Miami International Holdings IPO - how to trade the stock

Learn about Miami International Holdings and its IPO, potential price drivers, and how to trade Miami International Holdings stock via CFDs.

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When was the Miami International Holdings IPO date?

Miami International Holdings (MIH), parent of the MIAX exchange group, launched its initial public offering (IPO) on 14 August 2025. It now trades on the New York Stock Exchange under the ticker MIAX. The company raised $345m by pricing 15 million shares at $23 each, topping its initial range of $19-$21. As of 14 August, underwriters had a 30-day option to buy another 2.25 million shares.

This is the first US exchange operator to list in over a decade – a move that’s attracted strong interest from institutional and retail investors.

What is Miami International Holdings?

Founded in 2007 and based in Princeton, New Jersey, MIH is a fast-growing US exchange operator offering electronic trading for options, futures and derivatives. It runs a suite of regulated exchanges, including:

MIAX Options – a low-latency platform for options trading
MIAX Pearl – optimised for high-frequency trading
MIAX Emerald – aimed at institutional traders
MIAX Futures Exchange – focused on futures markets
MIAX Derivatives Exchange (MIAXdx) – a newer venue for derivatives innovation

In 2024, MIH launched its fourth options exchange to support growing demand. It now claims around 16% of the US equity options market, putting it just behind NYSE, Nasdaq and Cboe.

Key milestones in MIH’s history:

2007: founded as Miami International Holdings to offer alternative trading solutions.
2012: launched the MIAX Options exchange, providing a low-latency, high-performance options platform.
2015: acquired the International Securities Exchange, expanding its reach into additional markets.
2020: expanded into futures and derivatives markets with the launch of MIAX Futures Exchange.
2025: made its IPO, taking a significant step toward broadening its shareholder base and enhancing its visibility.

MIH’s exchanges offer trading in a broad array of asset classes, with a particular focus on options, equity derivatives, and futures. The company’s proprietary technology platform enables faster, more efficient trading, which appeals to both retail and institutional traders.

How does Miami International Holdings make money?

MIH operates in the highly competitive exchange space, earning revenue through a variety of streams, including trading fees, market data sales, and technology licensing. The company’s diversified business model has enabled it to generate consistent revenue despite market fluctuations.

Revenue stream	Description
Trading fees	MIH charges fees for executing trades across its various platforms, including options, futures, and derivatives markets. These fees are the company’s primary source of revenue and are typically collected per contract or trade.
Market data sales	MIH generates revenue by selling real-time market data to institutional investors, hedge funds, and other market participants.
Licensing technology	The company licenses its proprietary technology platform to other financial entities, including exchanges and trading firms.
Transaction-based fees	MIH also charges fees based on the volume and type of transactions processed on its platforms, including payments for clearing and settlement services.
Technology services	MIH provides additional technology services to other exchanges, including order matching, clearing systems, and risk management tools.

What might influence the Miami International Holdings live stock price?

The stock price of MIH post-IPO will be heavily influenced by several market and company-specific factors. As an exchange operator, MIH’s valuation will be closely tied to the performance of the broader financial markets and the demand for trading products offered on its platforms.

Market sentiment

MIH’s stock price will likely be influenced by the overall performance of equity and derivatives markets. Bullish trends in these sectors could result in increased trading volumes and higher revenue, boosting MIH’s share price. Conversely, bear markets may reduce trading volumes and negatively impact valuations.

Competition

MIH faces competition from both established players, such as the Chicago Board Options Exchange (CBOE), Nasdaq, and Intercontinental Exchange (ICE), as well as new entrants to the market. Any competitive advantage MIH can maintain – whether through pricing or technological innovation – will play a key role in shaping its stock performance.

Regulatory outlook

The regulatory environment for financial exchanges is subject to ongoing changes. Increased scrutiny or new regulations from the US Securities and Exchange Commission (SEC) or Commodity Futures Trading Commission (CFTC) could impact MIH’s ability to operate or lead to increased compliance costs.

Technological innovation

MIH’s reputation as a technology-driven exchange means that its stock price could benefit from successful innovations in trading platforms, market data, or other operational efficiencies. Additionally, advancements in high-frequency trading (HFT) and algorithmic trading could further enhance its competitiveness.

Market liquidity and trading volume

The volume of trades executed on MIH’s platforms is a direct driver of its revenue. Increased liquidity and trading volumes, particularly in options and futures markets, would be viewed positively by investors.

How to trade Miami International Holdings stocks via CFDs

Now that Miami International Holdings has debuted on the stock market, there’s a few steps to take before in order to trade shares.

Choose a brokerage platformSelect a reliable broker. Trading platforms like Capital.com allow trading via contracts for difference (CFDs), allowing speculation on price movements without owning the underlying asset.
Set up a trading accountOpen an account with your chosen platform, providing necessary personal information. You may need to verify your identity.
Deposit funds Fund your account using a bank transfer, card, or other methods. Ensure you have sufficient capital for your trades.
Monitor stock performanceOnce listed, track MIH’s stock using real-time data. Follow the company’s news and financial releases that could affect its valuation.
Place a tradeWhen ready, place a market or limit order to buy shares. Consider using stop-loss orders to manage risk.

Learn more about contracts for difference in our CFDs trading guide. Please note that CFDs are traded with leverage (also known as margin trading). Leverage beyond 1:1 magnifies both losses and gains.

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What other markets-related stocks can I trade?

There are several other listed companies that provide indirect exposure to markets. You can trade these stocks via CFDs on Capital.com:

Coinbase (COIN) – a leading crypto exchange platform with over 100 million users and growing institutional custody services.
MicroStrategy (MSTR) – holds over 200,000 bitcoin on its balance sheet, with a corporate strategy focused on long-term BTC exposure.
Robinhood (HOOD) – offers crypto trading to retail users, alongside stocks and ETFs.
Riot Platforms (RIOT) and Marathon Digital (MARA) – major US bitcoin miners whose revenue depends on BTC price and network hash rate.
Block (SQ) – formerly Square, offers crypto payments, wallets, and development through its TBD division.
Galaxy Digital (GLXY.TO) – a diversified crypto financial firm providing asset management, trading and venture services.

You can also track sector-specific ETFs such as:

BITQ – Bitwise Crypto Industry Innovators ETF
WGMI – Valkyrie Bitcoin Miners ETF

FAQs

Who owns Miami International Holdings?

Before going public, MIH was privately owned with backing from major institutional investors. These included private equity firm Warburg Pincus, proprietary trading firm Wolverine Holdings, and Susquehanna Securities, a major player in market-making and liquidity provision. Post-IPO, MIH shares are now publicly traded on the NYSE under the symbol MIAX.

Is Miami International Holdings a public company now?

Yes – MIH became a public company on 14 August 2025, listing its shares on the New York Stock Exchange. It priced 15 million shares at $23 each, raising $345 million. The IPO gives investors a rare opportunity to gain exposure to the infrastructure powering options and derivatives markets.

What is MIAX?

MIAX is the flagship trading platform of Miami International Holdings. It’s known for its low-latency, high-speed performance, catering to both institutional and retail traders. MIAX operates alongside several sister exchanges – like MIAX Pearl and MIAX Emerald – each targeting different segments of the market.

How did the IPO perform?

The shares priced above the anticipated range and raised more than forecast.

How does MIAX compare to other exchange operators like Nasdaq or Cboe?

While smaller in scale, MIAX has carved out a competitive niche. It now commands roughly 16% of the US equity options market, and continues to grow through product innovation and rapid platform expansion. Unlike some of its larger rivals, MIAX is known for its proprietary technology stack and lean, tech-driven approach.