Miami International Holdings Announces Launch of Secondary Public Offering of Common Stock

Rhea-AI Summary

Miami International Holdings (NYSE: MIAX) announced a proposed secondary public offering of 6,750,000 shares of common stock, including certain shares issuable on warrant exercise. The offering is entirely secondary; the company is not selling shares and will not receive proceeds. Underwriters have a 30-day option to buy up to an additional 1,012,500 shares. A registration statement on Form S-1 has been filed with the SEC but is not yet effective, and shares may not be sold prior to effectiveness. The offering will be made only by prospectus available via the SEC EDGAR site.

Positive

• Offering is entirely secondary; company receives no proceeds
• Lead managers named: J.P. Morgan, Morgan Stanley, Piper Sandler

Negative

• 6,750,000 shares offered by selling stockholders may increase market supply
• Registration statement on Form S-1 not yet effective; sales cannot occur until effective

Key Figures

Secondary shares offered 6,750,000 shares Secondary public offering by selling stockholders

Underwriters’ option 1,012,500 shares 30-day option to purchase additional shares

Option period 30 days Underwriters’ option to buy additional secondary shares

IPO shares issued 17,250,000 shares IPO closed August 15, 2025 at $23.00 per share

IPO price $23.00 per share Initial public offering on August 15, 2025

Cash and equivalents $401.5M Balance sheet as of September 30, 2025

HKAM stake 9,499,995 shares (11.7%) Beneficial ownership reported in Schedule 13D/A

Current price $45.80 Price before secondary offering announcement

Market Reality Check

$42.62 Last Close

Volume Volume 560,517 vs 20-day average 521,753 (relative volume 1.07x). normal

Technical Price $45.80 trading above 200-day MA at $41.35 ahead of this secondary.

Peers on Argus

Peers in Capital Markets show mixed but mostly positive moves, with names like CLSK (+8.2%) and HUT (+5.92%) up, while MIAX’s modest 0.53% gain and a stockholder-driven secondary suggest stock-specific dynamics rather than a broad sector rotation.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 05	Monthly trading update	Positive	-3.1%	Record November 2025 market share and ADV across MIAX platforms.
Nov 20	Technology deployment	Positive	-4.1%	Launch of real-time risk management suite for MIAX Futures.
Nov 10	Leadership changes	Positive	+1.1%	Expanded executive roles to support MIAX Futures and index products.
Nov 05	Quarterly earnings	Neutral	+3.4%	Strong revenue growth but GAAP net loss driven by one-time items.
Nov 05	Monthly trading update	Positive	+3.4%	Record October 2025 ADV and market share in options and futures.

Pattern Detected

Operational and volume records often saw positive or mixed reactions, while some constructive business updates drew negative price moves, indicating occasional divergence between strong fundamentals and near-term trading.

Recent Company History

This announcement follows several months of strong operating updates and capital markets activity. In October–November 2025, MIAX reported record options ADV and market share, plus solid Q3 2025 results with net revenue of $109.5M and an August IPO raising $396.8M gross. Some trading-statistics releases on Nov 5 and Dec 5 coincided with both gains and declines, showing mixed reactions. Today’s secondary offering by selling stockholders fits into a broader pattern of post-IPO ownership transitions and ongoing exchange platform growth.

Market Pulse Summary

This announcement details a secondary public offering of 6,750,000 MIAX shares, plus an underwriters’ option for 1,012,500 additional shares, all sold by existing stockholders, with the company receiving no proceeds. It follows an August IPO and strong Q3 and volume metrics, set against recent SEC filings including an S-1 and governance updates. Investors may track how this secondary affects ownership concentration, liquidity, and future capital planning.

Key Terms

secondary public offering financial

"announced the launch of a proposed secondary public offering"

A secondary public offering is when a company sells additional shares to the public after its initial sale, often to raise more money or allow early investors to cash out. For investors, it can impact the stock's price by increasing the number of shares available, potentially making the stock more or less valuable depending on demand.

warrants financial

"including certain shares to be issued upon the exercise of warrants."

Warrants are special documents that give you the right to buy a company's stock at a set price before a certain date. They are often used as a way for companies to attract investors or raise money, and their value can increase if the company's stock price goes up.

underwriters financial

"The underwriters will have a 30-day option to purchase"

Underwriters are financial professionals or institutions that help companies raise money by selling new securities, such as stocks or bonds, to investors. They assess the risk and determine the price at which these securities should be sold, acting like a bridge between the company and the investors. Their role helps ensure that the company raises the needed funds while providing investors with options that reflect the level of risk involved.

prospectus regulatory

"offering of MIAX's shares of common stock will be made only by means of a prospectus."

A prospectus is a detailed document that explains a company's plans for offering new shares or investments to the public. It’s important because it provides potential investors with key information about the company’s business, risks, and how they might make money, helping them decide whether to invest. Think of it as a guidebook for understanding what you're buying into.

registration statement regulatory

"A registration statement on Form S-1 relating to MIAX's common stock"

A registration statement is a formal document that companies file with a government agency to offer new shares of stock to the public. It provides essential information about the company's finances, operations, and risks, helping investors make informed decisions. Think of it as a detailed product description that ensures transparency and trust before buying into a company.

form s-1 regulatory

"A registration statement on Form S-1 relating to MIAX's common stock"

A Form S-1 is the registration filing a company submits to the U.S. Securities and Exchange Commission when it plans to offer stock to the public, most commonly for an initial public offering. Think of it as the company’s full disclosure packet or blueprint: it contains audited financials, business description, management background, risk factors and details of the offering, giving investors the information needed to judge the company’s financial health and potential risks before buying shares.

AI-generated analysis. Not financial advice.

PRINCETON, N.J. and MIAMI, Dec. 9, 2025 /PRNewswire/ -- Miami International Holdings, Inc. ("MIAX" or the "Company") (NYSE: MIAX), a technology-driven leader in building and operating regulated financial markets across multiple asset classes, today announced the launch of a proposed secondary public offering (the "Offering") of 6,750,000 shares of its common stock including certain shares to be issued upon the exercise of warrants. The proposed Offering consists entirely of secondary shares to be sold by certain selling stockholders of the Company (the "Selling Stockholders").

The underwriters will have a 30-day option to purchase up to an additional 1,012,500 shares of common stock from the Selling Stockholders. The Company is not selling any shares of common stock in the proposed Offering and will not receive any proceeds from the Offering.

J.P. Morgan, Morgan Stanley and Piper Sandler are acting as lead joint bookrunning managers for the proposed offering. Raymond James, Rosenblatt, William Blair, and Keefe, Bruyette & Woods, A Stifel Company are acting as joint bookrunning managers.

The proposed Offering of MIAX's shares of common stock will be made only by means of a prospectus. Copies of the prospectus relating to the proposed Offering may be obtained for free by visiting EDGAR on the U.S. Securities and Exchange Commission's (the "SEC") website at www.sec.gov. Alternatively, copies of the preliminary prospectus may be obtained from: J.P. Morgan Securities LLC, Attention: c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by email at prospectus-eq_fi@jpmchase.com and postsalemanualrequests@broadridge.com; Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014; or Piper Sandler & Co. at 350 North 5th Street, Suite 1000, Minneapolis, MN 55401, Attention: Prospectus Department, by telephone at (800) 747-3924, or by email at prospectus@psc.com.

A registration statement on Form S-1 relating to MIAX's common stock has been filed with the SEC but has not yet become effective. The shares of common stock may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release does not constitute an offer to sell or the solicitation of an offer to buy shares of common stock, and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About MIAX
Miami International Holdings, Inc. (NYSE: MIAX) is a technology-driven leader in building and operating regulated financial markets across multiple asset classes and geographies. MIAX operates nine exchanges across options, futures, equities and international markets including MIAX^® Options, MIAX Pearl^®, MIAX Emerald^®, MIAX Sapphire^®, MIAX Pearl Equities™, MIAX Futures™, MIAXdx™, The Bermuda Stock Exchange (BSX) and The International Stock Exchange (TISE). MIAX also owns Dorman Trading, a full-service Futures Commission Merchant.

Disclaimer and Cautionary Note Regarding Forward-Looking Statements
This press release may contain forward-looking statements, including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are based on management's current expectations and are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements. Additional risks and uncertainties that may cause actual results to differ materially include the risks and uncertainties listed in Miami International Holdings, Inc.'s (together with its subsidiaries, the Company) public filings with the Securities and Exchange Commission. In providing forward-looking statements, the Company is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise.

All third-party trademarks (including logos and icons) referenced by the Company remain the property of their respective owners. Unless specifically identified as such, the Company's use of third-party trademarks does not indicate any relationship, sponsorship, or endorsement between the owners of these trademarks and the Company. Any references by the Company to third-party trademarks is to identify the corresponding third-party goods and/or services and shall be considered nominative fair use under the trademark law.

MIAX Contacts:

Investors
investor.relations@miaxglobal.com 

Media
media@miaxglobal.com

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SOURCE MIAX

FAQ

What is Miami International Holdings offering in the December 9, 2025 MIAX secondary offering?

The offering is for 6,750,000 shares of common stock (secondary shares), with a 30-day option for an additional 1,012,500 shares.

Will Miami International Holdings (MIAX) receive proceeds from the December 9, 2025 offering?

No. The press release states the offering is entirely secondary and the company will not receive any proceeds.

When can the MIAX secondary offering shares be sold to investors?

Shares may not be sold and offers cannot be accepted until the company's Form S-1 registration statement becomes effective with the SEC.

Who are the lead underwriters for the MIAX secondary offering announced December 9, 2025?

Lead joint bookrunning managers are J.P. Morgan, Morgan Stanley, and Piper Sandler.

Where can investors obtain the MIAX prospectus for the December 2025 offering?

The prospectus is available for free on the SEC EDGAR website or from the listed underwriters' prospectus departments.