On May 15th, 2026, the TerraM token traded at $2.22, up +4.75% week over week. On-chain activity was minimal, with two buys and one sell.
The treasury operations increased current liquidity on the Raydium AMM pool (TerraM:USDC) to 4.61% of total token circulation. While this week's increase was modest, we remain optimistic about reaching 5% liquidity by the end of the month.
We expect the TerraM token to reach the $2.20–$2.30 range by month-end, supported by ongoing weekly buybacks from the fund and continued liquidity injections. With $2.20 already achieved, a move toward $2.30 appears increasingly likely, although we do not exclude the possibility of short-term price corrections or temporary downside volatility.
YTD, the TerraM token is down 27.68% from its $3.07 trading level, while from its all-time high of $3.32 reached in September, the token has declined by approximately 33%.
- Solana blockchain
- Fully Diluted Market (FDV) cap: $22,230
- Total supply: 10,000
- In circulation: 3,758 (37.58%)
- On Liquidity pool: 461 (4.61%)
- Price per token: $2.22 | Swap on Raydium, Jupiter or OKX.com (Solana supported wallet required)
Our current priority is to strengthen liquidity and price support around the $2.50 level. In our view, it is far healthier to maintain 10% liquidity with a stable $2.50 token price than to have only 1% liquidity supporting a $5.00 valuation.
Every week, we allocate 20% of the Ethereum strategy profits to increase liquidity and 5% to token buybacks, helping us manage and stabilize growth. The remaining capital is deployed through on-chain trading, primarily via automated bots.
Ethereum strategy
On a weekly basis, the Ethereum strategy delivered a return of 3.63%.
As in previous weeks, Ethereum continued to trade within the $2,250–$2,300 range, suggesting the market remains in a consolidation phase ahead of a more decisive directional move. While we do not rule out a potential upside breakout, our positioning as put sellers remains conservative. We continue to prioritize capital preservation and risk-adjusted returns by maintaining a cautious stance and operating on the safer side of the market.
From the all-time high in September 2025, the fund is still down -64.80%. While YTD performance stands at -23.39%, slightly outperforming ETH itself, which is down -24.10% 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 $74 in options premium income. By the end of the week, the strategy held 1.74 ETH with an average acquisition price of $1,974.
Last week, we adopted a somewhat more aggressive positioning, which was subsequently tested by market conditions this week. Ahead of Friday’s expiry, we proactively rolled our $2,275 put options down and out into $2,250 strike puts expiring the following week.
The adjustment allowed us to secure additional premium while simultaneously lowering the strike level and reducing overall downside exposure. From a risk management perspective, the repositioning was constructive and improved the portfolio’s defensive profile.
Going forward, we have decided to maintain a more conservative trading posture, prioritizing safer structures in order to mitigate tail-risk exposure.
Current options positions:
- 2.2 ETH MAY 15 2026 2275 Cash-Secured Put
- 1.5 ETH MAY 29, 2026 2,100 Covered Call
- 0.1 ETH MAY 29, 2026 2,200 Covered Call
- 0.1 ETH MAY 29, 2026 2,400 Covered Call
- 0.4 ETH JUN 29, 2026 2,100 Cash-Secured Put
From the options premium received we reduced our current margin debt to –$1,220. The immediate objective is to bring margin back to zero without selling any additional ETH.
At an average weekly premium of $75, it would take roughly 17 weeks to eliminate the remaining margin balance, putting us on track for a potential payoff by early September.
However, we are seriously considering reducing a portion of the margin debt at the end of May, when the $2,100 call options expire. Should these options remain in the money, we are evaluating the sale of approximately 0.3–0.4 ETH in order to materially reduce leverage and improve the balance sheet profile of the strategy.
Going forward, the primary focus would shift toward cash-secured put strategies, with an emphasis on maintaining lower risk exposure and stronger collateralization.
Solana Strategy
The Solana strategy appreciated by an additional 5.65% on a week-over-week basis. NAV per unit increased to $0.56, supported by SOL trading at approximately $91 per token.
By the end of the week, we increased our long spot position to 65.07 SOL, with a buy price at $167.31 and break-even price of $144.66. With Solana trading at $91 at the time of writing, the position is significantly underwater.
During the week, the strategy generated $30.53 in option premium through the sale of covered calls and put options expiring on June 26.
SOL appreciated for the second consecutive week, which placed pressure on our previously capped covered call positions at the $86 strike level. Today, 10 option positions reached expiry; of these, five were closed and replaced with newly sold put options, while the remaining five covered calls were rolled up to the $90 strike with a June 26 expiry.
In parallel, we continued averaging down by increasing our SOL exposure. Given that the overall portfolio remains underwater, we have decided not to cap newly added SOL positions with covered calls at current levels, preserving greater upside participation potential in the event of further market recovery.
Solana Strategy YTD performance is -23.98%, slightly outperforming SOL itself, which is down -26.55% over the same period.
Bitcoin Strategy
This week we already allocated 12% of the total options income from this weeks Ethereum strategy to purchase spot BTC, increasing our holdings to 0.00112826 BTC
It will take several months before this position becomes noticeable, but we like the start. After the eleventh week since the launch of Bitcoin strategy it is up +7.23%, Given the fund’s size, the impact is negligible.
We are already about 1/10 of the way toward the portfolio size where we can start selling meaningful covered call options against our position. We are not rushing the process and are dollar-cost averaging into the strategy on a weekly basis. At the current pace, we estimate that we could theoretically reach 0.01 BTC within 6–9 months, unless we decide to take a different approach and significantly increase our exposure.
TerraM ETH 1 DTE Trading Bot
For the third consecutive week, our algorithmic trading bot has continued to outperform expectations, maintaining a 100% win rate since deployment. After 17 trades executed over a 17-day period, the strategy is currently projecting an annualized yield of 19.38% on spot exposure, increasing to approximately 56.21% at the current leverage level of 2.83x. Overall, the early-stage performance has been highly encouraging.
During the past week, we further refined the bot’s trading logic, with a primary focus on assignment management and risk control. An RSI-based filter was introduced to govern assignment decisions, allowing the strategy to accept assignment only during sharp market dislocations where RSI falls below 30, indicating oversold conditions. In all other cases, challenged positions are intended to be actively managed through manual roll adjustments. To date, the strategy has not encountered any challenged trades.
In parallel, we have begun cautiously increasing position sizing through moderate leverage utilization. A leverage risk calculator was integrated into the bot to continuously assess portfolio safety metrics and determine whether additional leverage can be deployed within acceptable risk parameters.
The underlying thesis is straightforward: if the strategy can consistently maintain a high probability of successful trade outcomes, utilizing moderate leverage becomes justifiable, particularly given the availability of up to 10x leverage on the Bybit platform. At present, leverage in the 2–3x range appears reasonable from a risk-adjusted perspective, although these parameters remain under active review and further optimization.
At its current stage, the bot scans deep out-of-the-money put options and automatically places trades on a daily basis. If the options expire worthless, the bot proceeds to open new positions. In cases of assignment, we have developed a mechanism to transition into a long spot position.
As with most of our ventures, we are growing the bot’s trading capital internally by allocating $25 per week from the main Ethereum strategy.
At this stage, there are no plans to release the bot for public use. However, if you are interested in learning more about the project, feel free to reach out.
Bottom line
TerraM and its underlying strategies showed modest recovery this week, with improving liquidity, disciplined risk management, and steady premium generation across ETH and SOL positions. The fund remains significantly below prior highs, but current positioning is increasingly defensive and sustainability-focused. Management is prioritizing balance sheet repair, liquidity growth, and gradual capital accumulation over aggressive upside chasing.