On November 9, 2023, the portfolio closed at $163.22, up $22.58, or 16.06%. The recorded weekly increase came from options income.
The TerraM token was priced at $0.86 during the week, separate from the portfolio NAV.
The $22.58 increase followed a smaller prior portfolio base, so the 16.06% weekly figure should be read alongside the dollar result rather than as a repeatable percentage target. The documented options-income result remained distinct from the concurrent ETH move: the market backdrop helped explain the week’s conditions, but the journal records the weekly increase as options income rather than treating the rally itself as premium.
The week was more interesting than the closing NAV alone: Ethereum moved sharply while the strategy continued to add premium without treating a fast market as a reason to force more risk.
This is an early historical example of an ETH options strategy operating while the underlying market was moving sharply. The recorded $22.58 is an options-income figure in the journal; it is not a complete measure of the portfolio’s return, and the concurrent ETH appreciation belongs to the wider NAV picture. The current Ethereum Strategy explains how we distinguish option obligations, spot exposure and assignment decisions. Our later one-year review explains why premium, NAV and portfolio return should not be treated as interchangeable. It does not state that ETF filing optimism caused the recorded income.
Market context
From November 2 to November 9, Bitcoin rose from roughly $34,938 to $36,693, while Ethereum climbed from around $1,801 to $2,121. The move coincided with BlackRock registering an iShares Ethereum Trust and Nasdaq filing to list it; this was a market backdrop rather than a claim that one filing caused the full move.
The Performance journal records the options-income result separately from the underlying market rally.