Money
Australian fitness giant’s late $2B sprint into Wall Street
Australian founded F45 Training will have their hearts racing after a huge listing on the New York Stock Exchange on Thursday (US time)
The group rose as much as 11 per cent and then lost most of those gains in its trading debut after a $US325 million ($438 million) initial public offering.
The company is now valued at $US1.46 billion (AUD$2 billion)
F45 and an investor that includes Mark Wahlberg sold more than 20 million shares for $US16 each Wednesday after marketing them for $US15 to $US17.
The company had an uneven debut, opening at $US17 before falling below $US16. However, in a late sprint, it closed the day at $US16.20, a gain of 1.3 per cent on the offer price.
The listing was delayed by the coronavirus pandemic and then sidetracked by a blank-check merger deal that fell apart.
Adam Gilchrist, F45’s chief executive officer, said in a joint statement at the time that the “prolonged uncertainty around the pandemic” kept the combination from being completed.
Wahlberg invested in F45 through a private investment vehicle called MWIG LLC, which sold almost 1.6 million shares in the IPO.
Wahlberg owns about 26% of the membership interest in MWIG, according to F45’s filings.
The fitness chain also lists Earvin ‘Magic’ Johnson, Jr, David Beckham, Greg Norman and Cindy Crawford as backers.
What is F45?
F45 Training has jumped six spots to #13 on Entrepreneur’s list of Fastest Growing Franchises for 2020.
F45 started from one gym in Australia in 2013 and its franchises offer 45-minute functional high-intensity interval and circuit training classes based on a motto of “no mirrors, no microphones, no egos”.
In the past several years, F45 has opened studios in over 48 countries, spreading its wings into untapped markets throughout the world. The fitness chain now has 1555 outlets around the world.
Franchisees are given a turnkey model, as well as support from F45 Training Headquarters in Los Angeles, CA.
Australian low-cost online brokerage firm Stake has seen a surge of interest from local investors wanting to buy shares in F45 upon its listing. “[F45] started around the corner from our offices in Paddington, it’s a great Australian story,” Stake co-founder Matt Leibowitz told The Age.
“A lot of people go to F45 and have probably used it. It is one of the more popular listings and it is one that people understand as they have touched and felt it.”
F45’s revenue fell by 11 per cent in 2020 to $82.3 million, but the fitness chain did not take as big a hit from the pandemic as expected.
Money
Gold plunges as investors react to Middle East ceasefire
Gold prices fall over 2% to below $4,000, as investors shift from safe-haven assets after Gaza ceasefire news.
Gold prices fall over 2% to below $4,000, as investors shift from safe-haven assets after Gaza ceasefire news.
Gold prices have fallen sharply, dropping over two per cent to below $4,000 per ounce, as investors took profits following the announcement of a Gaza ceasefire agreement. The deal between Israel and Hamas triggered a shift away from safe-haven assets, with silver and platinum also sliding.
The U.S. dollar strengthened as markets responded to the news, making precious metals more expensive for foreign buyers. Analysts say the pullback is likely temporary, with long-term demand for gold and silver expected to remain strong amid global instability and rising debt levels.
Market experts warn that volatility will continue as geopolitical tensions persist, even as short-term optimism grows around the Middle East peace process.
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Money
Gold and silver prices drop after Gaza ceasefire
Gold dips below $4,000/oz amid profit-taking and Gaza ceasefire; silver also softens from record highs
Gold dips below $4,000/oz amid profit-taking and Gaza ceasefire; silver also softens from record highs
– Gold prices fell over 2% to below $4,000 per ounce due to a stronger dollar and profit-taking.
– Silver eased to $48.93 per ounce, influenced by market activity and ongoing high demand despite supply issues.
Silver also experienced a slight decline, easing from its record high to $48.93 per ounce. The dollar index increased, making gold more expensive for overseas buyers.
Traders noted increased activity in the market as profit-taking coincided with reduced tensions in a historically volatile region.
An independent metals trader stated that while gold and silver may need to consolidate further, the underlying demand drivers remain intact.
Market Overview
Gold surpassed $4,000 per ounce on Wednesday, reaching $4,059.05, boosted by geopolitical tensions and strong demand from central banks. The asset has gained about 52% this year, reflecting a significant increase due to various economic factors. The U.S. central bank’s decision to cut rates in September also contributed to the rally, with expectations for future cuts in the coming months.
Silver’s price increase of 69% this year is tied closely to similar economic trends impacting gold. Notably, liquidity issues in the silver market are being exacerbated by strong demand and tight supply conditions. Other precious metals, such as platinum and palladium, also saw declines during this period.
Money
North Korean hackers steal $2 billion in crypto
North Korean hackers steal over $2 billion in cryptocurrency, marking the largest annual total in history
North Korean hackers steal over $2 billion in cryptocurrency, marking the largest annual total in history
– North Korean hackers stole over $2 billion in cryptocurrency in 2025, nearly tripling last year’s total.
– A shift to social engineering tactics has led to increased targeting of high-net-worth individuals for cyber attacks.
A significant portion of the 2025 theft is attributed to the February hack of cryptocurrency exchange Bybit, which amounted to $1.46 billion.
The FBI has linked this breach to state-sponsored North Korean hackers, who exploited weaknesses in Bybit’s wallet management system. More than 30 additional cyber attacks have also been associated with North Korea this year, including notable breaches at LND.fi and WOO X.
Shift In Tactics
A shift in methodology among North Korean hackers has been observed, as they now focus on social engineering rather than technical exploits. According to Elliptic, the primary vulnerability lies with individuals rather than technology.
High-net-worth individuals and corporate executives are increasingly targeted due to their relatively weaker security measures.
The hackers utilise deceptive tactics, including phishing schemes and fake job offers, to access private cryptocurrency wallets. Intelligence reports suggest that the stolen funds are used to finance North Korea’s nuclear programmes.
The regime has also improved its money laundering techniques by employing various cryptocurrencies and mixing methods to obscure fund origins. Blockchain analysts are actively tracking these stolen assets, with notable progress achieved in identifying recoverable funds.
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