On March 20, 2026, the TerraM token traded at $1.92, up 4.94% week over week. On-chain activity was limited during the period, with two buys and no sells. We expect trading activity to pick up once the token price moves above $2 and on-chain liquidity improves. This should particularly drive automated trading, with bots continuously scanning liquidity pools and exploiting arbitrage opportunities.
During the week, we added additional TerraM liquidity to the Raydium pool, increasing the share of fully USDC-backed TerraM tokens to 3.3% of total supply.
Our broader objective remains expanding liquidity coverage to 10%, while the next short-term milestone is reaching 4%, which we expect to achieve by the end of the month, with continued buybacks in operation we also expect token potentially reaching $2 by that time
Until liquidity deepens further, elevated slippage should be expected.
Ethereum strategy
Week over week, the Ethereum strategy gained 4.71%. This has been a strong week for ETH overall. At one point, it climbed well above $2,300, putting pressure on our $2,050 calls and prompting us to consider potential adjustments and roll strategies. However, a healthy pullback later in the week eased that pressure. While ETH remained above our strike, the move made it significantly easier to roll the positions forward for a credit.
From the all-time high in September 2025, the fund is still down -68.31%. While YTD performance stands at -31.04%, underperforming ETH itself, which is down -27.93% 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 $109 in options premiums, reducing our effective ETH break-even price to $1,592. By week’s end, the strategy held 2.025 ETH with an average acquisition price of $1,982.
Current options positions:
- 1.8 ETH MAR 27, 2026 2,050 Covered Call
- 0.2 ETH MAR 27, 2026 2,100 Covered Call
- 0.5 ETH MAR 27, 2026 1,950 Cash Secured Put
We rolled last week’s $2,050 covered call forward to next Friday, maintaining the same strike. With ETH trading around $2,150, this caps our upside, which we are fully comfortable with. Besides that we managed laddering our covered calls, having sold a smaller portion at a higher $2,100 strike.
Additionally, we took on a small amount of tail risk to push this week’s option premium above $100 by selling 0.5 put contracts with next week’s expiry. If challenged, we are comfortable taking assignment, though the preferred approach is to roll the position forward and down.
From the options premium received, we reduced margin debt to –$1,632. The immediate objective is to bring margin back to zero without selling any ETH.
At an average premium of $109 per week, it would take approximately 15 weeks to eliminate the remaining margin balance — around start of July.
Solana Strategy
The Solana strategy increased by +2.23% week over week, with NAV reaching $0.53.At one point during the week, NAV rose to 0.56 as SOL joined the broader market rebound and briefly traded near $95. However, the subsequent pullback pushed NAV per unit lower again.
By the end of the week, we increased our long spot position to 55.80 SOL, with a buy price at $163.33 and break-even price of $145.47. With Solana trading at $89.18 at the time of writing, the position is still significantly underwater. It may be a good time to dollar-cost average and increase our SOL position. Depending on how the market develops, this is something we are considering for next week.
During the week, we collected $20.12 in option premium by selling 5 calls expiring on April 24, 2026.
Because the position is currently underwater, our flexibility is limited. To generate meaningful premium, we had to sell calls below our average entry price, effectively capping part of the upside recovery.
Overall our Solana Strategy YTD performance is -29.52%, just slightly underperforming SOL itself, which is down -28.28% over the same period.
Bitcoin Strategy
This week we allocated 4% of the total options income from the Ethereum strategy to purchase spot BTC, increasing our holdings to 0.00014293 BTC.
It will take several months before this position becomes noticeable, but we like the start. After third week since the launch our Bitcoin strategy is down -0.30%, Given the fund’s size, the impact is negligible.
Bottom line
Momentum is improving across the portfolio, with steady premium generation and incremental liquidity expansion supporting the recovery process. However, performance remains constrained by shallow liquidity (TerraM) and underwater positions (SOL, ETH vs. historical levels).
The near-term focus is clear: push TerraM above $2 with deeper liquidity, eliminate ETH margin through consistent options income, and cautiously position for upside while managing capped exposure. Execution is improving—but a full recovery still depends on sustained market strength and disciplined capital allocation.