On May 8th, 2026, the TerraM token traded at $2.12, up +4.95% 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 4.56% 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.
An interesting pattern is forming on the technical chart — something resembling a cup formation. With our current treasury and liquidity operations, we do not exclude the possibility of reclaiming the all-time high of $3.30, set back in September.
Before targeting new highs, however, our 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.
As liquidity increases and slippage decreases, we expect to attract more trading bots to the ecosystem. This is beneficial, as bots trade with real capital, improve market activity, and contribute to more efficient token price discovery.
Ethereum strategy
Week over week, the Ethereum strategy delivered a small but -2.27% loss.
For most of the week, Ethereum traded in the $2,250–$2,300 range. The fund’s value declined slightly during this period, not because of Ethereum price action, but due to corporate filing expenses related to our Wyoming entity.
Wyoming remains one of the most efficient jurisdictions for digital asset funds like Terramatris, with a flat annual state fee of just $60. In total, we paid $163 from the fund, covering the state filing fee and related administrative costs.
From the all-time high in September 2025, the fund is still down -66.30%. While YTD performance stands at -25.30%, slightly underperforming ETH itself, which is down -23.36% 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 $129 in options premium income. By the end of the week, the strategy held 1.74 ETH with an average acquisition price of $1,974.
This week, we decided to take a more aggressive approach by targeting a minimum of $125 in weekly options premiums. To achieve this, we increased exposure through more aggressive at-the-money (ATM) weekly put selling, which also increases the likelihood of assignment next week if Ethereum trades below the strike price at expiration.
Current options positions:
- 2.3 ETH MAY 8 2026 2275 Cash-Secured Put
- 1.4 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 –$1,225. The immediate objective is to bring margin back to zero without selling any additional ETH.
At an average weekly premium of $129, it would take roughly 10 weeks to eliminate the remaining margin balance, putting us on track for a potential payoff by mid-July.
However, there is now a significant chance that our margin debt could increase next week if ETH falls below our strike price and we choose to accept assignment by purchasing spot ETH instead of rolling the puts forward. If that happens, we will still aim to keep margin exposure under control, potentially by closing part of our 1.4 ETH long position currently covered by call options expiring at the end of May.
Solana Strategy
The Solana strategy grew by quite serious 6.68% week-over-week. NAV per unit settled at $0.53, as SOL bumped to around $88 per coin. 
By the end of the week, we increased our long spot position to 63.07 SOL, with a buy price at $163.23 and break-even price of $142.19. With Solana trading at $88 at the time of writing, the position is significantly underwater.
During the week, we collected $56.08 in option premium by selling covered calls and put options expiring on May 15 and June 26.
This was a particularly active week, which resulted in higher premium generation. Our 17 covered call contracts with an $86 strike price expired in the money, prompting a partial roll strategy. We closed 7 positions at the strike price and sold 7 put options with a June 26 expiry, while keeping the remaining 10 call contracts and rolling them into next week at the same $86 strike.
The adjustment allowed us to continue generating premium while maintaining flexibility in our positioning.
Solana Strategy YTD performance is -28.04%, slightly outperforming SOL itself, which is down -29.12% over the same period.
Bitcoin Strategy
This week we already allocated 11% of the total options income from this weeks Ethereum strategy to purchase spot BTC, increasing our holdings to 0.00101751 BTC
It will take several months before this position becomes noticeable, but we like the start. After the tenth week since the launch of Bitcoin strategy it is up +7.09%, 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.
For now, we are satisfied with the direction and are not considering accelerating the strategy before we further stabilize the Ethereum side of the portfolio. We prefer to grow it organically.
TerraM ETH 1 DTE Trading Bot
For the second week in a row, our algo trading bot has maintained a 100% win rate. After 10 trades over 10 days, the strategy is currently showing a projected annual yield of 16.99% on spot exposure, or 29.81% using our current leverage level of 1.71x. Excellent results so far.
Last week, we moved the bot fully online to a VPS environment and continued improving the dashboard with better visualizations and charting. The progress has been quite fascinating to watch.
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.
What else happened last week
Besides being active in the markets every day and configuring our algo trading bot, we also attended a local Ethereum meetup focused on Decentralized AI by QWAC.
It is an interesting concept, though from our perspective it still sounds somewhat utopian. We continue to believe that centralized operations generally perform more efficiently, although that does not mean development in decentralized AI will stop. At this stage, it feels more like a domain driven by open-source developers and experimental builders.
Most of the audience consisted of coders rather than investors, which actually makes perfect sense. Ethereum remains one of the best blockchains for building new applications and infrastructure, and there is still a tremendous amount of code left to be written on top of it.
Articles we wrote this week
- Backtesting Ethereum: How Often Does ETH Drop 5% in a Day?
- 1 DTE ETH Options Trading Bot For Bybit
- What Is RFQ in Crypto Options? When to Use It (and When Not To)
- How to Generate $125 per Week with Options Trading
Bottom Line
This week was less about aggressive growth and more about strengthening infrastructure, improving execution, and building long-term sustainability across the Terramatris ecosystem. While overall fund performance remains below previous highs, we continue making steady operational progress in several important areas simultaneously.
The Ethereum strategy remains the core engine of the fund, generating consistent options premium income while gradually reducing margin exposure. At the same time, the Solana strategy demonstrated resilience through active position management and premium generation, while the Bitcoin allocation continues to grow patiently through disciplined weekly accumulation.
Perhaps most exciting is the continued development of our 1 DTE ETH trading bot. While still early-stage and operating with relatively small capital, the system is already showing promising consistency and validates many of the assumptions behind our automated options framework.
Across all strategies, our approach remains unchanged: build slowly, compound organically, prioritize liquidity and risk management, and avoid unnecessary acceleration before the underlying systems are fully stabilized.
Markets will continue to fluctuate. What matters most is that every week Terramatris becomes more operationally mature, more automated, and structurally stronger than the week before.