MIAMI INTERNATIONAL HOLDINGS (MIAX) Company Report

The MIAX Exchange Group reported an average daily volume (ADV) of 11.1 million contracts in January 2026, marking a 25.1% year-over-year increase and a 20.6% increase from December 2025.
The MIAX Exchange Group's market share reached 17.6% in January 2026, an increase of 5.5% year-over-year and 2.8% from December 2025.
MIAX Futures ADV increased by 51.9% from December 2025, reaching 7,359 contracts in January 2026.

17 hours ago

Press Release

Miami International Holdings Completes Sale of MIAXdx Stake

MIAX

M&A

New Projects/Investments

Miami International Holdings, Inc. (MIAX) has completed the sale of 90% of its wholly-owned subsidiary, MIAX Derivatives Exchange (MIAXdx), to a joint venture established by Robinhood Markets, Inc. in partnership with Susquehanna International Group.
The transaction was effective on January 20, 2026, with MIAX retaining a 10% equity stake in MIAXdx.
Thomas P. Gallagher, Chairman and CEO of MIAX, stated that the sale unlocks significant value for shareholders and aligns with the company's strategy of partnering with industry leaders to accelerate growth.

Jan 21, 2026, 9:07 PM

8-K

Miami International Holdings Completes Sale of MIAXdx Majority Stake

MIAX

M&A

New Projects/Investments

Miami International Holdings (MIAX) completed the sale of 90% of its wholly owned subsidiary, MIAX Derivatives Exchange (MIAXdx), on January 21, 2026.
The sale was made to a joint venture established by Robinhood Markets, Inc. and Susquehanna International Group.
MIAX has retained a 10% equity stake in MIAXdx.
This transaction aligns with MIAX's strategy to partner with industry leaders and focus on organic growth within its core exchanges.

Jan 21, 2026, 11:45 AM

Press Release

MIAX Reports Record Trading Results for December and Full-Year 2025

MIAX

Revenue Acceleration/Inflection

The MIAX Exchange Group executed a record 2.4 billion multi-listed options contracts in 2025, representing a 41.1% increase over 2024.
In Q4 2025, the MIAX Exchange Group achieved a record average daily volume (ADV) of 11.1 million contracts, a 46.5% increase year-over-year.
For the full year 2025, the MIAX Exchange Group's ADV reached a record 9.5 million contracts, marking a 42.2% increase year-over-year.
The MIAX Exchange Group also set a quarterly market share record of 18.2% in Q4 2025 and an annual market share record of 17.1% in 2025, reflecting increases of 14.1% and 13.1% year-over-year, respectively.

Jan 8, 2026, 11:45 AM

Press Release

Miami International Holdings Announces Secondary Public Offering

MIAX

Miami International Holdings, Inc. (MIAX) announced a proposed secondary public offering of 6,750,000 shares of its common stock, which includes certain shares to be issued upon the exercise of warrants.
The proposed offering consists entirely of secondary shares to be sold by certain selling stockholders, and MIAX will not sell any shares or receive any proceeds from the offering.
Underwriters have a 30-day option to purchase up to an additional 1,012,500 shares of common stock from the Selling Stockholders.
A registration statement on Form S-1 has been filed with the SEC but is not yet effective, and shares cannot be sold until it becomes effective.

Dec 9, 2025, 10:52 PM

Press Release

MIAX Reports November 2025 Trading Results

MIAX

Revenue Acceleration/Inflection

The MIAX Exchange Group achieved a year-to-date (YTD) market share record of 17.1% through November 2025, representing a 14.0% increase from the same period in 2024.
The MIAX Exchange Group also set a YTD average daily volume (ADV) record of 9.6 million contracts through November 2025, which is a 45.0% increase compared to the prior year.
MIAX Futures recorded a YTD ADV record of 13,772 contracts through November 2025, an increase of 6.4% from the same period in 2024.
For November 2025, MIAX Exchange Group Options ADV increased by 33.9% to 10,915 (000's), with its market share rising to 17.6% from 16.1% in November 2024.

Dec 5, 2025, 11:45 AM

Press Release

Miami International Holdings announces sale of MIAXdx majority stake to Robinhood

MIAX

M&A

New Projects/Investments

Miami International Holdings (MIAX) has entered into an agreement to sell 90% of its wholly-owned subsidiary, MIAX Derivatives Exchange (MIAXdx), to Robinhood Markets, Inc. in partnership with Susquehanna International Group.
MIAX will retain a 10% equity stake in MIAXdx.
The transaction is expected to close in the first quarter of 2026, subject to customary closing conditions and CFTC filings.
This strategic alignment provides MIAX with access to the growing prediction markets.

Nov 26, 2025, 9:01 PM

8-K

MIAX Announces Sale of MIAXdx to Robinhood and Susquehanna

MIAX

M&A

New Projects/Investments

Miami International Holdings (MIAX) has agreed to sell 90% of MIAX Derivatives Exchange (MIAXdx) to Robinhood Markets, Inc., in partnership with Susquehanna International Group.
MIAX will retain a 10% equity stake in MIAXdx, which is a CFTC-approved Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO).
This transaction provides MIAX with access to the growing prediction markets and is expected to close in the first quarter of 2026.

Nov 25, 2025, 10:20 PM

Press Release

MIAX Announces Q3 2025 Financial and Operational Highlights

MIAX

Earnings

Product Launch

Revenue Acceleration/Inflection

MIAX reported strong financial results for Q3 2025, with adjusted net revenue of $109 million, adjusted EBITDA of $48 million, and adjusted diluted earnings per share of $0.42.
The company completed an initial public offering on August 14, 2025, raising $397 million, and subsequently fully repaid its 2029 senior secured term loan. As of September 30, 2025, total cash and cash equivalents were $401 million and total outstanding debt was $6.5 million.
Operational highlights include a 56% year-over-year increase in options ADV to 9.6 million and a 24% increase in options market share to 17.2%. The MIAX Sapphire trading floor was launched on September 12, 2025 , and the MIAX Futures Onyx trading platform launched on June 29, 2025.
The International segment saw significant growth, with 5,808 total securities listed as of September 30, 2025, and adjusted net revenue of $5.3 million in Q3 2025.

Nov 5, 2025, 10:00 PM

Presentation

MIAX Reports Strong Q3 2025 Results and Operational Milestones

MIAX

Earnings

Revenue Acceleration/Inflection

New Projects/Investments

MIAX reported robust Q3 2025 financial performance, with net revenues increasing 57% year-over-year to $109.5 million and adjusted EBITDA surging 157% year-over-year to $48 million.
The company achieved a record 17.2% market share in multi-listed options in Q3 2025, with average daily volume (ADV) up 56% year-over-year to 9.6 million contracts, and momentum continuing into October with 19.4% market share and 13.1 million contracts ADV.
Following its August 2025 IPO, MIAX significantly strengthened its balance sheet, retiring $140 million of debt and ending the quarter with a cash balance of $401 million.
Key operational advancements include the launch of the MIAX Sapphire Trading Floor and the MIAX Futures Onyx trading platform, alongside plans to introduce Bloomberg 500 Index futures in Q1 2026.

Nov 5, 2025, 10:00 PM

Transcript

Earnings Transcripts

Quarterly earnings call transcripts for MIAMI INTERNATIONAL HOLDINGS.

Q3 2025

Nov 5, 2025

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