Funds
What Are the Main Challenges Running a Solana Covered Calls Growth Portfolio?
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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…
Solana Covered Call Growth Fund Performance - November 2025
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November turned out to be a difficult month across the cryptocurrency market, and Solana was no exception. SOL fell sharply from $187 at the start of the month to $136 by the end, a 27.3% decline. Despite this deep pullback, the Terramatris Solana Covered Calls Growth Fund held up noticeably better.
The Fund’s NAV closed at 0.76, compared to 0.89 in October, which represents a 14.6% decrease. While negative, this still reflects about 12.7% in alpha preservation versus simply holding SOL outright. In other words, the covered-call strategy helped soften the blow during a volatile month…
Solana Covered Call Growth Fund Performance - October 2025
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The Terramatris Solana Covered Calls Growth Fund completed its second full month of operations in October 2025. The Fund continued to follow its systematic covered call strategy on Solana (SOL), maintaining disciplined position management amid heightened crypto market volatility.
By the end of October, the Fund had 12,171 shares issued, bringing total Assets Under Management (AUM) to $10,831 based on a closing NAV of $0.89 per share. This represents a 95.6% increase in AUM from September’s level of $5,536.
Solana’s market price declined from $208 to $186 (-10.6%) over the month…
Solana Covered Call Growth Fund Performance - September 2025
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The Terramatris Solana Covered Calls Growth Fund launched on September 4, 2025, with an initial seed contribution of $100. September marked the Fund’s first month of operations, with the onboarding of seven subscribers and the issuance of 5,973 NAV units, bringing total Assets Under Management (AUM) to $5,536.
The Fund remains open to new capital commitments until it reaches $100,000 in AUM. TerraM Fund, one of our core investors, has committed to ongoing biweekly contributions of $100 through at least September 2026.
Execution of the Fund’s covered call strategy proceeded as…
Why We Launched Solana Covered Call Growth Fund
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On September 4, 2025, Terramatris LLC officially launched its Solana Covered Call Growth Fund, a specialized investment vehicle designed to combine the growth potential of Solana (SOL) with disciplined income generation through covered call strategies. The fund began with an initial seed investment of $100 from TerraM and a net asset value (NAV) of 1.00, setting the foundation for future expansion.
Economics Behind the FundThe economic rationale of the fund is straightforward yet ambitious. By holding SOL tokens as the core asset, the fund is directly exposed to the appreciation…