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Is MIAX a good stock to buy? We came across a bullish thesis on Miami International Holdings, Inc. on The Diversified Fins Analyst’s Substack. In this article, we will summarize the bulls’ thesis on MIAX. Miami International Holdings, Inc.'s share was trading at $44.18 as of April 21st. MIAX’s trailing P/E was 2.17k according to Yahoo Finance.
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Miami International Holdings, Inc., through its subsidiaries, operates various markets across options, futures, and cash equities. MIAX delivered a strong 3Q25 result as a public company, with performance continuing to reflect the high operating leverage embedded in the exchange model. Total net revenue reached $125M, up 14% sequentially and 52% year over year, driven primarily by a 21% Q/Q increase in net transaction fees to $78M, alongside steady gains in access fees and market data revenue.
Expenses remained well controlled at $80M, broadly flat sequentially and up 15% Y/Y, allowing profitability to scale meaningfully with volume. As a result, adjusted operating margin expanded sharply to 35.7% from 27.0% in 2Q25 and 14.6% in 4Q24, underscoring the incremental margin characteristics of exchange economics where revenue growth significantly outpaces cost growth during strong volume environments.
Adjusted EPS rose to $0.45, up from $0.31 last quarter and $0.14 a year ago, exceeding consensus estimates, while revenue also modestly beat expectations by 3%. Underlying segment trends were mixed but supportive overall: options remained the key growth driver with ADV up 15% Q/Q and market share rising to 18.2%, while equities volumes softened and futures were relatively weaker. However, pricing metrics showed resilience, with options RPC increasing and equities returning to breakeven, reflecting improved monetization across the franchise even amid uneven volumes.
Management highlighted continued investment in growth initiatives, with 2026 operating expense guidance of $265M–$275M reflecting higher headcount, technology spending, and public company costs, partially offset by lower share-based compensation. Strategic priorities remain centered on expanding options leadership and launching new products, including B100 and B500 futures in 2Q26, with a strong emphasis on retail participation and ecosystem development.
While management acknowledged normalization in industry growth rates after a strong prior period and some recent moderation in market share trends, they continue to expect supportive volatility and steady volume growth. Overall, strong industry volumes, disciplined cost execution, and a visible product pipeline position MIAX for sustained earnings momentum and potential further re-rating.
Previously, we covered a bullish thesis on Nasdaq, Inc. (NDAQ) by Magnus Ofstad in January 2025, which highlighted its transition toward recurring revenue streams, AI-driven market surveillance, and strong ARR growth of 31%, reinforcing its shift into a data and technology-led platform. NDAQ’s stock price has appreciated by approximately 7.53% since our coverage. Magnus Ofstad shares an identical view with no material differences between the theses overall market positioning.
Miami International Holdings, Inc. is not on our list of the 40 Most Popular Stocks Among Hedge Funds. As per our database, 36 hedge fund portfolios held MIAX at the end of the fourth quarter which was 36 in the previous quarter. While we acknowledge the risk and potential of MIAX as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than MIAX and that has 10,000% upside potential, check out our report about this cheapest AI stock.