The opportunity to benefit from the high returns that cryptocurrency investments offer is limited


Volatility, while predictable for the short term, may not last forever.

Virtual currencies and virtual currency derivatives are speculative investments which involve substantial risk of loss and are not suitable for all investors. There are no guarantees of profit. Investments in virtual currencies and virtual currency derivatives can result in investors losing their entire investment.

Black Bull Capital Partners (BBCP) is in the process of opening our domestic and global hedge funds to new investment, both of which will be advised by Black Bull Advisors (BBA).

If you are interested in additional information about BBCP and BBA, their investment strategies or opportunities, we encourage you to contact us directly to learn more about BBA, BBCP and the funds that they advise and operate.


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The cryptocurrency market is ripe for opportunity, and is best experienced through a hedge fund that has the knowledge and capability to manage the inherent volatility.

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  • a. Unique Features of Virtual Currencies.Virtual currencies are not legal tender in the United States and many questions whether they have intrinsic value. The price of many virtual currencies is based on the agreement of the parties to a transaction.
  • b. Price Volatility. The price of a virtual currency is based on the perceived value of the virtual currency and subject to changes in sentiment, which make these products highly volatile. Certain virtual currencies have experienced daily price volatility of more than 20%. The risks associated with the extreme price volatility of virtual currencies and the possibility of rapid and substantial price movements, could result in significant losses.
  • c. Valuation and Liquidity. Virtual currencies can be traded through privately negotiated transactions and through numerous virtual currency exchanges and intermediaries around the world. The lack of a centralized pricing source poses a variety of valuation challenges. In addition, the dispersed liquidity may pose challenges for market participants trying to exit a position, particularly during periods of stress.
  • d. Cybersecurity. The cybersecurity risks of virtual currencies and related “wallets” or spot exchanges include hacking vulnerabilities and a risk that publicly distributed ledgers may not be immutable. A cybersecurity event could result in a substantial, immediate and irreversible loss for market participants that trade virtual currencies. Even a minor cybersecurity event in a virtual currency is likely to result in downward price pressure on that product and potentially other virtual currencies.
  • e. Opaque Spot Market. Virtual currency balances are generally maintained as an address on the blockchain and are accessed through private keys, which may be held by a market participant or a custodian. Although virtual currency transactions are typically publicly available on a blockchain or distributed ledger, the public address does not identify the controller, owner or holder of the private key. Unlike bank and brokerage accounts, virtual currency exchanges and custodians that hold virtual currencies do not always identify the owner. The opaque underlying or spot market poses asset verification challenges for market participants, regulators and auditors and gives rise to an increased risk of manipulation and fraud, including the potential for Ponzi schemes, bucket shops and pump and dump schemes.
  • f. Virtual Currency Exchanges, Intermediaries and Custodians.Virtual currency exchanges, as well as other intermediaries, custodians and vendors used to facilitate virtual currency transactions, are relatively new and largely unregulated in both the United States and many foreign jurisdictions. Virtual currency exchanges generally purchase virtual currencies for their own account on the public ledger and allocate positions to customers through internal bookkeeping entries while maintaining exclusive control of the private keys. Under this structure, virtual currency exchanges collect large amounts of customer funds for the purpose of buying and holding virtual currencies on behalf of their customers. The opaque underlying spot market and lack of regulatory oversight creates a risk that a virtual currency exchange may not hold sufficient virtual currencies and funds to satisfy its obligations and that such deficiency may not be easily identified or discovered. In addition, many virtual currency exchanges have experienced significant outages, downtime and transaction processing delays and may have a higher level of operational risk than regulated futures or securities exchanges.
  • g. Regulatory Landscape.Virtual currencies currently face an uncertain regulatory landscape in the United States and many foreign jurisdictions. In the United States, virtual currencies are not subject to federal regulatory oversight but may be regulated by one or more state regulatory bodies. In addition, many virtual currency derivatives are regulated by the CFTC, and the SEC has cautioned that many initial coin offerings are likely to fall within the definition of a security and subject to U.S. securities laws. One or more jurisdictions may, in the future, adopt laws, regulations or directives that affect virtual currency networks and their users. Such laws, regulations or directives may impact the price of virtual currencies and their acceptance by users, merchants and service providers.
  • h. Technology. The relatively new and rapidly evolving technology underlying virtual currencies introduces unique risks. For example, a unique private key is required to access, use or transfer a virtual currency on a blockchain or distributed ledger. The loss, theft or destruction of a private key may result in an irreversible loss. The ability to participate in forks could also have implications for investors. For example, a market participant holding a virtual currency position through a virtual currency exchange may be adversely impacted if the exchange does not allow its customers to participate in a fork that creates a new product.
  • i. Transaction Fees. Many virtual currencies allow market participants to offer miners (i.e., parties that process transactions and record them on a blockchain or distributed ledger) a fee. While not mandatory, a fee is generally necessary to ensure that a transaction is promptly recorded on a blockchain or distributed ledger. The amounts of these fees are subject to market forces and it is possible that the fees could increase substantially during a period of stress. In addition, virtual currency exchanges, wallet providers and other custodians may charge high fees relative to custodians in many other financial markets.

Read a fund's prospectus and related materials. Make sure you understand the level of risk involved in the fund's investment strategies, and that the risks are suitable to your personal investing goals, time horizons, and risk tolerance.

Understand how fund assets are valued. Hedge funds may hold investments that are difficult to sell and may be difficult to value. You should understand the valuation process and know the extent to which a fund's holdings are valued by independent sources.

Understand fees. Fees impact your return on investment. Hedge funds typically charge an asset management fee of 2% of assets, plus a “performance fee” of 20% of the hedge fund’s profit. A performance fee could motivate a hedge fund manager to take greater risks in the hope of generating a larger return.

Understand any limitations on your right to redeem your shares. Hedge funds typically limit opportunities to redeem, or cash in your shares, to four times a year or less, and often impose a "lock-up" period of one year or more, during which you cannot cash in your shares.

Disclaimer: Black Bull Advisors operates this website solely to provide general information.

No material included on this website is or should be construed as investment advice, nor is anything in this presentation an offer to sell, or a solicitation of an offer to buy, any security or other instrument.