Miami International Holdings, Inc., the parent company behind the MIAX family of exchanges, is preparing to go public on the New York Stock Exchange under the ticker symbol MIAX. The company plans to offer 15 million shares at a proposed price range of $19 to $21 per share, with an additional 2.25 million shares available to underwriters via a 30-day option. At the midpoint of the range, the IPO is expected to raise $300 million, positioning MIAX to significantly expand its trading and clearing operations across multiple asset classes. The offering is being led by J.P. Morgan, Morgan Stanley, and Piper Sandler, with additional support from Keefe, Bruyette & Woods, Raymond James, William Blair, and Rosenblatt.
MIAX is known for its proprietary trading infrastructure, which powers a diverse network of regulated marketplaces spanning U.S. options, equities, futures, and international securities. Its platforms include MIAX Options, Pearl, Emerald, and Sapphire in the U.S. options space, MIAX Pearl Equities for U.S. equities, MIAX Futures and MIAXdx for futures and crypto-linked products, and two international listing venues—BSX (Bermuda Stock Exchange) and TISE (The International Stock Exchange Group). This vertically integrated structure, combined with MIAX’s high-speed technology and low-latency performance, creates a compelling alternative to larger incumbents like Cboe, Nasdaq, and ICE.
Proceeds from the IPO will be used to invest in product development (notably the launch of proprietary index products licensed from Bloomberg), enhance the Onyx futures trading system, expand market access globally, and strengthen the company’s balance sheet by eliminating more than $140 million in puttable instruments. The IPO also marks the end of MIAX’s use of equity rights programs (ERPs), which were instrumental in building early liquidity and aligning market participants with ownership incentives.
Founded in 2012, MIAX has grown steadily through both internal expansion and strategic acquisitions. These include its purchases of MIAX Futures in 2020, Dorman Trading in 2022, MIAXdx in 2023, and TISE in 2025. Over the past decade, it has successfully launched five options exchanges and one equities platform, and it now holds clearinghouse licenses with the SEC, CFTC, BMA, and GFSC. The company is also planning to debut futures and options based on Bloomberg’s B500 and B100Q indexes, starting in late 2025 and continuing through 2026, with all products expected to be cleared through the Options Clearing Corporation (OCC) or MIAX’s own clearing entities.
Financially, MIAX posted strong growth in 2024, driven by record options volume and higher trading fees across its platforms. Revenue increased 9.5% year-over-year, and gross margin expanded to 24.2%. In the first six months of 2025, revenue jumped 21.4% over the same period in 2024, with operating income flipping from a loss to a profit. While net income for the first half of 2025 was $2.1 million, down from $102.3 million in the same period of 2024, the year-over-year comparison is skewed by one-time gains recognized in the prior year.
Here’s a breakdown of the company’s recent financial performance:
Looking ahead, MIAX is focused on launching its exclusive Bloomberg-indexed derivatives, scaling futures operations through its Onyx trading system, and expanding its role as a clearing-as-a-service provider for other exchanges. The company also plans to monetize proprietary market data—including a blockchain-integrated stream via the Pyth Network—and continue growing its international presence through BSX and TISE. Management sees these developments as key drivers of long-term revenue growth and operating leverage.
Investor sentiment appears strong heading into the IPO. Wellington Management has indicated interest in purchasing up to $40 million worth of shares in the offering, and up to 5% of shares have been reserved through a directed share program for insiders and affiliates. With its diversified platform, proven growth track record, and ambitious product roadmap, MIAX is positioning itself as a next-generation, tech-forward exchange group—one poised to challenge established players in the public markets.
Miami International Holdings will hit the public markets on August 14th, 2025