Miami International Holdings, Inc. (MIAX): A Bull Case Theory

We came crossed a bullish thesis on Miami International Holdings, Inc. connected Chip Stock Investor’s YouTube Channel. In this article, we volition summarize the bulls’ thesis connected MIAX. Miami International Holdings, Inc.'s stock was trading astatine $41.85 arsenic of January 13th.

Miami International Exchange, oregon MIAX, is simply a precocious nationalist institution that operates captious infrastructure for planetary fiscal markets, positioning itself arsenic a digital, exertion driven speech focused chiefly connected options and futures trading. Rather than serving retail investors, MIAX enables ample organization participants, marketplace makers, and liquidity providers to transact efficiently, functioning arsenic the intermediary that facilitates trades and manages the associated data.

Its relation is comparable to different speech based concern models similar Visa oregon Mastercard, wherever worth is created by sitting astatine the halfway of precocious measurement transactions. MIAX has built astir of its trading exertion successful location implicit the past decade, complemented by selective acquisitions, and operates arsenic a integer autochthonal speech with a carnal trading level acceptable to unfastened successful Miami.

The institution competes with established players specified arsenic Nasdaq, CBOE, and Intercontinental Exchange, though CME Group presently acts much arsenic a spouse by distributing MIAX products. Exchanges similar MIAX person agelong been aboriginal adopters of information halfway and debased latency compute, making them indirect beneficiaries of ongoing semiconductor and unreality infrastructure investment.

Financially, MIAX reported archetypal fractional 2025 gross of $655 million, up 21% twelvemonth implicit year, though a ample information is returned to traders done liquidity payments that incentivize progressive markets. Even so, adjusted EBITDA margins of astir 45% align with different highly profitable speech operators, and the banal terms since its IPO has seen a 47.52% increase.

MIAX raised astir $400 cardinal successful its IPO, with proceeds earmarked for indebtedness repayment and equilibrium expanse strengthening, an important measurement fixed its existent escaped currency travel profile. While GAAP profitability and sustained currency procreation stay cardinal uncertainties, trading volumes proceed to turn and leverage is acceptable to decline.

At astir 16x to 17x adjusted EBITDA, the valuation reflects some the durability of the speech exemplary and the request for further execution, making MIAX a concern worthy monitoring intimately arsenic a recently nationalist marketplace infrastructure provider.

Previously we covered a bullish thesis connected Nasdaq, Inc. (NDAQ) by Magnus Ofstad successful January 2025, which highlighted beardown maturation successful recurring revenues, exertion integration, and planetary marketplace reach. NDAQ's banal terms has appreciated astir 21.39% since our coverage, reflecting its modulation to a data-driven speech model. Chip Stock Investor, covers Miami International Holdings, Inc. (MIAX), which shares a akin absorption connected speech exertion but emphasizes MIAX’s caller IPO, precocious EBITDA margins, and enlargement successful organization trading infrastructure.