Miami International Holdings, Inc. shares were trading at $41.85 as of January 13th. A bullish analysis of the company was recently presented on the Chip Stock Investor YouTube channel.
Miami International Exchange, or MIAX, is a recently public company. It operates critical infrastructure for global financial markets, focusing on options and futures trading. The exchange serves large institutional participants, market makers, and liquidity providers, functioning as an intermediary that facilitates trades and manages associated data.
MIAX has built most of its trading technology in-house over the past decade, complemented by selective acquisitions. It operates as a digital native exchange with a physical trading floor set to open in Miami. The company competes with established players such as Nasdaq, CBOE, and Intercontinental Exchange, though CME Group currently acts more as a partner by distributing MIAX products.
Financially, MIAX reported first half 2025 revenue of $655 million, up 21% year over year. A large portion of this revenue is returned to traders through liquidity payments. Adjusted EBITDA margins are roughly 45%, aligning with other highly profitable exchange operators. The stock price has seen a 47.52% increase since its IPO.
The company raised nearly $400 million in its IPO, with proceeds earmarked for debt repayment and balance sheet strengthening. Trading volumes continue to grow and leverage is set to decline. At roughly 16x to 17x adjusted EBITDA, the valuation reflects both the durability of the exchange model and the need for further execution.
Previously, a bullish thesis on Nasdaq, Inc. by Magnus Ofstad in January 2025 highlighted strong growth in recurring revenues, technology integration, and global market reach. NDAQ's stock price has appreciated approximately 21.39% since that coverage. Chip Stock Investor's analysis of MIAX shares a similar focus on exchange technology but emphasizes MIAX’s recent IPO, high EBITDA margins, and expansion in institutional trading infrastructure.
Miami International Holdings, Inc. is not on the list of the 30 Most Popular Stocks Among Hedge Funds. As per the database, 36 hedge fund portfolios held MIAX at the end of the third quarter, which was 0 in the previous quarter.