Miami International Holdings Reports Trading Results for December and Full-Year 2025

Rhea-AI Summary

Miami International Holdings (NYSE: MIAX) reported record 2025 trading volume across its U.S. exchange group, executing a record 2.4 billion multi-listed options contracts in 2025 and reaching an annual ADV of 9.5 million contracts (up 42.2% YoY). Q4 2025 ADV hit a record 11.1 million contracts (+46.5% YoY) and quarterly market share reached a record 18.2% in Q4. MIAX Futures set an annual ADV record of 12,989 contracts in 2025 (+2.7% YoY). Detailed segment volume, market share and RPC metrics are available on the company website.

Positive

• MIAX Exchange Group annual ADV +42.2% YoY to 9.5M contracts
• Q4 2025 ADV record of 11.1M contracts (+46.5% YoY)
• Quarterly market share record 18.2% in Q4 2025
• MIAX Futures annual ADV record 12,989 contracts (+2.7% YoY)
• Total multi-listed options volume 2.4B contracts in 2025 (+41.1% YoY)

Negative

• MIAX Pearl ADV Dec-25 down 34.3% vs Dec-24
• MIAX Pearl market share down 35.9% year-to-date vs prior year
• MIAX Futures Dec-25 ADV down 48.5% vs Dec-24 and down 63.2% vs Nov-25

News Market Reaction

+0.83%

1 alert

+0.83% News Effect

On the day this news was published, MIAX gained 0.83%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Options contracts 2025: 2.4 billion Q4 2025 options ADV: 11.1 million contracts 2025 options ADV: 9.5 million contracts +5 more

8 metrics

Options contracts 2025 2.4 billion Multi-listed options contracts executed in 2025; 41.1% increase vs 2024

Q4 2025 options ADV 11.1 million contracts Record MIAX Exchange Group ADV; 46.5% YoY, 15.3% above Q3 2025

2025 options ADV 9.5 million contracts Record MIAX Exchange Group annual ADV; 42.2% YoY increase

Q4 2025 options market share 18.2% Quarterly market share record; 14.1% YoY and 5.4% above Q3 2025

2025 options market share 17.1% Annual market share record; 13.1% YoY increase

MIAX Futures 2025 ADV 12,989 contracts Annual ADV record; 2.7% YoY increase

Dec 2025 MIAX Futures ADV 4,843 contracts Down 48.5% vs Dec 2024 and 63.2% vs Nov 2025

2025 MIAX Pearl equities ADV 183 million shares Down 7.4% vs 2024 despite higher industry ADV

Market Reality Check

Price: $41.73 Vol: Today’s volume of 1,159,3...

normal vol

$41.73 Last Close

Volume Today’s volume of 1,159,326 shares is below the 1,385,683 share 20-day average (relative volume 0.84). normal

Technical Shares trade slightly above the 200-day MA, with price at $42.41 versus 200-day MA of $41.96.

Peers on Argus

Peers showed mixed moves, with names like CLSK and HUT up while others such as E...

Peers showed mixed moves, with names like CLSK and HUT up while others such as ETOR and CIFR were down. With no peers in the momentum scanner and MIAX down 4.14%, the move appears stock-specific rather than sector-driven.

Historical Context

5 past events · Latest: Dec 23 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Dec 23	Strategic investment	Positive	+0.3%	MIAX anchored a $35M Series A for Architect’s AX exchange.
Dec 23	Strategic partnership	Positive	+0.3%	TISE signed MoU with Boursa Kuwait on listings and products.
Dec 16	Secondary offering close	Neutral	+1.8%	Closing of 7,762,500-share secondary offering at $41.00 per share.
Dec 11	Secondary offering price	Neutral	+2.1%	Pricing of 6,750,000-share secondary offering at $41.00 per share.
Dec 09	Secondary offering launch	Neutral	+0.5%	Launch of proposed 6,750,000-share secondary offering via S-1.

Pattern Detected

Recent MIAX news, including strategic investments and secondary offerings, has generally seen small but positive price reactions aligned with constructive headlines.

Recent Company History

This announcement follows several strategic and capital markets milestones in late 2025. On Dec 23, MIAX anchored a $35M Series A for Architect’s AX exchange and its TISE subsidiary signed an MoU with Boursa Kuwait to expand listings and product cooperation. In mid-December, multiple secondary offerings at $41.00 per share were completed, all involving selling stockholders with MIAX receiving no proceeds. Earlier filings detailed IPO-related financing, an S-1, and strong Q3 2025 revenue growth.

Market Pulse Summary

This announcement highlights record multi-listed options activity of 2.4 billion contracts in 2025, ...

Analysis

This announcement highlights record multi-listed options activity of 2.4 billion contracts in 2025, with MIAX posting higher ADV and market share across the year and in Q4. At the same time, MIAX Pearl equities and near-term futures ADV showed declines in the detailed table. In context of late-2025 strategic deals, secondary offerings, and strong Q3 revenue, investors may watch how mix shifts between options, equities, and futures affect future filings and operating metrics.

Key Terms

average daily volume (ADV), multi-listed options, trading volume, revenue per contract, +1 more

5 terms

average daily volume (ADV) technical

"MIAX Exchange Group reached a record average daily volume (ADV) of 11.1 million..."

Average daily volume (ADV) is the typical number of shares or contracts traded in a security each trading day, calculated by averaging activity over a set recent period. It tells investors how easily a position can be bought or sold—like measuring foot traffic in a market stall: higher ADV means more buyers and sellers and usually smaller price swings when trades occur, while low ADV can lead to bigger price moves and trading difficulty.

multi-listed options financial

"MIAX Exchange Group executed a record 2.4 billion multi-listed options contracts..."

Options that are listed and traded on more than one exchange at the same time; think of the same airline ticket being sold at several different ticket counters. For investors, multi-listed options matter because they usually increase the pool of buyers and sellers, which can make it easier to buy or sell a contract quickly and can lead to tighter bid‑ask spreads and more reliable pricing. They can also create short windows for traders to exploit small price differences between venues.

trading volume financial

"Summary statistics including trading volume and market share by business segment..."

Trading volume is the total number of shares, units, or contracts that are bought and sold within a specific period. It indicates how active or busy a market is, much like how many customers visit a store in a day. Higher trading volume generally suggests greater interest and can influence the price movements of a financial asset.

revenue per contract financial

"rolling three-month average revenue per contract and capture rates are available..."

Revenue per contract is the average amount of money a company earns from each customer agreement or service contract over a defined period. Investors use it like an “average ticket price” to judge whether a company is charging enough, keeping costs under control, and growing profit per deal; rising revenue per contract usually signals stronger pricing power or higher-value customers, while declines can warn of discounting or weaker demand.

capture rates financial

"rolling three-month average revenue per contract and capture rates are available..."

Capture rates measure the proportion of a defined pool of opportunities that a company, product or program successfully secures or converts — for example, the share of potential customers won, prescriptions written out of eligible patients, or users who adopt a new service. Investors watch capture rates because they show how well a business turns potential demand into real revenue or market share; rising capture rates suggest stronger sales execution or product-market fit, while falling rates warn of competitive pressures or weakening appeal.

AI-generated analysis. Not financial advice.

MIAX Exchange Group executed a record 2.4 billion multi-listed options contracts in 2025, a 41.1% increase over 2024

PRINCETON, N.J. and MIAMI, Jan. 8, 2026 /PRNewswire/ -- Miami International Holdings, Inc. (MIAX) (NYSE: MIAX), a technology-driven leader in building and operating regulated financial markets across multiple asset classes, today reported December 2025 and full-year trading results for its U.S. exchange subsidiaries — MIAX^®, MIAX Pearl^®, MIAX Emerald^® and MIAX Sapphire^® (collectively, the MIAX Exchange Group), and MIAX Futures™.

December 2025 and Full-Year 2025 Highlights

• MIAX Exchange Group reached a record average daily volume (ADV) of 11.1 million contracts in Q4 2025, a 46.5% increase year-over-year (YoY) and a 15.3% increase from Q3 2025.
• MIAX Exchange Group reached a record ADV of 9.5 million contracts in 2025, a 42.2% increase YoY.
• MIAX Exchange Group reached a quarterly market share record of 18.2% in Q4 2025, a 14.1% increase YoY and a 5.4% increase from Q3 2025.
• MIAX Exchange Group reached an annual market share record of 17.1% in 2025, a 13.1% increase YoY.
• MIAX Futures reached an annual ADV record of 12,989 contracts in 2025, a 2.7% increase YoY.

Additional MIAX Exchange Group and MIAX Futures trading volume and market share information is included in the table below. Summary statistics including trading volume and market share by business segment, as well as rolling three-month average revenue per contract and capture rates are available on the MIAX website at https://ir.miaxglobal.com/volume-rpc-reports.

	Average Daily Trading Volume (ADV) (1)					Year-to-Date Comparison
	Dec-25	Dec-24	% Chg	Nov-25	% Chg	Dec-25	Dec-24	% Chg
U.S. Multi-list Options
Trading Days	22	21		19		250	252
U.S. Equity Options Industry ADV (000's)	53,703	48,189	11.4 %	62,132	-13.6 %	55,798	44,360	25.8 %
MIAX Exchange Group Options ADV (000's)	9,201	7,885	16.7 %	10,915	-15.7 %	9,538	6,707	42.2 %
MIAX Exchange Group Options Market Share	17.1 %	16.4 %	4.7 %	17.6 %	-2.5 %	17.1 %	15.1 %	13.1 %
U.S. Equities
U.S. Equities Industry ADV (Millions)	15,879	14,708	8.0 %	18,794	-15.5 %	17,550	12,159	44.3 %
MIAX Pearl ADV (Millions)	120	182	-34.3 %	181	-33.9 %	183	198	-7.4 %
MIAX Pearl Market Share	0.8 %	1.2 %	-39.1 %	1.0 %	-21.7 %	1.0 %	1.6 %	-35.9 %
MIAX Futures Exchange
Trading Days	22	21		19		251	252
MIAX Futures ADV	4,843	9,405	-48.5 %	13,153	-63.2 %	12,989	12,654	2.7 %

1)  Calculated as total volume for the period divided by total trading days for the period.

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. To learn more about MIAX please visit www.miaxglobal.com.

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 was MIAX (NYSE: MIAX) total multi-listed options volume in 2025?

MIAX reported a record 2.4 billion multi-listed options contracts executed in 2025.

How did MIAX Exchange Group average daily volume (ADV) change in 2025?

MIAX Exchange Group ADV was 9.5 million contracts in 2025, a 42.2% increase year-over-year.

What market share did MIAX Exchange Group achieve in Q4 2025?

MIAX Exchange Group reached a quarterly market share record of 18.2% in Q4 2025.

What were MIAX Futures volume results for 2025 and December 2025?

MIAX Futures set an annual ADV record of 12,989 contracts in 2025 (+2.7% YoY); Dec-25 ADV was 4,843 (down 48.5% vs Dec-24).

Why did MIAX Pearl ADV and market share decline in December 2025?

Reported figures show MIAX Pearl ADV fell 34.3% in Dec-25 vs Dec-24 and Pearl market share declined 35.9% year-to-date; the release provides the data but does not attribute specific causes.