Miami International Holdings Inc. (NYSE: MIAX) made a striking entrance to public markets on Thursday, securing a valuation of $2.51 billion as its shares surged 37.6% in their first day of trading.
The debut marks the first flotation of a major US financial exchange in 15 years and comes amid heightened investor interest in exchange operators.
Shares opened at $31.65, significantly above the $23 initial public offering (IPO) price, which itself was priced $2 above the top end of the marketed range of $19 to $21.
The company raised $345 million through the sale of 15 million shares, with underwriters holding a 30-day option to purchase up to 2.25 million additional shares.
The offering is set to close on 15 August.
Founded in 2007 and headquartered in Princeton, New Jersey, MIAX operates a broad portfolio of exchanges across asset classes.
Chief Executive Thomas Gallagher emphasised the group’s focus on technology, infrastructure, and relationships with market participants as key differentiators in an increasingly competitive industry.
Options trading at the core
Although MIAX operates nine exchanges spanning options, cash equities, futures, and international markets, the majority of its revenue stems from options trading.
The company launched its first options exchange in 2012 and has steadily increased its market share over the past decade.
In the first half of 2025, MIAX commanded 16% of the US options market, trailing only the New York Stock Exchange, Nasdaq, and Cboe, according to the Options Clearing Corporation.
This focus has positioned MIAX to benefit from a surge in trading volumes fuelled by recent market volatility.
As Matt Kennedy, senior strategist at IPO research firm Renaissance Capital, observed, “It’s a niche area, but it’s one investors are comfortable with. MIAX is clearly riding some multi-year tailwinds in the options space.”
Expanding product offerings
MIAX has signalled readiness to diversify its portfolio further. While the company currently does not offer crypto futures products, Gallagher has indicated openness to partnerships that could bring such offerings to its futures exchange or create crypto index options.
Additionally, MIAX has secured a ten-year exclusive licensing agreement with Bloomberg Index Services.
The first product under this deal will be futures and cash index options on the Bloomberg US Large Cap Price Return Index (B500 Index), with launches planned between 2025 and 2026.
Its exchange portfolio includes four US options markets, a cash equities exchange, a US futures exchange, and a controlling stake in the Bermuda Stock Exchange.
MIAX also owns Dorman Trading, a futures commission merchant, and LedgerX—rebranded as MIAX Derivatives Exchange—which offers fully collateralised US futures and options on futures.
Strong financial performance
MIAX reported $1.14 billion in total revenue for 2024, alongside $102 million in net income and diluted earnings per share of $0.69.
Contract volume growth has been a consistent feature of the company’s operations, with average daily volume in its US options markets rising from 1 million contracts in 2015 to 6.7 million in 2024, and hitting 8.6 million in the first quarter of 2025.
The robust market debut, combined with MIAX’s expanding footprint and diversified offerings, places the company in a strong position to capitalise on both established and emerging opportunities in global financial markets.
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