As of July 3, 2026, our Ethereum strategy portfolio was valued at $3,941, up 3.15% week over week. However, the portfolio remains down 43.52% year-to-date and is still significantly below its all-time high, down 74.05% from the record level reached in September 2025.
Our strategy is slightly underperforming Ethereum itself, which is down 42.86% year-to-date.
Ethereum Covered Call Position
During the week, we rolled our 1.3 ETH position forward and down. One of our weekly options premium goals is to keep the delta below -0.15, and for this week we chose the $1,800 strike.
This roll brought in $7.74, which is barely more than one dollar per day. Still, all premium was reinvested into an ETH spot purchase, increasing our holdings to 1.3045942 ETH.
We now hold:
1.3 ETH Jul 10, 2026 $1,800 covered call
If Ethereum continues higher and gets called away at $1,800, we would realize a strong profit on the underlying position, in addition to all premiums collected along the way.
If ETH remains below the new strike, we keep the premium, continue holding the asset, and can evaluate another covered call sale next week.
If our position is called away next week at the $1,800 strike price, the trade would generate a total profit of approximately $388, representing a return of 19.02% in 35 days.
Under our current policy, 50% of realized profit would be allocated toward TerraM token support and buybacks. Given the recent weakness in the TerraM token price, such a contribution could provide a meaningful boost to the ecosystem while also rewarding long-term holders.
If Ethereum does not reach the $1,800 strike price, no profit distribution will occur. Instead, we will continue selling weekly covered calls against the position, collecting additional premium and gradually lowering our effective break-even price.
If the position is eventually called away, the plan would be to redeploy capital using either cash-secured puts or credit spreads.
This follows the basic logic of the Wheel Strategy: sell puts to potentially re-enter Ethereum at attractive prices, then sell covered calls once the asset is back in the portfolio.
One of our medium-term goals is to grow the portfolio back to its previous all-time high of $11,719, reached in September 2025.
But combined with favorable market conditions and disciplined position management, this approach gives us the best chance of steadily rebuilding the portfolio while keeping risk under control.
For now, we are comfortable with slow and steady progress.