Logotype for Miami International Holdings Inc

Miami International (MIAX) investor relations material

Miami International Registration Filing summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Logotype for Miami International Holdings Inc
Registration Filing summary9 Dec, 2025

Company overview and business model

  • Operates regulated financial marketplaces across options, equities, futures, and international listings, powered by proprietary technology.

  • Holds a broad portfolio of U.S. exchange and clearing licenses, including SEC and CFTC-regulated venues.

  • Expanded internationally through acquisitions of BSX (Bermuda) and TISE (Guernsey), providing access to global capital markets.

  • Revenue streams include transaction fees, access fees, and market data fees from exchange activity.

  • Launched new products and platforms, including MIAX Sapphire and MIAX Futures Onyx, and secured exclusive rights to list Bloomberg index-based derivatives.

Financial performance and metrics

  • For the nine months ended September 30, 2025: revenues less cost of revenues were $306.0M; net loss was $100.0M; adjusted EBITDA was $136.9M (44.7% margin).

  • FY 2024: revenues less cost of revenues $275.6M; net income $102.0M; adjusted EBITDA $82.1M (29.6% margin).

  • Options segment: 1.69B contracts traded in 2024 (6.5% YoY growth); 1.7B contracts in first nine months of 2025 (38.9% YoY growth).

  • Equities segment: 49.9B shares traded in 2024 (6.2% YoY growth); 34.7B shares in first nine months of 2025 (down 8.4% YoY).

  • Significant customer concentration: top three customers accounted for 19%, 15%, and 11% of revenue in the first nine months of 2025.

Use of proceeds and capital allocation

  • The company will not receive proceeds from this secondary offering; all proceeds go to selling stockholders.

  • Proceeds from the August 2025 IPO ($396.8M) were used to fully repay outstanding borrowings under the 2029 Senior Secured Term Loan.

  • Ongoing investments in technology, product development, and international expansion.

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