Miami International Holdings, Inc.
miaxglobal.comWhat Do They Do?
Runs regulated exchanges and clearing services for options, futures and equities, serving broker-dealers, trading firms and investors.
10-K for FY2025, filed Mar 6, 2026We maintain a broad portfolio of U.S. exchange and clearing licenses, in both securities and futures. We operate markets across a diverse…View ↗
Our equities and options customers are SEC-registered broker-dealers and the sponsored access clients of those broker-dealers. As of…View ↗
MIAX Futures is a DCM and DCO under the jurisdiction of the CFTC, providing DCM and DCO services in an array of asset classes. Customers on…View ↗
How Do They Make Money?
Member firms pay transaction fees when trades execute and clearing fees when transactions are cleared; the company generally bills customers monthly. Customers also pay monthly to connect to exchanges, while market-data fees come from subscriptions and data distributed through third-party platforms and market data plans.
10-K for FY2025, filed Mar 6, 2026The Company primarily generates revenues by assessing fees to its member firms for the services it renders, which include providing access…View ↗
The Company determines the transaction price at the outset of the arrangement based on the contractual and payment terms associated with…View ↗
Transaction and clearing fees: Transaction fees represent fees the Company charges to its exchange member firms, as customers, for the…View ↗
Clearing fees, which include settlement fees, are charged by the Company for transactions cleared by MIAX Futures, Dorman Trading, MIAXdx…View ↗
Access fees: Access fees include fees assessed for allowing customers, which include exchange member firms and non-member firms, to connect…View ↗
Market data fees: Market data fees include making market data available to customers either through direct subscriptions, through third…View ↗
-
10-K for FY2025, filed Mar 6, 2026
FY2025 revenue by product or service ↗
$1.4B
-
10-K for FY2025, filed Mar 6, 2026
$1.4B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Transaction and clearing fees
Usage-based
10-K for FY2025, filed Mar 6, 2026 |
87% |
Transaction and clearing fees, FY2025
$1.2B Sources
|
Usage-based |
|
Access fees
Recurring
|
7.8% |
Access fees, FY2025
$106M Sources
|
Recurring |
|
Market data fees
Recurring
|
3.1% |
Market data fees, FY2025
$41.6M Sources
|
Recurring |
|
Other revenue
|
2.0% |
Other revenue, FY2025
$27M Sources
|
Who Are Their Customers?
Broker-dealers, trading firms, market makers and institutions use the options and equities exchanges; retail customers participate through broker-dealers. Futures customers include agricultural firms and brokers, while Dorman reaches many users through introducing brokers.
10-K for FY2025, filed Mar 6, 2026Our equities and options customers are SEC-registered broker-dealers and the sponsored access clients of those broker-dealers. As of…View ↗
MIAX Futures is a DCM and DCO under the jurisdiction of the CFTC, providing DCM and DCO services in an array of asset classes. Customers on…View ↗
Dorman Trading provides futures clearing and execution services for introducing brokers, retail customers, international clients and…View ↗
Dorman Trading has relationships with introducing brokers, both domestic and international, who solicit clients for their execution…View ↗
10-K for FY2025, filed Mar 6, 2026
Concentration of revenue: For the year ended December 31, 2025, the Company derived $613.7 million of the $1,364 million in total revenue…View ↗
Do Revenues Turn Into Profits?
Not on paper. It lost $70M in FY2025, but brought in more cash than it spent: $145M of free cash flow.
10-K for FY2025, filed Mar 6, 2026
$92MView ↗
10-K for FY2025, filed Mar 6, 2026
−$70MView ↗
10-K for FY2025, filed Mar 6, 2026
$145MView ↗
How Are They Changing?
10-Q for Q2 FY2026, filed Aug 7, 2026
Open tableView ↗
-
Jul 21, 2026
Nasdaq litigation ends, clearing the way for MIAX to operate and develop exchanges
MIAX may operate or modify exchanges, create new platforms and commercialize technology without Nasdaq license or consent.
Sources
8-K, filed Jul 21, 2026
On July 20, 2026, the U.S. District Court for the District of New Jersey (the “Court”) entered an Order of Dismissal With Prejudice (the…View ↗
Loading...
