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

We came across a bullish thesis on Miami International Holdings, Inc. on Chip Stock Investor’s YouTube Channel. In this article, we will summarize the bulls’ thesis on MIAX. Miami International Holdings, Inc.’s share was trading at $41.85 as of January 13th.

Miami International Exchange, or MIAX, is a recently public company that operates critical infrastructure for global financial markets, positioning itself as a digital, technology driven exchange focused primarily on options and futures trading. Rather than serving retail investors, MIAX enables large institutional participants, market makers, and liquidity providers to transact efficiently, functioning as the intermediary that facilitates trades and manages the associated data.

Its role is comparable to other exchange based business models like Visa or Mastercard, where value is created by sitting at the center of high volume transactions. MIAX has built most of its trading technology in house over the past decade, complemented by selective acquisitions, and 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. Exchanges like MIAX have long been early adopters of data center and low latency compute, making them indirect beneficiaries of ongoing semiconductor and cloud infrastructure investment.

Financially, MIAX reported first half 2025 revenue of $655 million, up 21% year over year, though a large portion is returned to traders through liquidity payments that incentivize active markets. Even so, adjusted EBITDA margins of roughly 45% align with other highly profitable exchange operators, and the stock price since its IPO has seen a 47.52% increase.

MIAX raised nearly $400 million in its IPO, with proceeds earmarked for debt repayment and balance sheet strengthening, an important step given its current free cash flow profile. While GAAP profitability and sustained cash generation remain key uncertainties, 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, making MIAX a business worth monitoring closely as a newly public market infrastructure provider.

Previously we covered a bullish thesis on Nasdaq, Inc. (NDAQ) by Magnus Ofstad in January 2025, which highlighted strong growth in recurring revenues, technology integration, and global market reach. NDAQ’s stock price has appreciated approximately 21.39% since our coverage, reflecting its transition to a data-driven exchange model. Chip Stock Investor, covers Miami International Holdings, Inc. (MIAX), which shares a similar focus on exchange technology but emphasizes MIAX’s recent IPO, high EBITDA margins, and expansion in institutional trading infrastructure.

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Disclosure: None.