At Terramatris, our core strategy is straightforward: we focus on established assets like Bitcoin, Ethereum, and Solana, and we use them to generate a steady flow of options premium. That premium is what drives our consistency. It’s boring, it works, and it’s repeatable.
But there’s another side to our strategy. We also keep a sleeve of moonshot bets — small, speculative positions that could one day turn into something much larger. The logic is simple: in crypto, a single asymmetric bet can change the shape of the portfolio. We’re not reckless, but we are opportunistic.
How Wormhole Landed on Our Radar
We like to make the discovery process fun. Instead of pretending we can out-research every token ourselves, we let AI help us dig. (Thank you, ChatGPT.)
The process brought us to Wormhole (W), an interoperability protocol connecting more than 20 blockchains. Does it become the TCP/IP of crypto? Or does it get outcompeted? Honestly — we don’t know. That’s exactly why it fits in the moonshot sleeve.
Our belief in Wormhole is neutral. We don’t say “yes” or “no.” We just recognize the possibility that today’s small bet could become tomorrow’s big win — or fade into nothing. That’s the asymmetric tradeoff we’re looking for.
From Pengu to Wormhole
Earlier this year, we allocated to another speculative token — Pengu. After raising 5,000 Pengu in our portfolio, we decided it was time to rotate into a fresh opportunity. The replacement? Wormhole.
At current prices, we’re targeting an allocation of 2,000–3,000 W tokens in 2025 before reassessing. The sizing is intentionally small: enough to matter if it works, but never large enough to endanger the core fund.
Funding Arbitrage
We didn’t just buy spot W. To make things more interesting, we started with a funding fee trade:
- Buy spot W
- Sell perpetual W contracts
This simple arbitrage setup allows us to collect funding fees in the form of W itself. Today, those fees are tiny. But over time? Who knows. Maybe they turn into a meaningful kicker, maybe not. Either way, it’s a low-risk way to enhance the position while staying neutral on short-term price moves.
The Opportunistic Outlook
Our core remains BTC, ETH, and Solana — the proven majors that power the fund. They’re the workhorses generating the premium we rely on.
But we’ll continue to take small, opportunistic bets. Some will fail. Some may deliver 10x, 50x, or more. That’s the nature of moonshots.
Wormhole is simply the latest entry into this sleeve. It could be glue for a multi-chain crypto future, or just another protocol that fades. Either way, we’re in with eyes wide open, position size under control, and curiosity intact.
In short: Wormhole is not our conviction core holding. It’s a deliberate experiment — a small seed planted in 2025, left to see if it grows.