Miami International Holdings, Inc. (NYSE: MIAX), headquartered in Princeton, New Jersey (corporate HQ + technology-and-operations HQ) and Miami, Florida (founding-and-multi-exchange-operations HQ), is a multi-exchange operator + options + equities + futures + emerging-digital-asset trading-and-clearing-and-data-and-technology platform providing distinctive multi-cycle US options-and-equities-exchange + emerging-Bermuda + emerging-digital-asset + selective-related multi-cycle-trading-and-clearing-and-data-and-technology services to broker-dealer + institutional-investor + retail-trader + market-maker + emerging-multi-asset-and-digital-asset client base. Founded 2007 in Miami, Florida by Thomas P. Gallagher + distinctive multi-cycle Penson Worldwide-and-broker-dealer-and-clearing executive-team as an emerging-MIAX-options-exchange-and-emerging-multi-exchange-and-emerging-multi-asset platform. Multi-decade strategic-evolution: 2007-2012 private-stage MIAX-options-exchange platform build-out + MAESTRO matching-engine + SEC/CFTC regulatory-approval-and-launch; 2012 MIAX Options launch; 2017-2020 MIAX Pearl Options + MIAX Pearl Equities + MIAX Emerald Options + multi-exchange platform expansion; 2022 LedgerX acquisition (post-FTX-bankruptcy-estate distressed-acquisition providing CFTC-regulated-digital-asset-derivatives + Bitcoin-and-Ethereum-options-and-futures); 2024 MIAX Sapphire Options launch; August 2024 NYSE IPO providing public-equity-positioning; 2024-2025 post-IPO operational-and-strategic execution + MIAX Sapphire ramp + emerging-equities-and-emerging-digital-asset growth. Under founding-CEO Tom Gallagher (since 2007, ~18+ year founder-and-CEO providing multi-decade-Penson-Worldwide-and-broker-dealer-and-clearing-and-emerging-fintech-and-emerging-exchange expertise), FY2025 closes with selected various aggregate revenue ~$0.30-0.42B, adj. EBITDA ~$60-100M, adj. EPS ~$0.30-0.65, ~$0.10-0.20B net debt, and ~85-95M shares outstanding. The first deep-dive — multi-exchange options + equities + emerging-digital-asset franchise — covers entire multi-exchange-trading-and-clearing-and-data-and-technology business + distinctive multi-cycle MIAX-options-and-equities-and-emerging-digital-asset positioning. MIAX Options portfolio: distinctive four-options-exchange platform (MIAX Options 2012 + MIAX Pearl Options 2017 + MIAX Emerald Options 2019 + MIAX Sapphire Options 2024) providing MAESTRO matching-engine + multi-exchange-and-multi-pricing-model (pro-rata + maker-taker) options-trading platform; ~15-20% US options-exchange aggregate market-share vs Cboe dominant + NYSE-Arca-Options + Nasdaq-Options + ISE + GEMX. MIAX Pearl Equities (2020) emerging-equities-exchange + maker-taker pricing + emerging-broker-dealer-and-institutional-and-retail flow. MIAX Bermuda (selective Bermuda-domiciled emerging-derivatives-and-multi-asset platform) + LedgerX (post-2022 FTX-bankruptcy acquisition CFTC-regulated-digital-asset-derivatives + Bitcoin-and-Ethereum-options-and-futures). Data + technology + clearing fee-revenue + emerging-securities-lending. Competes with Cboe Global Markets (CBOE most-direct-larger-comp), Intercontinental Exchange (ICE), Nasdaq (NDAQ), CME Group (CME), London Stock Exchange Group (LSEG-LN), Deutsche Boerse (DB1-DE), Euronext (ENX-PA); emerging-digital-asset Coinbase (COIN), Robinhood (HOOD), Marex (MRX). The second deep-dive — multi-decade MAESTRO-and-multi-exchange-platform + emerging-strategic-acquisition-target compounder thesis — covers distinctive MIAX-and-MAESTRO matching-engine-and-multi-exchange-and-multi-asset-and-emerging-digital-asset platform providing multi-cycle proprietary-and-IP-and-platform leadership, emerging-strategic-acquisition-target potential (ICE + Nasdaq + Cboe + CME + emerging-fintech-acquirer interest), and Tom Gallagher founding-CEO + multi-decade-Penson-Worldwide-and-broker-dealer-and-clearing-and-emerging-fintech-and-emerging-exchange expertise. Multi-decade compounder thesis combines MIAX-and-MAESTRO matching-engine-and-multi-exchange-and-multi-asset platform, ~15-20% US options-exchange aggregate market-share, multi-cycle multi-exchange growth, Tom Gallagher founding-CEO expertise, and emerging-strategic-acquisition-target potential. Capital position is post-IPO, emerging-scale-economics, conservative: net debt ~$0.10-0.20B (~1.0-2.0x leverage modest), non-rated mid-cap, $0.10-0.20B cash + undrawn revolver liquidity, FCF emerging-modestly-positive, no dividend, minimal buybacks, ~85-95M shares post-2024-NYSE-IPO. At ~$25-40 per share, equity value ~$2.1-3.8B, EV ~$2.2-4.0B, ~5-12x EV/Sales and ~22-40x EV/EBITDA. Base case: multi-exchange-trading-volume grows + MIAX Sapphire ramps + revenue $0.40-0.55B + EBITDA $90-150M + EPS $0.45-0.85 + ~10-25% return. Bull case: MIAX Sapphire-and-Pearl-Equities-and-Emerald-and-Bermuda + emerging-LedgerX-and-digital-asset accelerate + emerging-strategic-acquisition-target inflects + revenue $0.55-0.80B + EBITDA $150-250M + EPS $0.85-1.50 + re-rate 35-50x + 50-150%+ return + takeout-premium-upside. Bear case: multi-exchange-volume-disappoints + emerging-digital-asset disappoints + revenue $0.25-0.35B + EBITDA $40-70M + EPS $0.10-0.30 + de-rate 18-25x + flat-to-negative.

Miami International Holdings Thesis 2026: A Multi-Exchange Options Challenger Compounds Through Pearl-Sapphire-Emerald Growth

Key Takeaways

Miami International Holdings, Inc. (NYSE: MIAX), the Princeton-NJ-and-Miami-FL-headquartered multi-exchange operator + options + equities + futures + emerging-digital-asset trading-and-clearing-and-data-and-technology platform, closes FY2025 with selected various aggregate revenue ~$0.30-0.42B (~~25-40% YoY-growth driven by multi-exchange-trading-volume + new-product-and-platform launches), adjusted EBITDA ~$60-100M (~~20-25% margins improving + emerging-scale-economics), adjusted EPS ~$0.30-0.65 (modest-and-recovery-stage), ~~$0.10-0.20B net debt, and ~~85-95M shares post-2024-IPO under President & CEO Thomas P. Gallagher (since 2009, founding-CEO + distinctive multi-cycle Penson Worldwide + financial-markets executive).
Operates multi-exchange portfolio: MIAX Options (2012 launch, distinctive options-exchange leveraging proprietary MAESTRO matching-engine), MIAX Pearl Options (2017, secondary options-exchange + maker-taker pricing), MIAX Pearl Equities (2020, equities-exchange + maker-taker pricing), MIAX Sapphire Options (2024, third options-exchange + emerging-electronic-and-floor-and-hybrid-trading), MIAX Emerald Options (2019, fourth options-exchange + emerging-electronic + emerging-Cboe-and-NYSE-and-Nasdaq + retail-and-institutional flow), MIAX Bermuda + LedgerX + emerging-digital-asset-and-emerging-multi-asset (post-2022 LedgerX acquisition from FTX-bankruptcy estate + emerging-CFTC-regulated-derivatives + emerging-digital-asset).
Distinctive multi-cycle options-and-equities-exchange-and-clearing-and-data-and-technology platform: ~~15-20% US options-exchange market-share aggregate (vs Cboe Global Markets dominant + NYSE-and-Nasdaq + Cboe + selective-multi-cycle options-exchange competitive landscape) + emerging multi-cycle equities-and-emerging-digital-asset positioning.
NYSE IPO August 2024 providing distinctive public-equity-positioning post-multi-cycle-private-stage and emerging-multi-cycle-public-and-strategic-execution and post-IPO operational-and-strategic execution.
Strategic-and-strategic-acquisition-target potential: distinctive multi-cycle MIAX-options-and-equities + MAESTRO matching-engine + emerging-multi-asset-and-emerging-digital-asset + multi-cycle-IP-and-platform providing distinctive emerging-strategic-acquisition-target potential (Intercontinental-Exchange + Nasdaq + Cboe + emerging-strategic-and-PE-and-emerging-fintech-acquirer interest in MIAX dominant-options-and-equities + emerging-multi-asset platform).
Emerging structural-tailwinds: emerging-multi-cycle US-options-and-equities-trading-volume growth + emerging-multi-cycle-retail-and-institutional-options-trading + emerging-digital-asset-and-emerging-multi-asset adoption + emerging-multi-cycle MIAX-Sapphire-and-Emerald-and-Pearl-and-Bermuda + emerging-multi-asset trading-volume + emerging-data-and-technology-and-clearing-fee-revenue + emerging-Bermuda + emerging-Cayman + emerging-multi-jurisdiction selective-emerging-multi-asset-and-emerging-digital-asset; post-2024-IPO operational-and-strategic execution + emerging-multi-cycle multi-exchange-and-multi-asset-and-multi-jurisdiction execution; FY2026 turns on multi-exchange-trading-volume growth, MIAX Sapphire ramp, emerging-equities-and-emerging-digital-asset growth, emerging-strategic-acquisition-target inflection.

Company Background

Multi-decade strategic-evolution: 2007-2012 substantial multi-cycle private-stage MIAX-options-exchange platform build-out + multi-cycle MAESTRO matching-engine-and-emerging-electronic-and-floor-and-hybrid-trading + multi-cycle-SEC + CFTC + emerging-multi-jurisdiction regulatory-approval-and-launch; 2012 MIAX Options launch (distinctive emerging-MIAX-options-exchange-and-floor-and-electronic-trading + emerging-multi-cycle-market-share + emerging-broker-dealer-and-institutional-and-retail-and-market-maker flow); 2017-2020 substantial multi-cycle MIAX Pearl Options + MIAX Pearl Equities + MIAX Emerald Options + MIAX Sapphire Options + multi-cycle multi-exchange-and-multi-asset platform expansion; 2022 LedgerX acquisition (post-FTX-bankruptcy-estate distressed-acquisition providing distinctive emerging-CFTC-regulated-digital-asset-derivatives + emerging-digital-asset-and-emerging-multi-asset platform); August 2024 NYSE IPO providing distinctive public-equity-positioning post-multi-cycle-private-stage; 2024-2025 post-IPO operational-and-strategic execution + multi-cycle MIAX Sapphire Options ramp + emerging-equities-and-emerging-digital-asset growth.

Under President & CEO Thomas P. Gallagher (since founding 2007 + ~~18+ year founding-and-multi-cycle CEO providing substantial multi-decade-aligned-strategic-positioning + multi-cycle Penson-Worldwide-and-broker-dealer-and-clearing-and-emerging-fintech-and-emerging-exchange executive expertise), FY2025 closes with selected various aggregate revenue ~$0.30-0.42B, adjusted EBITDA ~$60-100M, adjusted EPS ~$0.30-0.65, ~$0.10-0.20B net debt, and ~~85-95M shares outstanding.

Deep-Dive 1: Multi-Exchange Options + Equities + Emerging-Digital-Asset Franchise

The first deep-dive — multi-exchange options + equities + emerging-digital-asset franchise — covers entire multi-exchange-trading-and-clearing-and-data-and-technology business + distinctive multi-cycle MIAX-options-and-equities-and-emerging-digital-asset positioning.

MIAX Options portfolio: distinctive multi-cycle four-options-exchange platform (MIAX Options 2012 launch + MIAX Pearl Options 2017 launch + MIAX Emerald Options 2019 launch + MIAX Sapphire Options 2024 launch) providing distinctive multi-cycle MAESTRO matching-engine-and-emerging-electronic-and-floor-and-hybrid-trading + multi-cycle multi-exchange-and-multi-pricing-model (pro-rata + maker-taker + emerging-multi-pricing-model) options-trading-and-clearing-and-data-and-technology platform; ~~15-20% US options-exchange aggregate market-share (vs Cboe Global Markets dominant + NYSE-Arca-Options + Nasdaq-Options + ISE + GEMX + selective-multi-cycle options-exchange competitive landscape); multi-cycle MIAX Sapphire Options 2024 launch providing distinctive emerging-electronic-and-floor-and-hybrid-trading + multi-cycle Miami-Sapphire-and-MIAX-pearl-and-Emerald flow + multi-cycle-market-share-and-volume ramp.

MIAX Pearl Equities: distinctive multi-cycle MIAX Pearl Equities 2020 launch providing distinctive emerging-equities-exchange-and-maker-taker-and-multi-pricing-and-multi-strategy-and-multi-channel-and-multi-asset platform + multi-cycle emerging-equities-exchange-and-emerging-equities-trading-volume + emerging-broker-dealer-and-institutional-and-retail flow; emerging-multi-cycle-equities-exchange-and-equities-trading-volume + emerging-Cboe-and-NYSE-and-Nasdaq + emerging-multi-cycle-equities-exchange-and-multi-pricing-and-multi-strategy ramp.

MIAX Bermuda + LedgerX + emerging-digital-asset: MIAX Bermuda (selective multi-cycle Bermuda-domiciled multi-jurisdiction emerging-derivatives-and-emerging-multi-asset and emerging-digital-asset and emerging-Bermuda + emerging-multi-jurisdiction emerging-CFTC + emerging-multi-jurisdiction emerging-digital-asset-and-derivatives platform), LedgerX (post-2022 acquisition from FTX-bankruptcy estate providing distinctive emerging-CFTC-regulated-digital-asset-derivatives + emerging-bitcoin-and-ethereum-and-emerging-digital-asset-options-and-futures + emerging-CFTC-and-multi-jurisdiction-digital-asset-and-derivatives), emerging-digital-asset-and-emerging-multi-asset (emerging-CFTC + emerging-SEC + emerging-multi-jurisdiction regulatory-approval-and-launch + emerging-multi-cycle digital-asset-and-derivatives + emerging-Bitcoin-and-Ethereum-and-emerging-digital-asset-options-and-futures + emerging-multi-jurisdiction-multi-asset platform).

Data + technology + clearing fee-revenue: emerging-multi-cycle multi-exchange-and-multi-asset data-and-technology + emerging-clearing-and-emerging-securities-lending-and-emerging-multi-asset-clearing-and-emerging-emerging-multi-asset-and-multi-jurisdiction-and-multi-cycle fee-revenue providing emerging-multi-cycle multi-exchange-and-multi-asset data-and-technology + emerging-clearing-and-emerging-multi-asset-and-multi-jurisdiction fee-revenue ramp.

Customer base: substantial multi-cycle broker-dealer + institutional-investor + retail-trader + market-maker + selective-multi-cycle-multi-asset-and-emerging-digital-asset client relationships across Tier 1 + Tier 2 + Tier 3 broker-dealer-and-institutional-investor + retail-broker-and-emerging-fintech-and-emerging-multi-cycle-multi-asset-and-emerging-digital-asset clients.

FY2026 catalyst is multi-exchange-trading-volume growth + MIAX Sapphire Options ramp + emerging-equities-and-emerging-digital-asset growth + emerging-strategic-acquisition-target inflection.

Competes in multi-exchange-trading-and-clearing-and-data-and-technology platform space with Cboe Global Markets (CBOE dominant US-options-and-VIX + emerging-multi-asset most-direct-larger-comp), Intercontinental Exchange (ICE NYSE + futures + emerging-multi-asset-and-multi-cycle-trading-and-clearing-and-data-and-technology), Nasdaq (NDAQ Nasdaq-exchange + selective-options-and-futures + emerging-multi-asset-and-multi-cycle-trading-and-clearing-and-data-and-technology), CME Group (CME futures-and-options + emerging-multi-asset + emerging-digital-asset most-direct-larger-comp), London Stock Exchange Group (LSEG-LN UK + multi-asset-and-multi-jurisdiction emerging-multi-cycle-trading-and-clearing-and-data-and-technology), Deutsche Boerse (DB1-DE German + emerging-multi-asset), Euronext (ENX-PA European + emerging-multi-asset), Singapore Exchange (S68-SG Singapore + emerging-multi-asset), Hong Kong Exchanges (388-HK Hong Kong + emerging-multi-asset); emerging-digital-asset Coinbase Global (COIN dominant US-digital-asset-and-derivatives + selective-emerging-multi-asset most-direct-emerging-digital-asset-comp), Robinhood (HOOD emerging-multi-asset-and-emerging-digital-asset-and-emerging-broker-dealer + emerging-multi-cycle-multi-asset), Marex (MRX UK-multi-asset-and-multi-cycle-trading-and-clearing); selective-emerging-fintech-and-emerging-trading-and-clearing tradeweb-and-tradeweb-and-MarketAxess-and-emerging-fintech-and-emerging-multi-cycle-multi-asset competitive landscape.

Deep-Dive 2: Multi-Decade MAESTRO-and-Multi-Exchange-Platform + Emerging-Strategic-Acquisition-Target Compounder Thesis

The second deep-dive — multi-decade MAESTRO-and-multi-exchange-platform + emerging-strategic-acquisition-target compounder thesis — covers distinctive multi-decade MIAX-and-MAESTRO matching-engine-and-multi-exchange-and-multi-asset-and-emerging-digital-asset platform, multi-cycle multi-exchange-and-emerging-multi-asset-and-emerging-digital-asset growth, emerging-strategic-acquisition-target potential, and Tom Gallagher + multi-decade-MIAX-and-broker-dealer-and-clearing-and-emerging-fintech-and-emerging-exchange expertise.

Multi-decade MAESTRO matching-engine: distinctive multi-cycle MAESTRO matching-engine-and-multi-exchange-and-multi-asset-and-emerging-digital-asset platform providing distinctive multi-cycle proprietary-and-IP-and-platform leadership + multi-cycle-IP-and-patent-and-protocol-and-standards + multi-cycle-engineering-and-product-and-platform direction.

Emerging strategic-acquisition-target potential: distinctive multi-cycle MIAX-options-and-equities + MAESTRO matching-engine + emerging-multi-asset-and-emerging-digital-asset + multi-cycle-IP-and-platform providing distinctive emerging-strategic-acquisition-target potential (Intercontinental-Exchange + Nasdaq + Cboe + CME + emerging-strategic-and-PE-and-emerging-fintech-acquirer interest in MIAX dominant-options-and-equities + emerging-multi-asset platform); emerging-multi-cycle multi-exchange-and-emerging-multi-asset-and-emerging-digital-asset growth + emerging-strategic-acquisition-target inflection providing distinctive emerging-strategic-acquisition-target potential.

Tom Gallagher founding-CEO + ~18+ year leadership: distinctive multi-decade Penson-Worldwide-and-broker-dealer-and-clearing-and-emerging-fintech-and-emerging-exchange executive + ~~18+ year founding-and-multi-cycle-CEO providing substantial multi-decade-aligned-strategic-positioning + multi-cycle-strategic-and-product-and-platform direction.

Multi-decade compounder thesis combines distinctive multi-cycle MIAX-and-MAESTRO matching-engine-and-multi-exchange-and-multi-asset-and-emerging-digital-asset platform, ~~15-20% US options-exchange aggregate market-share, multi-cycle multi-exchange-and-emerging-multi-asset-and-emerging-digital-asset growth, Tom Gallagher founding-CEO + multi-decade-Penson-Worldwide-and-broker-dealer-and-clearing-and-emerging-fintech expertise, and emerging-strategic-acquisition-target potential.

Consolidated Capital Position + Balance Sheet

Capital position is post-IPO, emerging-scale-economics, conservative: net debt ~$0.10-0.20B (~~1.0-2.0x leverage modest), non-rated mid-cap, $0.10-0.20B cash + undrawn revolver + emerging-multi-cycle-multi-exchange-bond-and-money-market liquidity, FCF emerging-modestly-positive (post-IPO emerging-modestly-positive FCF trajectory), no regular dividend (post-IPO + emerging-multi-cycle-strategic-and-growth-focused capital-deployment), minimal opportunistic buybacks, ~~85-95M shares post-2024-NYSE-IPO + modest stock-based-compensation-dilution. Multi-decade Tom Gallagher founding-CEO + multi-cycle-MIAX-and-MAESTRO-and-multi-exchange platform + emerging-strategic-acquisition-target potential provides distinctive multi-decade-shareholder-aligned multi-exchange-and-multi-asset-cash-flow.

Key Core Metrics

Metric	FY2025E Range	Notes
Revenue	~$0.30-0.42B	Multi-exchange trading + data + technology + clearing
Revenue YoY Growth	~25-40%	Multi-exchange-trading-volume + new-product launches
Adjusted EBITDA	~$60-100M	~20-25% margins improving + emerging-scale
Adjusted EPS	~$0.30-0.65	Modest-and-recovery-stage
US Options-Exchange Market Share	~15-20% aggregate	Across MIAX Options + Pearl + Emerald + Sapphire
MIAX Options Portfolio	4 options exchanges	Options 2012 + Pearl 2017 + Emerald 2019 + Sapphire 2024
Equities Exchange	MIAX Pearl Equities 2020	Emerging-equities-exchange-and-maker-taker
Digital-Asset + Bermuda	LedgerX 2022 + Bermuda	Emerging-CFTC-regulated-digital-asset-derivatives
Net Debt	~$0.10-0.20B	~1.0-2.0x leverage modest
Shares Outstanding	~85-95M	Post-2024-NYSE-IPO + modest SBC

Market Evaluation

At ~$25-40 per share, equity value ~$2.1-3.8B, EV ~$2.2-4.0B, providing ~~5-12x EV/Sales and ~~22-40x EV/EBITDA (emerging-scale-economics + multi-exchange-volume-growth optionality) — premium-multi-exchange-and-emerging-multi-asset-and-emerging-digital-asset multiple consistent with multi-exchange-and-emerging-strategic-acquisition-target thesis.

Base case: multi-exchange-trading-volume grows + MIAX Sapphire Options ramps + revenue $0.40-0.55B + EBITDA $90-150M + EPS $0.45-0.85 + ~10-25% return.

Bull case: MIAX Sapphire-and-Pearl-Equities-and-Emerald-and-Bermuda + emerging-LedgerX-and-digital-asset accelerate + emerging-strategic-acquisition-target inflects + revenue $0.55-0.80B + EBITDA $150-250M + EPS $0.85-1.50 + re-rate 35-50x + 50-150%+ return + takeout-premium-upside.

Bear case: multi-exchange-volume-disappoints + MIAX Sapphire-and-emerging-digital-asset disappoint + revenue $0.25-0.35B + EBITDA $40-70M + EPS $0.10-0.30 + de-rate 18-25x + flat-to-negative + multi-cycle-execution-disappointment.

FY2026 turns on multi-exchange-trading-volume growth, MIAX Sapphire Options ramp, emerging-equities-and-emerging-digital-asset growth, and emerging-strategic-acquisition-target inflection.

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[MIAX] Miami International Holdings Thesis 2026: A Multi-Exchange Options Challenger Compounds Through Pearl-Sapphire-Emerald Growth