MIAMI INTERNATIONAL HOLDINGS, INC.
MIAX · Security Brokers, Dealers & Flotation Companies · 94.9M shares · EDGAR filings ↗
Net buyback after stock comp: -$27M (gross $3M, SBC $30M)
Reference price $44.23 · est. market cap ~$4.2B — last insider sale, 2026-06-15 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C58Miami International Holdings — options/securities-exchange operator, growing but loss-making.
Strengths
- Multiple exchange licenses; positive operating margin and FCF
- Strong cash position relative to scale
Risks
- Net loss; ROA -5.6% (10th pct)
- Competition with incumbent exchanges; volume dependence
Notable findings
- Restatement• Our amended and restated certificate of incorporation contains provisions that set ownership and voting limitations and a right to redeem shares transferred or owned in violation of these provisions 8-K ↗
- Exec changeRecent 8-K item 5.02 8-K ↗
- Net lossNet loss (net margin -5.1%)
- Strong balance sheetStrong balance sheet — $453M cash & investments
- Insider buyingInsider buying — 3 open-market buy(s) by 1 insider(s) (~$934,848, last 6mo) Form 4 ↗
- Insider sellingInsider selling — 39 open-market sale(s) by 11 insider(s) (cluster of 11 insiders, ~$44M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
31.6%
Operating margin
6.7%
Net margin
-5.1%
Return on assets
-5.6%
Revenue growth (QoQ)
0.1%
Net-income growth
-168.6%
Net debt / EBITDA
-3.7×
Current ratio
2.5×
Free cash flow
$145M
EBITDA
$121M
Cash & investments
$453M
Stock comp / revenue
4.2%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-16 | Beckelman John | Grant | 5.0K | — |
| 2026-06-16 | Smollen John | Grant | 7.5K | — |
| 2026-06-16 | Moore Lisa | Grant | 5.0K | — |
| 2026-06-16 | Raymond Mark F. | Option exercise | 16K | $12.00 |
| 2026-06-16 | Raymond Mark F. | Grant | 5.0K | — |
| 2026-06-16 | Deitzel Edward | Grant | 9.3K | — |
| 2026-06-16 | Teekell Judson Gray | Grant | 5.0K | — |
| 2026-06-16 | Vermaas Cees | Grant | 4.7K | — |
| 2026-06-16 | Sommers Jill E. | Grant | 5.0K | — |
| 2026-06-16 | Emmons Lance | Grant | 37K | — |
| 2026-06-16 | BROWN DAVID A | Grant | 5.0K | — |
| 2026-06-16 | Lozier Kenneth W. | Grant | 5.0K | — |
| 2026-06-16 | Stahlin Paul | Grant | 5.0K | — |
| 2026-06-16 | Comly Barbara J. | Grant | 39K | — |
| 2026-06-16 | Sites Eric | Grant | 5.0K | — |
| 2026-06-16 | Massad Mark I. | Grant | 5.0K | — |
| 2026-06-16 | Jayabalan Harish | Grant | 4.7K | — |
| 2026-06-16 | Al-Bahar Talal Jassim | Grant | 5.0K | — |
| 2026-06-16 | Brown Shelly | Grant | 37K | — |
| 2026-06-16 | Eckert Kurt M. | Grant | 5.0K | — |
| 2026-06-16 | Gallagher Thomas P. | Grant | 233K | — |
| 2026-06-16 | Schwarzkopf Cynthia | Grant | 5.0K | — |
| 2026-06-16 | Schafer Douglas M. JR | Grant | 23K | — |
| 2026-06-15 | Sommers Jill E. | Grant | 1.1K | — |
| 2026-06-15 | Moore Lisa | Grant | 2.3K | — |
| 2026-06-15 | Becker Lee | Grant | 2.3K | — |
| 2026-06-15 | Lozier Kenneth W. | Grant | 2.3K | — |
| 2026-06-15 | Massad Mark I. | Grant | 2.3K | — |
| 2026-06-15 | Al-Bahar Talal Jassim | Grant | 2.3K | — |
| 2026-06-15 | Eckert Kurt M. | Grant | 2.3K | — |
| 2026-06-15 | Schwarzkopf Cynthia | Grant | 2.3K | — |
| 2026-06-15 | Beckelman John | Grant | 2.3K | — |
| 2026-06-15 | Brown Shelly | Sell | 4.7K | $44.23 |
| 2026-06-15 | Raymond Mark F. | Grant | 2.3K | — |
| 2026-06-15 | Teekell Judson Gray | Grant | 2.3K | — |
| 2026-06-15 | BROWN DAVID A | Grant | 2.3K | — |
| 2026-06-15 | Stahlin Paul | Grant | 2.3K | — |
| 2026-06-15 | Sites Eric | Grant | 714 | — |
| 2026-06-11 | Stahlin Paul | Tax withheld | 1.2K | $40.79 |
| 2026-06-11 | Schwarzkopf Cynthia | Sell | 20K | $41.73 |
| 2026-06-11 | Deitzel Edward | Tax withheld | 5.9K | $40.79 |
| 2026-06-11 | Brown Shelly | Tax withheld | 3.6K | $40.79 |
| 2026-06-11 | Schafer Douglas M. JR | Tax withheld | 33K | $40.79 |
| 2026-06-11 | Schwarzkopf Cynthia | Option exercise | 20K | $12.00 |
| 2026-06-11 | Stahlin Paul | Option exercise | 4.0K | $12.00 |
| 2026-06-09 | Jayabalan Harish | Sell | 9.8K | $40.04 |
| 2026-06-09 | Stahlin Paul | Option exercise | 7.0K | $12.00 |
| 2026-06-09 | Jayabalan Harish | Option exercise | 9.8K | $12.00 |
| 2026-06-08 | Jayabalan Harish | Sell | 10K | $40.12 |
| 2026-06-08 | Jayabalan Harish | Option exercise | 10K | $12.00 |
| 2026-06-02 | Comly Barbara J. | Option exercise | 28K | $12.00 |
| 2026-06-02 | Comly Barbara J. | Sell | 28K | $42.85 |
| 2026-06-02 | Eckert Kurt M. | Option exercise | 5.2K | $12.00 |
| 2026-06-02 | Eckert Kurt M. | Sell | 5.2K | $42.76 |
| 2026-06-02 | Deitzel Edward | Option exercise | 11K | $12.00 |
| 2026-06-02 | Deitzel Edward | Sell | 11K | $42.16 |
| 2026-06-02 | Brown Shelly | Option exercise | 16K | $12.00 |
| 2026-06-02 | Brown Shelly | Sell | 16K | $42.12 |
| 2026-06-02 | Gallagher Thomas P. | Option exercise | 70K | $12.00 |
| 2026-06-02 | Gallagher Thomas P. | Sell | 70K | $42.36 |
| 2026-06-02 | Schafer Douglas M. JR | Option exercise | 48K | $12.00 |
| 2026-06-02 | Schafer Douglas M. JR | Sell | 48K | $42.84 |
| 2026-06-02 | Teekell Judson Gray | Sell | 3.0K | $42.78 |
| 2026-05-19 | HORIZON KINETICS ASSET MANAGEMENT LLC | Other | 2.5M | — |
| 2026-05-19 | Teekell Judson Gray | Option exercise | 23K | $12.00 |
| 2026-05-19 | Teekell Judson Gray | Tax withheld | 5.0K | $54.51 |
| 2026-05-15 | Emmons Lance | Sell | 35K | $56.36 |
| 2026-05-11 | Gallagher Thomas P. | Option exercise | 25K | $12.00 |
| 2026-05-05 | Gallagher Thomas P. | Option exercise | 16K | $12.00 |
| 2026-05-05 | Gallagher Thomas P. | Sell | 16K | $47.92 |
| 2026-05-04 | Comly Barbara J. | Option exercise | 28K | $12.00 |
| 2026-05-04 | Comly Barbara J. | Sell | 28K | $47.26 |
| 2026-05-04 | Eckert Kurt M. | Option exercise | 5.6K | $12.00 |
| 2026-05-04 | Eckert Kurt M. | Sell | 5.6K | $47.29 |
| 2026-05-04 | Brown Shelly | Option exercise | 16K | $12.00 |
| 2026-05-04 | Brown Shelly | Sell | 16K | $47.28 |
| 2026-05-04 | Schafer Douglas M. JR | Option exercise | 48K | $12.00 |
| 2026-05-04 | Schafer Douglas M. JR | Sell | 48K | $47.25 |
| 2026-05-04 | Teekell Judson Gray | Sell | 3.0K | $47.30 |
| 2026-05-04 | Gallagher Thomas P. | Option exercise | 54K | $12.00 |
| 2026-05-04 | Gallagher Thomas P. | Sell | 54K | $47.26 |
| 2026-05-04 | Deitzel Edward | Option exercise | 11K | $12.00 |
| 2026-05-04 | Deitzel Edward | Sell | 11K | $47.28 |
| 2026-04-15 | Gallagher Thomas P. | Option exercise | 70K | $12.00 |
| 2026-04-15 | Gallagher Thomas P. | Sell | 70K | $43.36 |
| 2026-04-15 | Gallagher Thomas P. | Sell | 104K | $43.36 |
| 2026-04-15 | Gallagher Thomas P. | Sell | 50K | $43.68 |
| 2026-04-15 | Comly Barbara J. | Option exercise | 30K | $12.00 |
| 2026-04-15 | Comly Barbara J. | Sell | 30K | $43.64 |
| 2026-04-09 | Beckelman John | Option exercise | 8.7K | $12.00 |
| 2026-04-08 | Deitzel Edward | Option exercise | 7.6K | $12.00 |
| 2026-04-08 | Brown Shelly | Sell | 16K | $42.08 |
| 2026-04-08 | Brown Shelly | Option exercise | 16K | $12.00 |
| 2026-04-08 | Deitzel Edward | Sell | 7.6K | $42.02 |
| 2026-04-07 | Brown Shelly | Sell | 900 | $42.00 |
| 2026-04-07 | Deitzel Edward | Option exercise | 762 | $12.00 |
| 2026-04-07 | Deitzel Edward | Sell | 762 | $42.00 |
| 2026-04-07 | Deitzel Edward | Option exercise | 4.0K | $12.00 |
| 2026-04-07 | Deitzel Edward | Sell | 4.0K | $42.00 |
| 2026-04-07 | Brown Shelly | Option exercise | 900 | $12.00 |
| 2026-04-07 | Brown Shelly | Sell | 900 | $42.00 |
| 2026-04-06 | Brown Shelly | Sell | 2.4K | $41.33 |
| 2026-04-06 | Brown Shelly | Sell | 2.4K | $41.33 |
| 2026-04-02 | Teekell Judson Gray | Sell | 2.7K | $40.00 |
| 2026-03-30 | Comly Barbara J. | Tax withheld | 1.4K | $37.50 |
| 2026-03-30 | Smollen John | Tax withheld | 362 | $37.50 |
| 2026-03-30 | Emmons Lance | Tax withheld | 8.3K | $37.50 |
| 2026-03-30 | Deitzel Edward | Tax withheld | 707 | $37.50 |
| 2026-03-30 | Brown Shelly | Tax withheld | 1.8K | $37.50 |
| 2026-03-30 | Brown Shelly | Option exercise | 8.3K | $12.00 |
| 2026-03-30 | Brown Shelly | Option exercise | 6.6K | $15.22 |
| 2026-03-30 | Brown Shelly | Option exercise | 6.2K | $16.14 |
| 2026-03-30 | Brown Shelly | Option exercise | 3.9K | $25.78 |
| 2026-03-30 | Brown Shelly | Option exercise | 5.0K | $19.84 |
| 2026-03-30 | Gallagher Thomas P. | Tax withheld | 21K | $37.50 |
| 2026-03-25 | Teekell Judson Gray | Sell | 300 | $40.00 |
| 2026-03-23 | Brown Shelly | Sell | 26K | $39.33 |
| 2026-03-19 | Eckert Kurt M. | Option exercise | 13K | $12.00 |
| 2026-03-19 | Eckert Kurt M. | Sell | 38K | $39.00 |
| 2026-03-17 | Schafer Douglas M. JR | Option exercise | 48K | $12.00 |
| 2026-03-17 | Schafer Douglas M. JR | Sell | 48K | $39.74 |
| 2026-03-09 | Comly Barbara J. | Option exercise | 8.3K | $12.00 |
| 2026-03-09 | Comly Barbara J. | Option exercise | 8.3K | $12.00 |
| 2026-03-09 | Comly Barbara J. | Option exercise | 17K | $12.00 |
| 2026-03-05 | STAHL MURRAY | Buy | 7.2K | $43.08 |
| 2026-03-04 | STAHL MURRAY | Buy | 7.2K | $43.38 |
| 2026-03-04 | STAHL MURRAY | Buy | 7.2K | $43.38 |
| 2026-03-02 | STAHL MURRAY | Option exercise | 91K | $20.50 |
| 2026-03-02 | STAHL MURRAY | Sell | 54K | $40.92 |
| 2026-03-02 | STAHL MURRAY | Option exercise | 21K | $15.00 |
| 2026-03-02 | STAHL MURRAY | Option exercise | 91K | $20.50 |
| 2026-03-02 | STAHL MURRAY | Option exercise | 138K | $20.00 |
| 2026-03-02 | STAHL MURRAY | Sell | 121K | $40.92 |
| 2026-03-02 | STAHL MURRAY | Option exercise | 21K | $15.00 |
| 2026-02-18 | Brown Shelly | Tax withheld | 20K | $40.89 |
| 2026-02-18 | Deitzel Edward | Tax withheld | 6.0K | $40.89 |
| 2026-02-18 | Schafer Douglas M. JR | Tax withheld | 33K | $40.89 |
| 2026-02-10 | Gallagher Thomas P. | Tax withheld | 50K | $41.33 |
| 2026-02-10 | Schafer Douglas M. JR | Tax withheld | 109K | $41.33 |
| 2025-12-23 | Gallagher Thomas P. | Gift | 2.0K | — |
| 2025-12-16 | Emmons Lance | Option exercise | 6.2K | $16.14 |
| 2025-12-16 | Emmons Lance | Option exercise | 22K | $13.50 |
| 2025-12-16 | Emmons Lance | Option exercise | 5.0K | $19.84 |
| 2025-12-16 | Brown Shelly | Option exercise | 17K | $12.00 |
| 2025-12-16 | Brown Shelly | Option exercise | 8.3K | $12.00 |
| 2025-12-16 | Brown Shelly | Option exercise | 8.3K | $12.00 |
| 2025-12-12 | STAHL MURRAY | Buy | 2.4K | $41.00 |
| 2025-10-03 | STAHL MURRAY | Buy | 2 | $41.97 |
| 2025-09-26 | STAHL MURRAY | Buy | 4 | $41.76 |
| 2025-09-11 | Smollen John | Option exercise | 25K | $12.00 |
| 2025-09-11 | Smollen John | Option exercise | 125K | $12.00 |
| 2025-09-11 | Smollen John | Tax withheld | 52K | $37.39 |
| 2025-09-11 | Deitzel Edward | Option exercise | 17K | $12.00 |
| 2025-09-10 | Brown Shelly | Tax withheld | 16K | $36.81 |
| 2025-09-09 | Jayabalan Harish | Tax withheld | 2.0K | $37.30 |
| 2025-09-09 | Deitzel Edward | Option exercise | 62K | $12.00 |
| 2025-09-09 | Jayabalan Harish | Option exercise | 3.0K | $12.00 |
| 2025-09-09 | Deitzel Edward | Tax withheld | 38K | $37.30 |
| 2025-09-09 | Jayabalan Harish | Option exercise | 22K | $12.00 |
| 2025-08-28 | STAHL MURRAY | Buy | 34K | $36.10 |
| 2025-08-26 | Brown Shelly | Tax withheld | 11K | $33.90 |
| 2025-08-26 | Gallagher Thomas P. | Tax withheld | 192K | $33.90 |
| 2025-08-15 | Brown Shelly | Conversion | 200K | — |
| 2025-08-15 | Deitzel Edward | Conversion | 500 | — |
| 2025-08-15 | Deitzel Edward | Conversion | 49K | — |
| 2025-08-15 | Jayabalan Harish | Conversion | 500 | — |
| 2025-08-15 | Jayabalan Harish | Conversion | 43K | — |
| 2025-08-15 | Comly Barbara J. | Conversion | 100K | — |
| 2025-08-15 | Comly Barbara J. | Conversion | 131K | — |
| 2025-08-15 | Eckert Kurt M. | Conversion | 47K | — |
| 2025-08-15 | Gallagher Thomas P. | Conversion | 500 | — |
| 2025-08-15 | Gallagher Thomas P. | Conversion | 574K | — |
| 2025-08-15 | Gallagher Thomas P. | Conversion | 135K | — |
| 2025-08-15 | Teekell Judson Gray | Conversion | 30K | — |
| 2025-08-15 | Teekell Judson Gray | Conversion | 31K | — |
| 2025-08-15 | Teekell Judson Gray | Conversion | 30K | — |
| 2025-08-15 | Raymond Mark F. | Conversion | 18K | — |
| 2025-08-15 | Raymond Mark F. | Conversion | 26K | — |
| 2025-08-15 | Schwarzkopf Cynthia | Conversion | 36K | — |
| 2025-08-15 | Schwarzkopf Cynthia | Conversion | 45K | — |
| 2025-08-15 | Emmons Lance | Conversion | 58K | — |
| 2025-08-15 | Teekell Judson Gray | Conversion | 38K | — |
| 2025-08-15 | Stahlin Paul | Conversion | 10K | — |
| 2025-08-15 | Stahlin Paul | Conversion | 14K | — |
| 2025-08-15 | Schafer Douglas M. JR | Conversion | 500 | — |
| 2025-08-15 | Schafer Douglas M. JR | Conversion | 387K | — |
| 2025-08-15 | Smollen John | Conversion | 73K | — |
| 2025-08-15 | Smollen John | Conversion | 92K | — |
| 2025-08-15 | Al-Bahar Talal Jassim | Conversion | 238K | — |
| 2025-08-15 | Brown Shelly | Conversion | 500 | — |
| 2025-08-14 | Emmons Lance | Buy | 4 | $31.44 |
| 2025-08-13 | Moore Lisa | Buy | 5.5K | $23.00 |
| 2025-08-13 | Jayabalan Harish | Buy | 2.5K | $23.00 |
| 2025-08-13 | Stahlin Paul | Buy | 1.0K | $23.00 |
| 2025-08-13 | Nazarali Jamil | Buy | 2.5K | $23.00 |
| 2025-08-13 | Comly Barbara J. | Tax withheld | 288K | $23.00 |
| 2025-08-13 | Smollen John | Buy | 5.0K | $23.00 |
| 2025-08-13 | Deitzel Edward | Buy | 100 | $23.00 |
| 2025-08-13 | Gallagher Thomas P. | Buy | 12K | $23.00 |
| 2025-08-13 | Lozier Kenneth W. | Buy | 1.0K | $23.00 |
| 2025-08-13 | Massad Mark I. | Buy | 3.5K | $23.00 |
| 2025-08-13 | Massad Mark I. | Buy | 2.5K | $23.00 |
| 2025-08-13 | Massad Mark I. | Buy | 1.5K | $23.00 |
| 2025-08-13 | Massad Mark I. | Buy | 500 | $23.00 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-22 | 2026-06-17 | 0001438472-26-000036 ↗ |
| 8-K | 2026-06-18 | 2026-06-16 | 0001438472-26-000032 ↗ |
| 8-K | 2026-06-17 | 2026-06-15 | 0001438472-26-000030 ↗ |
| 10-Q | 2026-05-08 | 2026-03-31 | 0001628280-26-032565 ↗ |
| 8-K | 2026-05-06 | 2026-05-06 | 0001628280-26-031291 ↗ |
| 8-K | 2026-04-27 | 2026-04-23 | 0001628280-26-027311 ↗ |
| 8-K | 2026-04-09 | 2026-04-07 | 0001438472-26-000026 ↗ |
| 8-K | 2026-03-26 | 2026-03-24 | 0001628280-26-021455 ↗ |
| 10-K | 2026-03-06 | 2025-12-31 | 0001438472-26-000023 ↗ |
| 8-K | 2026-03-02 | 2026-02-25 | 0001438472-26-000019 ↗ |
| 8-K | 2026-02-25 | 2026-02-25 | 0001438472-26-000017 ↗ |
| 8-K | 2026-02-20 | 2026-02-18 | 0001438472-26-000012 ↗ |