Recent developments include MIAX's reported profit advances in Q4 2025, completion of the sale of MIAXdx to a joint venture involving Robinhood and Susquehanna, and continued analyst coverage maintaining buy and market perform recommendations.

• MIAX reported profit advances in the fourth quarter of 2025, reflecting operational progress despite a full-year net loss [N1].
• In January 2026, MIAX completed the sale of 90% of MIAXdx to a joint venture established by Robinhood Markets and Susquehanna International Group, retaining a 10% stake [N2].
• Analyst Rosenblatt maintained a buy recommendation on MIAX in December 2025 and November 2025, indicating continued positive sentiment [N4][N8].

MIAX has demonstrated strong growth in options trading volume, supported by its proprietary technology and customer-centric approach. The company's expansion into multiple asset classes and geographies, including international markets, diversifies its revenue streams. Strategic partnerships and licensing agreements, such as the Bloomberg Products, offer opportunities to introduce innovative products. The sale of a majority stake in MIAXdx to a joint venture with Robinhood and Susquehanna may allow MIAX to focus on core operations while retaining exposure to emerging futures and derivatives markets. Continued technology innovation and customer service excellence could enhance MIAX's competitive positioning.

MIAX faces intense competition from larger, more established exchanges and clearinghouses with greater resources and market presence. The company's net loss and negative earnings per share in 2025 highlight ongoing profitability challenges. Declines in equities trading volume and the potential impact of market volatility and regulatory changes pose risks. The sale of MIAXdx reduces direct control over a segment of its futures and derivatives business. Technological advancements by competitors and consolidation in the exchange industry could pressure MIAX's market share and margins. Regulatory compliance and operational risks inherent in clearing and exchange operations also present challenges.

MIAX's competitive moat is anchored in its proprietary, high-performance technology platform that supports multiple asset classes and geographies with low latency and high reliability. The company's technology has received industry recognition and awards, reinforcing its reputation for innovation and customer service. MIAX's diversified portfolio of regulated exchanges and clearing licenses across options, equities, futures, and international markets provides a broad market presence. The company's equity rights programs have aligned it closely with market makers and trading firms, fostering liquidity and market share growth. Additionally, exclusive licensing agreements, such as the Bloomberg index products license, provide unique product offerings. However, MIAX operates in a highly competitive environment with larger, more established players, which challenges its market position.

• Competitive Pressure: MIAX operates in highly competitive markets against larger exchanges and clearinghouses with more extensive resources and broader product offerings, which may limit its market share growth and pricing power.
• Profitability Challenges: The company reported a net loss of $70 million and negative EPS in 2025, indicating ongoing challenges in achieving sustained profitability.
• Regulatory and Operational Risks: As a regulated exchange operator and clearinghouse, MIAX faces significant regulatory compliance requirements and operational risks, including risks related to clearing member defaults and liquidity.
• Market Volatility and Volume Fluctuations: Trading volumes, especially in equities, have shown declines, and market volatility can impact transaction volumes and revenues.
• Reduced Control Over MIAXdx: The sale of 90% of MIAXdx to a joint venture reduces MIAX's control over this segment, potentially impacting future revenue streams and strategic flexibility.

• MIAMI INTERNATIONAL HOLDINGS, INC. (MIAX) operates regulated financial marketplaces across multiple asset classes and geographies, including options, equities, futures, and international listings.
• MIAX operates four U.S. options exchanges: MIAX Options, MIAX Pearl, MIAX Emerald, and MIAX Sapphire, each with distinct allocation and pricing models.
• MIAX Pearl Equities is a U.S. equities exchange launched in 2020, offering a Price-Time allocation model with a Maker-Taker fee structure.
• MIAX Futures Exchange, acquired in 2020, is a fully electronic futures exchange and clearing house registered with the CFTC, providing access to U.S. futures markets.
• MIAX owns Dorman Trading, a full-service Futures Commission Merchant providing execution and clearing services to various clients.
• MIAX expanded internationally through acquisitions of Bermuda Stock Exchange (BSX) and The International Stock Exchange Group Limited (TISEG).
• MIAX sold 90% of MIAXdx (now Rothera Exchange and Clearing LLC) to a joint venture by Robinhood Markets and Susquehanna International Group in January 2026, retaining 10% ownership.
• MIAX has proprietary technology platforms that emphasize speed, reliability, and low latency, recognized by industry awards.
• In 2025, MIAX's U.S. options volume was 2.4 billion contracts, a 41.1% increase from 2024, with a 17.1% market share.
• MIAX Futures volume reached 3.3 million contracts in 2025, a 2.2% increase from 2024, with less than 1% market share in U.S. futures.
• MIAX Pearl Equities reported 45.8 billion shares traded in 2025, an 8.2% decrease from 2024, representing a 1.0% market share.
• As of December 31, 2025, MIAX had 227 members across its exchanges, including broker-dealers, proprietary trading firms, market makers, hedge funds, and retail customers.
• MIAX's technology platform has very high operational uptime (99.99986341% in 2025) and includes geographically diverse disaster recovery.
• MIAX has a master index services license agreement with Bloomberg to develop proprietary index futures and options products with exclusive listing rights in the Americas for 10 years.
• MIAX plans to list Bloomberg Products on its exchange starting in the second quarter of 2026.
• MIAX's liquidity ratios as of December 31, 2025, include a current ratio of 2.54 and a cash ratio of 1.29, with cash and equivalents of $433.6 million.
• For the fiscal year ended December 31, 2025, MIAX reported a net loss of $70.0 million and basic and diluted EPS of -$1.00 per share.
• MIAX operates in a highly competitive environment with multiple U.S. options and equities exchanges and faces competition in clearing services from major industry players.
• MIAX emphasizes customer service, technology innovation, and competitive pricing as key competitive strengths.
• MIAX has completed five equity rights programs to build market share and align with trading firms and market makers.
• MIAX launched a physical trading floor for MIAX Sapphire in Miami in September 2025 to access floor-traded options volume.
• MIAX has ongoing initiatives to explore emerging technologies such as AI, blockchain, and cloud to enhance platform efficiency and customer experience.