Investor Waislitz Earns 38-Times Return on Firmus
The Thorney Investment Group head saw significant gains following a strategic business pivot.
Updated on Oct. 26, 2026 in Investing
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In October 2026, investor Alex Waislitz disclosed a 38-times return on his early-stage investment in the company Firmus. The windfall occurred after the firm pivoted its business model away from bitcoin mining.
Why it matters
The shift in business strategy followed a sharp decline in cryptocurrency prices post-pandemic, which prompted Firmus to abandon its original operations. This transition ultimately led to the cancellation of a planned $44 billion initial public offering on the ASX.
Alex Waislitz secured a 38-times return on his investment, which initially cost between $4 and $6 per share. This success contrasts with the aborted $44 billion initial public offering on the ASX, which was halted by conservative institutional concerns.
The players
Alex Waislitz
He is the chairman and founder of Thorney Investment Group, a prominent Australian investment firm.
Thorney Investment Group
This is an Australian diversified investment company that manages capital across various sectors including listed and unlisted securities.
Firmus
This entity is a company that formerly operated as a bitcoin miner before pivoting its business model.
The details
Thorney Investment Group supported Firmus during its early stage while the company functioned as a bitcoin miner. The firm subsequently changed its business model as the cryptocurrency market weakened, leading to the collapse of its proposed $44 billion public listing.
Timeline
Post-pandemic: Firmus pivoted its business model away from bitcoin mining.
October 2026: Alex Waislitz disclosed the 38-times investment return.
Market Dynamics
The cancellation of the Firmus float highlights the stringent environment imposed by the Australian Securities Exchange (ASX) listing requirements. This incident marks a significant departure from standard public listing trajectories, reflecting the heightened caution of local institutional investors.
This case illustrates the volatility of early-stage investments in the cryptocurrency sector and the necessity of monitoring business model stability. Retail investors should note that institutional scrutiny can significantly alter the path of a company's market debut.
The takeaway
Investors should remain vigilant regarding the long-term sustainability of business models that rely on volatile asset classes. Diversification and early exit strategies, as demonstrated by this return, remain essential tools for mitigating risk in emerging markets.
Further reading
For broader trends on market strategies and capital management, explore the Investing section.
Source note: This article includes information reported by Australian Financial Review.
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