Blog Archive: September 2025
Week 25 / NVDA Covered Call, BMY Spread Risk, UBER Spread, MCD Added
| | 30 seen
As of September 26, 2025, our covered call stock portfolio has reached $8,807, slightly decreasing by -0.58% (-$50). Year-to-date, the portfolio is up +12.75%. Technically, last week’s drop might be attributed to USD/EUR exchange rate fluctuations, as our base currency is set to EUR and we are therefore affected by forex movements.
This week, we collected $92 from selling options, what is well above my goal to generate at least 1% weekly in options premium (1.04% this week).
This was a relatively slow week with no major swings, unlike in the Terramatris crypto hedge fund, where we experienced a 17% drop. One troubled trade appears to be the credit spread on BMY, with the price falling below our strike. Since there are still about two weeks until expiry, I will monitor it closely and, if necessary, roll it down and forward, preferably for a credit.
Last week also put some pressure on our MCD shares. In general, I am against buying stocks on margin while we are still paying off debt, but this week I decided it wouldn’t do much harm to add 0.1 MCD shares to the portfolio. We now have a small position in place, gradually working towards 100 shares.
Lastly, our previous Uber credit spread expired worthless, and I decided to sell another spread
We keep holding one covered call on NVDA with a $113 strike price expiring on December 19, which is significantly deep in the money. If we allow the shares to be called away at expiry, this would lock in an unrealized profit of approximately $6,200.
I’m already considering rolling this position up and out to at least the 115 strike, likely with a March 2026 expiry, to collect additional premium—but I may wait a few more weeks before making the move.
Current positions
- NVDA Oct 3, 2025 170/165 Bull Put Credit Spread
- 2X BMY Oct 10, 2025 45/42 Bull Put Credit spread
- UBER Oct 24, 2025 89/85 Bull Put Credit Spreak
- NVDA Dec 19, 2025 $113 Covered Call
One of the primary goals of our covered call stock portfolio is to gradually reduce debt while maintaining a long position of 100 shares in NVDA. Notably, we earned $92 in options premium this week. If we can consistently average that amount, it would take approximately 54 weeks to fully eliminate our margin debt of $5,040.
Looking ahead to next week, I will be closely monitoring the NVDA $170 put spread. Should any of our positions come under pressure, the plan is to roll them forward—ideally for a credit.
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How To incorporate an LLC in Wyoming for a Crypto Hedge Fund
| Doing Business | 25 seen
When setting up Terramatris, our crypto hedge fund, one of the earliest strategic decisions we faced was choosing the right jurisdiction for incorporation. After weighing options like the Cayman Islands, British Virgin Islands or Panama, we ultimately decided on Wyoming, USA. Here’s why.
Many hedge funds gravitate toward Caribbean jurisdictions because of their established offshore structures and global recognition. However, for Terramatris, Wyoming offered three key advantages:
While Cayman or BVI entities remain popular for large-scale funds, Wyoming proved a better fit for our structure and current operational needs.
Taxation in Wyoming
Wyoming is widely regarded as one of the most tax-friendly states in the U.S. Key points:
- No state corporate income tax.
- Annual license tax: A minimal fee based on assets located within Wyoming (often negligible for non-U.S. operations).
- No franchise tax.
Because our founders are non-U.S. citizens and all activities are conducted outside the U.S., our LLC currently falls under 0% annual federal tax liability. Of course, this setup may not be suitable for everyone—especially U.S. residents or firms actively operating within the U.S.
Downsides of a U.S. LLC in the Crypto Industry
Although Wyoming offers significant advantages, there are limitations worth noting:
- Centralized exchanges’ restrictions: Many international crypto trading platforms (e.g., Deribit, Bybit) avoid onboarding U.S. companies or U.S. persons due to regulatory risks. Forming a Wyoming LLC won’t solve this hurdle.
- SEC considerations: As a hedge fund, we intentionally avoid U.S. investors to remain outside SEC registration requirements. Anyone considering Wyoming should understand the regulatory landscape carefully.
On the positive side, an LLC structure works well for:
- Trading through decentralized exchanges (DEXs).
- Consolidating personal crypto trading accounts under a legal entity.
- Preparing for future integration with compliant brokers (our next step is registration with Interactive Brokers to access crypto ETFs).
Our Incorporation Process
We used WyomingAgents.com for incorporation and registered agent services. The experience was seamless, and we highly recommend them.
In addition to the LLC itself, you’ll need an EIN (Employer Identification Number), which Wyoming Agents also helped us obtain. An EIN is essential for tax reporting and for opening financial accounts in the company’s name.
Of course, Wyoming is not the only state offering LLC structures, and many online firms provide incorporation packages. But for our needs, Wyoming stood out as the clear choice.
Key Takeaways
- Wyoming LLC is a low-cost, efficient structure for non-U.S. founders operating outside the U.S.
- Tax benefits are significant, though this model doesn’t fit everyone.
- Crypto exchange limitations remain, as many platforms exclude U.S. entities.
- For Terramatris, Wyoming strikes the right balance between legitimacy, flexibility, and cost-efficiency.
At Terramatris, we remain focused on building a professional, compliant crypto hedge fund structure. While we avoid U.S. investors to sidestep SEC complications, we are preparing to expand our operational capabilities through Interactive Brokers and regulated crypto ETF products.
Incorporating in Wyoming was a deliberate step in aligning our legal structure with our long-term vision. For other founders considering a similar path, the key is understanding not just the benefits, but also the trade-offs of each jurisdiction.
Chateau Ateni. Gori
| Living in Georgia | 20 seen
This time (May 2025), our journey takes us to Gori and the enchanting Chateau Ateni - a hidden gem where authentic Georgian cuisine blends seamlessly with avant-garde natural wines, soulful traditional dance, and even the charming surprise of a small chick farm.
What makes this trip extra special is sharing it with our Latvian/Georgian friends, Soso and Ilva, whose warm hospitality turned the visit into a memory to treasure. We stayed in their lovely cottages, cozy retreats surrounded by nature, and had the joy of sipping on their very own pet-nat wine under the Georgian skies.
It was a weekend filled with laughter, storytelling, and the simple pleasures of food, and wine - proof once again that the best adventures are those shared with people you love.
Week 24 / BMY & NVDA Rolls Pay Off; Portfolio +1.15% This Week
| | 25 seen
As of September 19, 2025, our covered call stock portfolio has reached $8,858, marking another weekly gain of +1.15% (+$105). Year-to-date, the portfolio is up +12.39%. Technically, we’re slightly underperforming the S&P 500 (+13.31%), but I’m very satisfied with the progress - the $10K milestone with every week comes closer.
Surprisingly, for most of the week it seemed we would end with a negative return, but it ultimately turned out better than expected.
This week, we collected $162 from selling options, what is well above my goal to generate at least 1% weekly in options premium (1.82% this week).
This was quite a turbulent week for our options trades, and mid-week I rolled out and forward the put spreads on NVDA and BMY.
I rolled the NVDA 172.5 put down to 170 and out to next week’s expiry, while BMY looked more troubled, so I extended it further out to the October 10 expiry, capturing a heftier options premium.
We keep holding one covered call on NVDA with a $113 strike price expiring on December 19, which is significantly deep in the money. If we allow the shares to be called away at expiry, this would lock in an unrealized profit of approximately $6,200.
I’m already considering rolling this position up and out to at least the 115 strike, likely with a March 2026 expiry, to collect additional premium—but I may wait a few more weeks before making the move.
Current positions
- NVDA Sep 26, 2025 170/155 Bull Put Credit Spread
- 2X BMY Oct 10, 2025 45/42 Bull Put Credit spread
- NVDA Dec 19, 2025 $113 Covered Call
One of the primary goals of our covered call stock portfolio is to gradually reduce debt while maintaining a long position of 100 shares in NVDA. Notably, we earned $162 in options premium this week. If we can consistently average that amount, it would take approximately 32 weeks to fully eliminate our margin debt of $5,102.
Looking ahead to next week, I will be closely monitoring the NVDA $170 put spread. Should any of our positions come under pressure, the plan is to roll them forward—ideally for a credit.
Never miss an update! Get weekly insights delivered to your inbox—subscribe to the Covered Calls with Reinis Fischer newsletter
Birthday in Thessaloniki, Greece
| Travel guides | 33 seen
Turning 40 is a milestone worth celebrating in style, and what better way than in Thessaloniki — a city that seamlessly blends history, culture, and cuisine. From affordable flights and boutique stays to seafood feasts and hidden beaches, our journey turned into an unforgettable week-long adventure.
Getting There: Kutaisi to Thessaloniki
Our adventure began in Kutaisi, Georgia, with a direct Wizzair flight to Thessaloniki. Wizzair’s budget-friendly routes made the trip smooth and convenient, a reminder that Europe’s treasures are often closer (and cheaper) than we think. Just a couple of hours in the air, and we landed in the heart of northern Greece — the gateway to the Mediterranean.
Where We Stayed: Boutique Comfort & Local Airbnb
For the first part of the trip, we checked into the charming S Hotel, nestled right in the heart of Thessaloniki’s Old Town. With narrow cobblestone streets, colorful facades, and plenty of history, it was the perfect backdrop for celebrating a big birthday. The boutique hotel offered a cozy yet stylish stay, surrounded by authentic tavernas and lively cafés.
Later, we switched gears and tried a local Airbnb, which gave us an entirely different experience. Staying in a residential neighborhood allowed us to soak in the everyday rhythm of Thessaloniki — morning coffee at the corner café, chats with local hosts, and the luxury of living like a local.
Culinary Delights: Where Every Meal Is a Celebration
Thessaloniki is heaven for food lovers. Whether it was the bustling seaside tavernas or small family-owned eateries tucked away in the alleys, we were spoiled with choices.
- Fresh seafood stole the spotlight — octopus grilled to perfection, mussels in wine sauce, and platters of calamari.
- The wine was even better — local varieties paired perfectly with the Mediterranean flavors.
- And the best part? Prices were surprisingly affordable, proving you don’t need a luxury budget to indulge like royalty.
Every dinner felt like a birthday feast.
Adventures & Escapes
Beyond the city’s lively streets and nightlife, we ventured out to discover the region’s hidden gems:
- Waterparks — because sometimes birthdays call for pure fun and adrenaline.
- Hidden beaches — quiet, turquoise spots away from the crowds where time seemed to stop.
- Historic strolls — exploring Byzantine walls, Ottoman landmarks, and ancient ruins that reminded us of Thessaloniki’s layered history.
Each day was a mix of culture, relaxation, and celebration.
Why Thessaloniki Stands Out
Thessaloniki isn’t just another European city. It’s a blend of old and new, Mediterranean charm and Balkan warmth, lively nightlife and tranquil seaside mornings. It felt authentic, welcoming, and unpretentious. Most importantly, it offered the perfect stage for marking a milestone birthday.
And yes — “Birthday in Thessaloniki” the movie is out! Our week-long adventure has been captured in a short film, immortalizing the fine cuisine, beach escapes, and joyful celebrations.
Celebrating 40 in Thessaloniki was more than just a trip — it was a memory etched for a lifetime. From Kutaisi flights to boutique stays, seafood feasts, and unforgettable sunsets, everything came together seamlessly.
One thing is certain: Thessaloniki is a place to return.
Week 23 / BMY Roll & NVDA Rally: Covered Call Portfolio Update
| | 40 seen
Greetings from Kakheti’s Alazani Valley! This weekend we came here to enjoy the beauty of the region and to host a small office party with Caulingo, where I sometimes work when I’m not focused on fund operations at Terramatris or managing our covered call portfolio.
Jokes aside:
As of September 12, 2025, our covered call stock portfolio has reached $8,757, marking another weekly gain of +2.4% (+$205). Year-to-date, the portfolio is up +12.12%. Technically, we’re slightly underperforming the S&P 500 (+12.365), but I’m very satisfied with the progress - the $10K milestone feels just around the corner.
This week, we collected $122 from selling options, what is slightly above my goal to generate at least 1% weekly in options premium (1.39% this week).
Our portfolio remains concentrated in NVDA stock. This week turned out to be a bounce-back, though at one point we were concerned about adjusting the $162.5 put we had sold last week—until NVDA suddenly surged past $177.
Our position in BMY didn’t perform as well as expected, so today we decided to roll it down from $46.5 to $46 with next week’s expiry—luckily, for a credit.
We keep holding one covered call on NVDA with a $113 strike price expiring on December 19, which is significantly deep in the money. If we allow the shares to be called away at expiry, this would lock in an unrealized profit of approximately $6,400.
Current positions
- NVDA Sep 19, 2025 172.5/166 Bull Put Credit Spread
- 2X BMY Sep 19, 2025 46/44 Bull Put Credit spread
- NVDA Dec 19, 2025 $113 Covered Call
I have to admit, I may have been a bit aggressive with options selling this week, which increases the risk that I’ll need to adjust one or even both positions during the upcoming week.
One of the primary goals of our covered call stock portfolio is to gradually reduce debt while maintaining a long position of 100 shares in NVDA. Notably, we earned $122 in options premium this week. If we can consistently average that amount, it would take approximately 43 weeks to fully eliminate our margin debt of $5,265.
Looking ahead to next week, I will be closely monitoring the NVDA $172.5 puts. BMY will also require attention, as I was selling ATM puts there. Should any of our positions come under pressure, the plan is to roll them forward—ideally for a credit.
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Week 22 / Options Income Report: 1.25% Weekly ROI From NVDA & BMY Trades
| | 90 seen
As of September 5, 2025 ,our covered call stock portfolio stood at $8,552, what is another weekly increase of +0.56% (+$47). While Year-to-date, our portfolio is +8.41%. Awesome!
For the record, our portfolio is influenced by EUR/USD exchange rates. If the euro hadn’t been trading at 1.18 against the dollar, our portfolio would actually be down a few dollars. Anyhow, cheers to the EUR/USD exchange rate this week!
This week, we collected $107 from selling options, what is slightly above my goal to generate at least 1% weekly in options premium (1.25% this week).
Our portfolio remains concentrated in NVDA stock, and this week proved to be another volatile one for the tech giant. At the beginning of the week, I rolled down and forward our 165 put.
Meanwhile, our experiment with DOCU stock options turned out positive—those options expired worthless. To boost this week’s options premium, I returned to selling put options on BMY stock. The strategy worked well, and I collected enough cash premium to purchase one share and add it to our long-term portfolio.
Our dividend income is still quite modest, but I’d be happy to grow it to the point where it can cover our margin interest payments, which are currently around $25 per month. Even aside from that goal, having dividend-paying stocks in the portfolio warms my heart.
I'm currently holding one covered call on NVDA with a $113 strike price expiring on December 19, which is significantly deep in the money. If we allow the shares to be called away at expiry, this would lock in an unrealized profit of approximately $5,400.
Current positions
- NVDA Sep 12, 2025 162.5/150 Bull Put Credit Spread
- 2X BMY Sep 12, 2025 46.5/44.5 Bull Put Credit spread
- NVDA Dec 19, 2025 $113 Covered Call
One of the primary goals of our covered call stock portfolio is to gradually reduce debt while maintaining a long position of 100 shares in NVDA. Notably, we earned $107 in options premium this week. If we can consistently average that amount, it would take approximately 50 weeks to fully eliminate our margin debt of $5,384.
Looking ahead to next week, I will be closely monitoring the NVDA $162.5 puts. BMY will also require attention, as I was selling ATM puts there. Should any of our positions come under pressure, the plan is to roll them forward—ideally for a credit.
Never miss an update! Get weekly insights delivered to your inbox—subscribe to the Covered Calls with Reinis Fischer newsletter
Azeula Fortress, Tbilisi Sea, and Ateni Sioni
| Travel guides | 35 seen
August ended with yet another packed and memorable weekend in Georgia. This time, our journey took us from the hills near Kojori to the refreshing waters of the Tbilisi Sea, and finally to the historical town of Gori, where we enjoyed a hearty Sunday brunch and paid a visit to the ancient Ateni Sioni Church.
I had heard so much about Azeula Fortress (also known as Kojori Fortress) over the years, yet for some reason, I had never actually made the trip. That changed at the end of August, when we finally decided to explore it.
Perched high above Kojori, just a short drive from Tbilisi, the fortress is a fascinating blend of medieval history and natural beauty. The hike up is moderately challenging but completely worth it, with stunning panoramic views of the surrounding mountains and valleys. Walking among the ancient ruins felt like uncovering a long-awaited piece of Georgian history I had always wanted to see for myself.
After exploring Azeula, we headed back home and later in the evening for a cool-down session at the Tbilisi Sea. This large artificial lake, officially called the Tbilisi Reservoir, is a favorite summer destination for locals — and for us, too.
We’ve been coming here occasionally for more than a decade, and every visit feels like a reset button. On this trip, Renee actually did her second swim in the reservoir, with her first one having been recorded back in 2019. Seeing her take to the water again after all those years added a very personal highlight to the day.
The water was crisp, the air breezy, and spending a couple of hours swimming there felt like a mini holiday within the weekend.
Sunday morning our journey then continued west to Gori, a city that has somehow gotten onto our travel radar lately. In fact, we find ourselves visiting Gori quite often these days, and it almost feels like no trip is complete without a stop there.
One of the main reasons? Erisoni Restaurant. At this point, I’m not even sure whether Gori is the destination and Erisoni is the reward, or if Erisoni itself is the true goal of the trip. Either way, the restaurant has become a must-visit for us.
Serving up authentic Georgian cuisine with generous portions and a welcoming atmosphere, Erisoni never disappoints. From khachapuri to goris cutler, every dish hits the mark, making brunch there a highlight of any weekend journey.
After filling up at Erisoni, we made our way to Ateni Sioni, a 7th-century Georgian Orthodox church nestled in the beautiful Ateni Valley.
I first came here back in 2016, and it’s been fascinating to see the progress and improvements made since then. The most noticeable change is the construction of a metal footbridge, which has made access to the site much easier and more comfortable. The church itself remains as awe-inspiring as ever, surrounded by vineyards and rolling hills, but now the infrastructure adds a layer of convenience for visitors.
Inside, the ancient frescoes and inscriptions continue to tell their centuries-old stories, reminding us why this site is one of Georgia’s historical treasures.
This weekend journey — from finally ticking Azeula Fortress near Kojori off my list, to a swim in the Tbilisi Sea (with Renee’s second-ever swim in the reservoir), to enjoying yet another unforgettable brunch at Erisoni in Gori, and closing the trip with a visit to the ever-improving Ateni Sioni Church — was the perfect way to end August.
Georgia continues to amaze with its mix of history, landscapes, and warm hospitality. Whether the goal is discovering new places or revisiting favorites like Erisoni and Ateni Sioni, every weekend trip turns into a memorable adventure.