Cash-Secured Puts

Why Rolling SOL Options Can Be More Difficult Than BTC or ETH

TerraMatris research note, September 2026. This article describes our own positions and execution experience. It is not investment advice and does not treat option premium as a substitute for risk management.

On September 4, 2025, TerraMatris launched its dedicated Solana strategy: long SOL exposure with selective covered calls and cash-secured puts. A year is long enough to move past the first impression of a new market. We can now ask a more useful question than whether SOL options exist: after one year of using them, has the market matured enough to support systematic covered-call…