Another relatively quiet week in crypto markets, although not without volatility. Bitcoin (BTC) traded around $81,900, remaining broadly flat for the week, while Ethereum (ETH) hovered near $2,400 and Solana (SOL) traded around $104. Both ETH and SOL remained under pressure, with a brief midweek recovery failing to develop into a sustained rebound.
There was a brief recovery in the middle of the week, with Bitcoin approaching $85,000 and Ethereum testing $2,500, but the rebound failed to hold. By Thursday, sellers were back in control.
For our TerraM Multi Asset portfolio, the result was a rather modest 0.14% weekly decline. The weakness in ETH and SOL weighed on our underlying holdings, while options premiums and active position management continued to support our strategy. We also used the temporary ETH recovery to roll our challenged puts to a lower strike for additional credit.
Not a spectacular week, but one in which we continued accumulating crypto, collecting premiums and preparing for another potentially important options expiration on October 30.
Ethereum Strategy
For the third consecutive week, we've been managing our challenged 1.4 ETH cash-secured put position, rolling it forward and down to reduce our potential assignment price while collecting additional premium.
On Wednesday, during a brief ETH recovery, we managed to roll our strike from $2,550 down to $2,525, extending expiration to October 30.
- Bought to close 1.4 ETH October 23 $2,550 puts.
- Sold to open 1.4 ETH October 30 $2,525 puts.
The adjustment lowered our strike by $25, extended the position by one week and generated an additional $17.45 net credit.
Our cumulative options premiums for the current cycle have already reached $430. Once the puts expire worthless and the cycle is closed, we plan to allocate 50% of the collected premiums to TerraM treasury operations, split equally between token buybacks (25%) and liquidity provision (25%). At the current premium total, that would mean approximately $107.50 for buybacks and $107.50 for liquidity.
This could happen as early as next week, provided ETH trades above $2,525 at expiration on October 30. Otherwise, we will continue managing the position and postpone the allocation until the cycle is completed.
We reinvested part of this week's premium into another 0.00724 ETH, bringing our long-term Ethereum holdings to approximately 0.296 ETH.
Solana Strategy
Our Solana Covered Call Growth Fund finished the week at a $0.47 NAV per unit, down 1.89% from the previous week. This marked the third consecutive weekly decline.
Despite the declining valuation, we increased our holdings to 79.33 SOL and collected $17.64 in options premiums during the week.
Our longer-term objective remains to accumulate at least 100 SOL, while generally selling covered calls at strikes above the relevant purchase or break-even levels, currently estimated at $144.26 and $178.92.
We also made several adjustments to our existing options positions, moving some contracts from the October 30 expiration to November 27.
Nothing spectacular, but incremental improvements to our options positions while we work toward the 100 SOL accumulation target. With SOL trading around $103, well below our existing break-even levels, premium collection and disciplined accumulation remain our priorities.
Bitcoin Strategy
Since its launch on September 8, our BTC options strategy has generated $60.43 in cumulative premiums and could deliver a 5.84% cycle yield next week, based on our current calculations, provided our covered calls expire in the money and the underlying BTC is called away.
We are currently operating with 0.02 BTC, systematically selling weekly covered calls while reinvesting 100% of the collected premiums into BTC spot, gradually increasing our Bitcoin holdings.
Our latest trade involved selling a 0.01 BTC covered call with an $83,000 strike price and October 30 expiration, collecting $10.10 in upfront premium.
The amounts may still be modest, but the strategy remains straightforward: collect options premiums, reinvest them into BTC spot, and gradually increase our underlying holdings.
We expect increased trading activity next week, as covered calls representing 0.02 BTC are set to expire on October 30. Depending on market conditions, we may allow our BTC to be called away and reset the strategy, or roll the calls to higher strikes, preferably for additional credit.
With Bitcoin trading around $81,400, our latest $83,000 call remains out of the money for now, although the situation could change before expiration.
Either way, our objective remains unchanged: maintain a consistent weekly options-selling cycle, generate premium income, and steadily accumulate Bitcoin over time.
TerraM Multi Asset
The TerraM Multi Asset portfolio declined slightly by 0.14% this week, finishing with a reported NAV of $5,453.
A rather cosmetic move, reflecting a week of relative stability in our portfolio despite weakness across several crypto assets. However, such calm periods rarely tell us much about what comes next. We could be approaching either a deeper market correction or a stronger rebound. Another binary moment for the portfolio, with the next meaningful market move likely to determine its short-term direction.
Our reported NAV remains 53.46% below the September 2025 peak.
This week's adjustments to our ETH puts and BTC covered calls generated approximately $27.55 in combined option credits and premiums, equivalent to roughly 0.5% of the currently reported portfolio NAV. While relatively small, such incremental gains remain an important part of our long-term strategy.
TerraM Token
Over the past two months, there has been relatively little trading activity in our native TerraM token. The token traded around $0.77 this week, remaining largely flat, with no significant price movements or changes in market activity.
However, our Ethereum options strategy has now surpassed $430 in cumulative premiums for the current cycle, bringing us closer to the next round of TerraM treasury operations.
If our 1.4 ETH $2,525 cash-secured puts expire worthless on October 30, we plan to close the cycle and proceed with TerraM token buybacks and liquidity provision, subject to the final cycle results.
As outlined earlier, 25% of the cycle premiums will go toward token buybacks and another 25% toward liquidity provision, with the remaining 50% retained within the options strategy.
If ETH remains below the strike, we'll continue managing the position, potentially extending the cycle and postponing treasury allocations.
For now, the priority is managing the underlying strategy rather than forcing token operations before the cycle is complete.
Ethereum Options Trading Bot
For the second consecutive week, our trading bot continued selling weekly covered calls on the ETH position assigned from a put option at the beginning of October.
During the week, we also carried out some minor maintenance, fixing a few small issues and renewing our Bybit API credentials. As it turns out, our Bybit API credentials expired after approximately 91 days, meaning the bot cannot be entirely set-and-forget, at least with our current Bybit setup.
On the trading side, everything worked as expected. After the previous covered call expired worthless, the bot correctly opened a new weekly covered call expiring on October 30, continuing its systematic options-selling cycle with no manual intervention required for the trade.
Bottom Line and What We're Watching Next Week
Another week of modest market movements, active options management and gradual accumulation. Our TerraM Multi Asset NAV finished at $5,453, down just 0.14%, while we continued generating premiums across Ethereum, Solana and Bitcoin.
The biggest event on our calendar is October 30 options expiration. Three things are particularly important:
- Ethereum above $2,525: This would allow our 1.4 ETH cash-secured puts to expire worthless, completing the current cycle and potentially unlocking the next TerraM treasury allocation. With ETH recently trading around $2,382, a meaningful recovery would be required.
- Bitcoin around $83,000: We have covered calls representing 0.02 BTC expiring next week. Depending on the underlying strikes and BTC price, we may let positions get called away or roll them forward, maintaining our weekly options-selling strategy.
- Solana accumulation: With 79.33 SOL already accumulated, we are approximately 20.67 SOL away from our initial 100 SOL target. We will continue looking for opportunities to increase holdings while managing our existing options positions.
Beyond that, we'll be watching whether Bitcoin can regain the $83,000–$85,000 area, whether Ethereum can recover toward $2,500, and whether Solana can stabilize after several weeks of weakness.
The market could go either way, and we certainly aren't trying to predict every short-term move. Our approach remains the same: collect premiums, manage risk, reinvest income and gradually build our underlying crypto holdings.
Slow and steady. Another week, another cycle.