Miami International Holdings, I (MIAX) Stock Price & How to Invest
Short answer
MIAX (Miami International Holdings) is the parent of the MIAX Exchange Group, the fourth-largest US options exchange operator behind Cboe, Nasdaq, and NYSE, and you invest in it by buying MIAX shares on the NYSE the same way you would any listed stock. It is a real, profitable, fast-growing market-infrastructure business rather than a speculative name, so the question is mostly about paying up for growth versus the entrenched exchange giants.
MIAX stock price
As of 2026-07-08, Miami International Holdings, I (MIAX) last closed at $41.86, up 36.2% over the past year. Over its trading history so far it has traded between $30.74 and $56.84.
Prices are daily closing prices from Yahoo Finance and may be delayed. For the live quote, check your broker or Miami International Holdings, I's investor relations page. Walnut is informational, not investment advice.
What does Miami International Holdings, I (MIAX) do?
Miami International Holdings operates regulated financial markets across options, equities, and futures. Its core franchise is the MIAX Exchange Group, four US options exchanges (MIAX Options, MIAX Pearl, MIAX Emerald, and MIAX Sapphire) that together reached a record 18.2% US options market share in the fourth quarter of 2025, ranking fourth behind Cboe, Nasdaq, and NYSE. The company also runs MIAX Pearl Equities, MIAX Futures, and owns international listing venues including The Bermuda Stock Exchange and The International Stock Exchange. It was incorporated in Delaware in 2007, is headquartered in Princeton, New Jersey, and listed on the NYSE under the ticker MIAX in August 2025 after an IPO priced at $23 that raised roughly $345 million.
The investment picture is one of a smaller, faster-growing challenger in a highly profitable industry. Net revenue climbed about 56% in 2025 to roughly $430 million and adjusted EBITDA jumped about 143% to roughly $199 million, driven by rising options volumes, higher market share, and improving revenue per contract. Exchange operators are structurally attractive (recurring transaction and market-data fees, high incremental margins, regulatory moats), but MIAX trades at a growth multiple and competes against far larger, deeply entrenched incumbents. The stock is also newly public with a limited trading history and some lumpiness in reported GAAP earnings tied to its transition to public-company status.
What's driving Miami International Holdings, I (MIAX)?
1. Options market-share gains
MIAX has climbed to a record 18.2% share of US options volume in Q4 2025 from roughly 14.5% a year earlier, moving it to fourth place among US operators. Record average daily contract volumes and higher revenue per contract are compounding on top of that share growth. Continued share gains against Cboe, Nasdaq, and NYSE are the single biggest driver of the story.
2. High-margin, recurring revenue model
Exchange economics are attractive: transaction fees and market-data subscriptions recur, and incremental volume flows through at very high margins. MIAX's adjusted EBITDA margin expanded toward 50% in Q4 2025 from the mid-30s a year earlier. Operating leverage on a fixed technology base is a core part of the thesis.
3. Diversification across asset classes and geographies
Beyond US options, MIAX operates equities (MIAX Pearl Equities), futures (MIAX Futures), and international listing venues (Bermuda Stock Exchange, The International Stock Exchange). This gives it multiple growth avenues and reduces reliance on any single product, though options remains the dominant profit engine today.
4. Capital-markets tailwinds
Structurally rising retail and institutional options activity and elevated market volumes have lifted the whole listed-derivatives industry. As long as options trading volumes keep growing, a rising tide supports MIAX's revenue even before its own share gains are counted.
What are the risks to Miami International Holdings, I (MIAX)?
MIAX competes against Cboe, Nasdaq, and NYSE, all far larger with deeper balance sheets, broader product suites, and pricing power that could compress MIAX's take rates. Its revenue is sensitive to trading volumes, which are cyclical and can fall sharply in quiet or risk-off markets. As a newly public company with a short trading history, the stock carries a growth valuation (a price-to-earnings ratio in the high 20s) that leaves little margin for a volume or share stumble. Reported GAAP earnings have been lumpy around the IPO and portfolio moves such as the sale of most of MIAXdx to a Robinhood and Susquehanna joint venture. Exchanges are also heavily regulated, so rule changes on fees, market structure, or payment-for-order-flow could affect the business.
How is Miami International Holdings, I (MIAX) valued? (approximate, JULY 2026)
A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Miami International Holdings, I's investor relations page or your broker.
- Gross revenue (TTM): ~$1.4B
- Net revenue (FY2025): ~$430M
- Net revenue growth (FY2025): ~56%
- Adjusted EBITDA (FY2025): ~$199M
- Market cap: ~$4.0B
- P/E ratio: ~28x
Reported gross revenue of roughly $1.4 billion (TTM) includes large pass-through items such as liquidity payments and regulatory fees, so MIAX and analysts focus on net revenue, which grew about 56% in 2025 to roughly $430 million. Adjusted EBITDA rose about 143% to roughly $199 million as margins expanded toward 50% in the fourth quarter. The stock trades around a high-20s price-to-earnings multiple, a growth valuation that reflects its share gains but sits above where mature exchange operators typically trade.
Who competes with Miami International Holdings, I (MIAX)?
US options exchange operators
Cboe Global Markets, Nasdaq, and NYSE (Intercontinental Exchange) are MIAX's direct rivals in US listed options and the three operators ahead of it by market share. They are much larger, run multiple options venues each, and set much of the industry's fee and market-structure agenda.
Diversified exchange and market-infrastructure groups
Intercontinental Exchange, CME Group, and Cboe compete across equities, futures, and market data as broad market-infrastructure platforms. They pressure MIAX on pricing, technology, and the race for order flow and data-subscription revenue across asset classes.
International listing and clearing venues
Through the Bermuda Stock Exchange and The International Stock Exchange, MIAX competes with other offshore and specialist listing venues for insurance-linked securities, funds, and international listings, a smaller but differentiated part of its footprint.
How to invest in Miami International Holdings, I (MIAX)
There are three common ways to get MIAX exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic basket, so MIAX sits alongside other stocks that express the same thesis.
Walnut takes the basket route. Describe a thesis where MIAX fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.
The bottom line on Miami International Holdings, I (MIAX)
MIAX is a genuine and profitable options-exchange operator taking share, and the debate is about valuation and durability against much larger rivals, not about whether the business is real.
More on Miami International Holdings, I (MIAX)
Whether MIAX is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is MIAX a buy?, and where the stock could go from here in the MIAX stock forecast.
For income investors, whether MIAX pays a dividend and how the payout looks is covered in does MIAX pay a dividend?
Build a basket around MIAX with Walnut
Use Miami International Holdings, I as one constituent in a thematic basket Walnut's AI helps you assemble. Describe a thesis you believe in, the AI proposes the holdings and weights, and you approve before any broker order.
FAQ
What does MIAX do?
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Miami International Holdings builds and operates regulated financial markets. Its main business is the MIAX Exchange Group of four US options exchanges, and it also runs equities and futures venues plus international listing markets like the Bermuda Stock Exchange.
Is MIAX a real, operating company or a speculative stock?
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It is a real, operating, and profitable exchange operator. In 2025 it generated roughly $430 million of net revenue (up about 56%) and roughly $199 million of adjusted EBITDA, and it holds the fourth-largest share of the US options market.
When did MIAX go public?
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MIAX listed on the New York Stock Exchange under the ticker MIAX in August 2025. The IPO priced at $23 per share, above its marketed range, and raised roughly $345 million before the stock jumped on its debut.
How do I invest in MIAX?
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MIAX trades on the NYSE, so you can buy shares through any brokerage account the same way you would any listed US stock. Walnut is not an investment adviser, so consider the valuation, volume sensitivity, and competition before deciding.
Who are MIAX's main competitors?
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In US options its direct competitors are Cboe, Nasdaq, and NYSE, all larger operators ranked ahead of it by market share. More broadly it competes with diversified market-infrastructure groups such as Intercontinental Exchange and CME Group.
Is MIAX profitable?
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On an adjusted basis, yes: adjusted EBITDA rose about 143% to roughly $199 million in 2025 with margins expanding toward 50% in the fourth quarter. GAAP earnings have been lumpier around the IPO and portfolio changes.
What are the biggest risks with MIAX?
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The main risks are competition from much larger exchanges, sensitivity to trading volumes that can fall in quiet markets, a growth valuation with little room for error, and regulatory changes to exchange fees or market structure.
Walnut is informational, not investment advice. Financial figures on this page are approximations; always verify current numbers with Miami International Holdings, I's investor relations page or your broker before making investment decisions.