortable position: a five-figure portfolio, a clear debt-repayment path, and a robust options premium strategy that has been delivering consistent weekly returns.
The Options Premium EngineOur core edge comes from selling weekly options—primarily covered calls and short puts.
Base case (regular weeks): $…Why We Decided to Invest in Trump Coin
| Investment ideas | 45 seen
As part of our ongoing exploration of asymmetric opportunities in the crypto markets, we have decided to make a small, opportunistic bet on Trump Coin ($TRUMP). This position will not replace or alter our core holdings in Bitcoin, Ethereum, and Solana, but will instead be structured as a side challenge using a disciplined, incremental approach.
The 52-Week ChallengeWe will allocate to Trump Coin gradually over the course of one year. Starting with $1 in week one, increasing by $1 each subsequent week, and continuing through week 52, this strategy will total $1,378 in contributions if completed.
Initial funding: Early weeks will be financed from our existing cash balances.Later weeks: We may allocate a portion of weekly options premiums into Trump Coin, depending on market…TerraM Token Buyback and Liquidity Policy for 2025–2026
| TerraM token | 51 seen
The TerraM token derives its value from the earnings generated by the Terramatris Fund. As the fund grows, a portion of that growth is systematically directed toward strengthening token liquidity. This structure is designed to provide existing token holders with improved price stability and reduced transaction slippage.
Liquidity Management PlanLiquidity is central to the long-term functioning of TerraM. Our structured plan includes:
Allocation Rule: For every $1,000 in net fund growth, $200 areadded to the Raydium liquidity pool through the TerraM:USDC pair.Objective: Increase the pool share from the current 4.10% of tokens to 6–7% over the next growth cycle.Expected Impact: By expanding liquidity, we aim to reduce slippage for token holders and support a more orderly…Episode 106 / Ethereum Nears $5K as Terramatris Fund Surges +83.97% YTD
| Weekly updates | 157 seen
As of August 29, 2025, the Terramatris crypto hedge fund value stood at $10,448 what is an increase of +3.02% or +$306 in dollar terms when compared to the last week. Also we have set another all time high. Awesome!
Just like the previous week, this one was also marked by significant volatility. Ethereum (our bread and butter) surged to nearly $5,000 — a new all-time high — before pulling back to $4,360at the time of writing. We believe that if ETH breaks above $5,000, another major rally could follow — perhaps toward $7,000? That’s just speculation, of course. Nevertheless, as put sellers, we always remain cautious while maintaining an opportunistic outlook.
YTD our crypto hedge fund is +83.97%.
Current Long Perpetual Futures (USDT Settled)1.6 ETH – Break-even: $4…Trading Covered Calls on XRP with Deribit
| Crypto Options | 127 seen
At Terramatris we are always exploring new ways to structure option strategies around crypto assets. One of the more interesting challenges we’ve faced recently is figuring out how to trade covered calls on XRP.
Our favorite trading platform, Bybit, unfortunately does not yet offer XRP options. That left us looking for alternatives, and naturally, Deribit became our next candidate. Deribit does offer XRP options, but as always, the devil is in the details.
The Challenge: Collateral Rules on DeribitDeribit lists XRP options, but they are settled in USDC. At the time of writing, there is no way to post XRP directly as collateral for call selling. This complicates things because in a “classic” covered call setup, you’d hold the underlying asset (XRP in this case) and sell…
Episode 105 / ETH Volatility, Options Income of $170, and New Plume Position
| Weekly updates | 132 seen
As of August 22, 2025, the Terramatris crypto hedge fund value stood at $10,142 what is a decrease of -1.37% or -$140 in dollar terms when compared to the last week.
The past week has been quite turbulent, with Ethereum fluctuating between 4,600 and 4,000. At one point, we even considered hedging by shorting part of our position with perpetual contracts, but ultimately decided against it. The week ended on a positive note, as all of our weekly options expired worthless. The decline in portfolio value mainly came from the depreciation of our long-term holdings.
Despite negative performance in crypto markets we are still just a few hundred dollars shy of our all-time high recorded earlier this summer—an encouraging sign of the fund’s resilience and upward momentum.
…Managing Risk: Rolling Forward and Hedging With Trigger-Based Shorts
| Crypto Options | 30 seen
In the past week, one of our ETH option positions came under pressure. We were short 1.7 ETH put contracts with a 4100 strike expiring on August 22. With ETH price action weakening, the trade started to look challenged.
At Terramatris, our primary focus is risk management. Collecting option premium is attractive, but holding onto a position that feels unsafe can quickly turn into a liability. We therefore took a hard look at our choices:
Roll forward to a later expiry to keep premium income flowing.Hedge with futures to neutralize delta risk.Combination strategies, blending both approaches.Why It Felt UnsafeNear-dated puts carry high gamma risk. If ETH sold off aggressively before expiry, our margin exposure would spike, forcing reactive hedging at poor prices. That is not…
Episode 104 / Wyoming LLC Launch, Ethereum Rally & $137 Weekly Income
| Weekly updates | 82 seen
As of August 15, 2025, the Terramatris crypto hedge fund value stood at $10,283 what is a decrease of -0.11% or -$10 in dollar terms when compared to the last week. As we had some small business expenses last week (Registered agent service fee – Wyoming LLC incorporation), for which we used part of our fund’s capital, we still consider it another stellar week.
We are still just a few dollars shy of our all-time high recorded earlier this summer—an encouraging sign of the fund’s resilience and upward momentum.
YTD our crypto hedge fund is +81.06%.
Current Long Perpetual Futures (USDT Settled)1.7 ETH – Break-even: $4,697 | Short puts: $4,10013 SOL – Break-even: $199.38 | short puts: $180This week saw another strong rally for Ethereum, climbing from $3,900 to $4,…
Episode 103 / Crypto Hedge Fund Update: $10,294 Value, SOL Strategy Shift, and TerraM Airdrop
| Weekly updates | 57 seen
Greetings from Thessaloniki, Greece
This week, the Terramatris team has traveled to beautiful Thessaloniki to celebrate a special occasion—our CEO’s 40th birthday!
With fresh sea breezes, delicious local cuisine, and surprisingly excellent bulk wine, this coastal city has proven to be a true hidden gem in the heart of Europe. Thessaloniki offers a perfect balance between modern energy and historic charm, and it’s been the ideal backdrop for both celebration and exploration.
As we've immersed ourselves in the culture, we've also taken note of the local financial landscape. Interestingly, we’ve come across several brokerage names during our time here, suggesting that crypto investing and digital asset funds are gaining traction in Greece.
That said:…