Is MIAX a Buy? What to Consider in 2026
Short answer
The bull case for Miami International Holdings (MIAX) rests on 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. Gross revenue (TTM) is ~$1.4B. If you believe that thesis holds, the real questions become position sizing and overlap, not timing. The main risk to that view: 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. Whether MIAX is a buy comes down to whether you believe the thesis. This is informational, not a recommendation, and Walnut is not an investment adviser.
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 the case for buying 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 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 MIAX valued? (as of JULY 2026)
Snapshot for MIAX as of July 2026, sourced from Yahoo Finance and may be delayed. Valuation figures move with price and earnings; verify the current numbers with your broker before deciding.
- 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.
How do you decide if MIAX is a buy?
Rather than asking whether MIAX is a buy in the abstract, it tends to help to answer four questions:
- Thesis: do you believe the case above, and is it still true today?
- Time horizon: a single stock can be volatile, so a longer horizon absorbs more of the swings.
- Position sizing: a thesis can be right and the sizing still wrong; decide how much of your portfolio one name should be.
- Overlap: check whether you already hold MIAX indirectly through an index or sector ETF before adding more.
For the full picture, see the MIAX stock guide (what the company does, the ETFs that hold it, similar stocks, and the themes it fits). In Walnut you can ask its AI about MIAX against your real portfolio and see your actual exposure before deciding.
The bottom line on MIAX
The bottom line: Miami International Holdings's story right now is Options market-share gains, with gross revenue (ttm) at ~$1.4B. If you believe that narrative continues, the call is about sizing MIAX sensibly and checking overlap with what you own; if you doubt it (the risk: 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.), it is not for you. Decide from the thesis, not the ticker. Walnut is not an investment adviser.
Build a basket around MIAX with Walnut
Use Miami International Holdings 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
Is MIAX a good stock to buy right now?
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The case for Miami International Holdings right now is Options market-share gains, with gross revenue (ttm) at ~$1.4B. If you believe that thesis holds, MIAX is a way to own it and the real questions are sizing and overlap, not timing; the main risk to that view is 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. So it comes down to whether you believe the thesis. Walnut is not an investment adviser and this is not a recommendation.
What does Miami International Holdings do?
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Miami International Holdings operates regulated financial markets across options, equities, and futures.
What are the main risks of MIAX?
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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.
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.
Walnut is informational and is not an investment adviser. This page is educational and not a recommendation to buy or sell MIAX; figures are approximate and dated, and your own situation, time horizon, and risk tolerance should drive any decision. Verify current data before investing.