Miami International Holdings, Inc.

Miami International Holdings, Inc. (MIH), which commonly operates under the MIAX brand, is a United States-based financial-market infrastructure company formed in 2007. Its principal business is the ownership and operation of regulated trading venues and related financial-services businesses. The group began with the development of the Miami International Securities Exchange, known as MIAX, which received approval from the U.S. Securities and Exchange Commission and began operating in 2012. It subsequently expanded from a single options venue into a multi-market exchange group serving options, equities, commodities, agricultural futures, financial futures, and digital-asset derivatives. The MIAX Exchange Group includes MIAX, MIAX Pearl, MIAX Emerald, MIAX Sapphire, and MIAX Pearl Equities. The group’s options venues are designed to provide electronic and, in the case of MIAX Sapphire, physical execution environments for listed options. MIAX Pearl Equities is the company’s equities exchange and participates in the U.S. Unlisted Trading Privileges framework. The group also owns or has owned businesses outside its core U.S. options franchise, including the Minneapolis Grain Exchange, the Bermuda Stock Exchange, Dorman Trading, and LedgerX. These holdings give MIH exposure to agricultural futures, securities trading in Bermuda, futures commission merchant services, and regulated digital-asset derivatives infrastructure. MIH’s business model combines exchange operation, market data and execution services, clearing and settlement relationships, membership services, and technology licensing. Through Miami International Technologies, the company markets and licenses trading technology developed within the MIAX Exchange Group. The company’s Onyx platform has also been identified as part of its effort to support futures-market expansion. Important expansion steps occurred during the late 2010s and 2020s. MIH acquired a majority interest in the Bermuda Stock Exchange in 2019, launched MIAX Pearl Equities in 2020, acquired the Minneapolis Grain Exchange in 2020, and bought Dorman Trading in 2022. In 2023 it agreed to acquire LedgerX from the bankrupt FTX group, adding a CFTC-regulated digital-asset exchange and clearinghouse to its portfolio. MIH also developed MIAX Sapphire, a new U.S. options exchange that began trading in 2024 and was planned to include a physical trading floor in Miami’s Wynwood district. The company renamed the Minneapolis Grain Exchange as MIAX Futures Exchange in 2024 and appointed Troy Kane to lead its futures business. In August 2024, MIH announced a $100 million investment from Warburg Pincus to support international expansion, the Miami trading-floor project, and the development of agricultural and financial futures. The company completed an initial public offering on the New York Stock Exchange on August 14, 2025, under the ticker MIAX. Its evolution reflects a strategy of building a diversified exchange group rather than remaining solely an options-market operator.

Miami International Holdings was formed in 2007 to develop and operate financial exchanges and related market infrastructure. Its first major operating milestone came in 2012, when the Miami International Securities Exchange, or MIAX, began trading after receiving approval from the U.S. Securities and Exchange Commission. MIAX established the company as a new U.S. options-market operator and became the foundation of the later MIAX Exchange Group. MIH expanded geographically and functionally during the following decade. In 2019 it acquired a majority stake in the Bermuda Stock Exchange, adding an international securities venue. In 2020 it acquired the Minneapolis Grain Exchange, a market associated with agricultural futures, and launched MIAX Pearl Equities, its first equities exchange. MIAX Pearl Equities received support from several trading firms and joined the UTP Plan, allowing it to participate in the broader U.S. national-market-system framework. The company also faced litigation during this period. Nasdaq sued MIH in 2017 over alleged misuse of trade secrets and employee movement connected with the development of MIAX trading systems; MIH contested the allegations and asserted patent-related counterclaims. Cboe Global Markets separately sued in 2020 over the proposed listing of MIH’s SPIKES futures product. In 2022, MIH acquired Dorman Trading, a full-service futures commission merchant regulated by the CFTC. The transaction strengthened the company’s ability to support futures-market participants and complemented its exchange holdings. MIH then pursued a major expansion into digital-asset derivatives. In April 2023 it agreed to acquire LedgerX from the FTX estate. LedgerX had been approved in the United States as an exchange and clearinghouse for digital-currency derivatives, including Bitcoin and Ethereum contracts. MIH continued developing its U.S. options franchise with MIAX Sapphire. It filed a Form 1 application with the SEC in October 2023 and announced plans for a new Miami venue with a physical trading floor in Wynwood. MIAX Sapphire began trading in the third quarter of 2024, becoming the group’s fourth options exchange. In the same year, the Minneapolis Grain Exchange was renamed MIAX Futures Exchange, and Troy Kane was appointed chief executive of the newly formed MIAX Futures business. The company’s expansion was supported by a $100 million investment from Warburg Pincus announced in August 2024. MIH said the funds would support international growth, the Miami trading-floor project, and the development of agricultural and financial futures. In 2025 the company completed its initial public offering on the New York Stock Exchange under the symbol MIAX. It later announced plans to launch financial futures on MIAX Futures through its Onyx trading platform. Through these developments, MIH evolved from an options-exchange startup into a broader operator of exchange, execution, futures, clearing-related, and trading-technology businesses.

1. 2025MIH lists on the NYSE

   The company completes an initial public offering and begins trading under the symbol MIAX.

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2. 2024MIAX Sapphire begins trading

   The new U.S. options exchange commences trading during the third quarter.

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3. 2024MIAX Futures is established

   The Minneapolis Grain Exchange is renamed MIAX Futures Exchange as MIH expands its futures business.

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4. 2023LedgerX acquisition agreement

   MIH agrees to acquire LedgerX through the FTX bankruptcy proceedings.

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5. 2022Dorman Trading acquired

   MIH acquires the futures commission merchant Dorman Trading.

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6. 2020MIAX Pearl Equities launches

   MIH enters equities trading with MIAX Pearl Equities.

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7. 2020Minneapolis Grain Exchange acquired

   The acquisition adds an agricultural futures exchange to the group.

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8. 2019Bermuda Stock Exchange stake acquired

   MIH acquires a majority interest in the Bermuda Stock Exchange.

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9. 2012MIAX begins operations

   The Miami International Securities Exchange launches after SEC approval.

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10. 2007Miami International Holdings is formed

    MIH is established as a company focused on financial exchanges and execution infrastructure.

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A diversified exchange and market-infrastructure group positioned as an alternative operator across options, equities, futures, commodities, and digital-asset derivatives markets.

• MIAXOptions exchange2012

  MIAX is the group’s original U.S. options exchange. It provides an electronic marketplace for listed options and serves as the operating foundation for the broader MIAX Exchange Group.

• MIAX PearlOptions exchange

  MIAX Pearl is an additional options venue within the MIAX Exchange Group, designed to provide market participants with another U.S. listed-options execution platform.

• MIAX EmeraldOptions exchange

  MIAX Emerald is one of the group’s U.S. options exchanges and forms part of MIH’s multi-venue strategy for listed-options trading.

• MIAX SapphireOptions exchange2024

  MIAX Sapphire is MIH’s fourth options exchange. It was developed with a Miami presence that includes a planned physical trading floor in Wynwood, combining the group’s electronic-market expertise with a floor-based venue concept.

• MIAX Pearl EquitiesEquities exchange2020

  MIAX Pearl Equities is MIH’s equities exchange and its first venue dedicated to equity securities. It became a participant in the UTP Plan and was supported by several institutional trading firms.

• MIAX Futures ExchangeFutures exchange2024

  MIAX Futures Exchange is the renamed Minneapolis Grain Exchange. It provides a platform for agricultural futures and is being developed to support additional financial-futures products.

• LedgerXDigital-asset derivatives exchange and clearinghouse

  LedgerX is a U.S.-regulated exchange and clearinghouse for digital-asset derivatives, including contracts linked to Bitcoin and Ethereum. MIH agreed to acquire the business through the FTX bankruptcy process.

• Miami International TechnologiesTrading technology

  Miami International Technologies develops, sells, and licenses trading technology created within the MIAX Exchange Group for use by exchanges and other market operators.

• Dorman TradingFutures commission merchant

  Dorman Trading is a full-service futures commission merchant registered with the CFTC. Its acquisition gave MIH a participant-services business alongside its exchange operations.

• 2025Initial public offeringOther

  MIH pursued a public-market listing after expanding its exchange and financial-services portfolio.

  What changed. The company listed on the New York Stock Exchange under the ticker MIAX on August 14, 2025.

  Aftermath. The offering made MIH a publicly traded exchange operator.

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• 2025Planned financial futures on MIAX FuturesProduct launch

  MIH aimed to extend the futures business beyond agricultural contracts into financial products.

  What changed. The company announced plans to launch financial futures on MIAX Futures using its proprietary Onyx trading platform.

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• 2024Expansion of the futures businessStrategy

  MIH was broadening beyond options and equities into agricultural and financial futures.

  What changed. The company renamed the Minneapolis Grain Exchange as MIAX Futures Exchange and appointed Troy Kane to lead MIAX Futures.

  Aftermath. MIH continued planning additional financial-futures products and platform capabilities.

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• 2024Warburg Pincus growth investmentStrategy

  MIH required capital to support exchange expansion, the Miami trading-floor project, and the growth of its futures businesses.

  What changed. Warburg Pincus invested $100 million in MIH in August 2024.

  Aftermath. The investment was directed toward global expansion and market-development initiatives.

  Investment. $100 million (August 2024)

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• 2023Agreement to acquire LedgerXM&A

  LedgerX was being sold through the bankruptcy proceedings of FTX. The business was a CFTC-regulated exchange and clearinghouse for digital-asset derivatives.

  What changed. MIH entered into an agreement to acquire LedgerX on April 25, 2023.

  Aftermath. The transaction represented MIH’s expansion into regulated digital-asset derivatives infrastructure.

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• 2023Development of MIAX SapphireProduct launch

  MIH sought to expand its U.S. options franchise with another registered exchange and a distinctive Miami-based operating presence.

  What changed. The company filed a Form 1 application with the SEC and planned an options venue with a physical trading floor in Wynwood.

  Aftermath. MIAX Sapphire began trading in the third quarter of 2024.

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• 2025MIH completes New York Stock Exchange initial public offering

  MIH began trading publicly on the NYSE under the ticker MIAX on August 14, 2025.

  Other
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• 2025MIH announces financial-futures plans for MIAX Futures

  The company announced plans to introduce financial futures on MIAX Futures using its proprietary Onyx trading platform.

  Product launch
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• 2024Troy Kane appointed to lead MIAX Futures

  MIH appointed former Citadel Securities executive Troy Kane as chief executive of its newly formed futures business.

  Leadership change
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• 2024Warburg Pincus invests $100 million in MIH

  The investment was announced as funding for global expansion, the Miami trading-floor project, and agricultural and financial futures growth.

  Other
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• 2023MIH agrees to acquire LedgerX

  MIH entered an agreement to buy LedgerX, a CFTC-regulated digital-asset derivatives exchange and clearinghouse, through the FTX bankruptcy process.

  M&A
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• 2023MIH files registration application for MIAX Sapphire

  The company submitted a Form 1 application to register MIAX Sapphire as a new U.S. options exchange.

  Product launch
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• 2023MIH announces Miami trading-floor project

  MIH announced plans for an options trading pit and offices in Miami’s Wynwood neighborhood associated with MIAX Sapphire.

  Other
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• 2022MIH acquires Dorman Trading

  The acquisition added a full-service futures commission merchant registered with the Commodity Futures Trading Commission.

  M&A
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• 2020MIAX Pearl Equities launches

  MIH launched its first equities exchange, supported by several major trading firms and admitted as a participant in the UTP Plan.

  Product launch
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• 2020MIH acquires Minneapolis Grain Exchange

  The transaction added an established agricultural futures marketplace to MIH’s exchange portfolio.

  M&A
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• 2020Cboe challenges MIH’s planned SPIKES futures listing

  Cboe Global Markets sued to prevent MIH from listing the SPIKES futures product on MIAX venues after regulatory approval.

  Lawsuit
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• 2019MIH acquires a majority stake in the Bermuda Stock Exchange

  The acquisition expanded MIH’s exchange portfolio beyond the United States.

  M&A
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• 2017Nasdaq files trade-secrets lawsuit against MIH

  Nasdaq alleged that former employees brought confidential technical material to MIH and used it in developing MIAX trading platforms. MIH disputed the claims and filed counterclaims concerning Nasdaq patents.

  Lawsuit
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• 2012MIH launches the Miami International Securities Exchange

  The company began operating MIAX after receiving approval from the U.S. Securities and Exchange Commission.

  Product launch
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1. Miami International Holdings
2. MIAX official website