Research · Sep 3, 2026
[MIAX] Miami International Holdings Thesis 2026: A Multi-Exchange Options Challenger Compounds Through Pearl-Sapphire-Emerald Growth
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.