Miami International Holdings Reports Trading Results for November 2025
Rhea-AI Summary
Miami International Holdings (NYSE: MIAX) reported November 2025 trading results for MIAX exchange subsidiaries and MIAX Futures. Key year-to-date metrics include a record 17.1% market share for the MIAX Exchange Group through November 2025 (a +14.0% increase vs. 2024) and a record YTD ADV of 9.6 million contracts for the MIAX Exchange Group (+45.0% YoY). MIAX Futures posted a record YTD ADV of 13,772 contracts through November 2025 (+6.4% YoY). November monthly figures include MIAX Exchange Group options ADV of 10.915 million contracts (+33.9% YoY) and MIAX Pearl equities ADV of 181 million shares (-3.9% YoY). Detailed tables and rolling RPC data are available on the company's investor website.
Positive
- YTD market share reached 17.1% through Nov 2025 (+14.0% YoY)
- MIAX Exchange Group YTD ADV 9.6M contracts through Nov 2025 (+45.0% YoY)
- MIAX Futures YTD ADV 13,772 contracts through Nov 2025 (+6.4% YoY)
- Nov 2025 options ADV 10.915M contracts (+33.9% YoY)
Negative
- MIAX Pearl YTD market share 1.1% through Nov 2025 (-36.0% YoY)
- MIAX Pearl ADV 181M shares in Nov 2025 (-3.9% YoY)
- MIAX Futures Nov 2025 ADV 13,153 contracts (-23.2% YoY)
Key Figures
Market Reality Check
Peers on Argus
MIAX gained 1.63% while several higher-affinity peers like CIFR (+10.13%) and HUT (+9.41%) also traded higher, but the momentum scanner did not flag a coordinated sector move.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 20 | Risk system launch | Positive | -4.1% | Deployment of Vermiculus real-time risk management on MIAX Futures. |
| Nov 10 | Leadership changes | Positive | +1.1% | Expanded executive roles to support MIAX Futures growth and index products. |
| Nov 05 | Q3 2025 earnings | Positive | +3.4% | Strong revenue growth, higher options volumes, improved adjusted EBITDA. |
| Nov 05 | October trading stats | Positive | +3.4% | Record October options ADV and market share plus higher MIAX Futures YTD ADV. |
| Oct 21 | Earnings call notice | Neutral | -3.7% | Announcement of Q3 2025 earnings release date and conference call details. |
Recent operational and earnings announcements have generally seen positive price reactions, with one notable divergence on the Vermiculus risk‑management launch.
This announcement continues a series of updates emphasizing growth in MIAX’s trading ecosystem. In October 2025, MIAX reported record options ADV of 13.1M contracts and a 19.4% market share, followed by Q3 2025 results with net revenue of $109.5M and options ADV of 9.6M. Leadership changes in November highlighted expansion plans for MIAX Futures. Today’s November 2025 statistics extend that trajectory, showing sustained gains in options market share and volumes alongside growing MIAX Futures activity.
Market Pulse Summary
This announcement highlights continued strength in MIAX’s core options franchises, with YTD market share reaching 17.1% and YTD ADV of 9.6M contracts, alongside MIAX Futures YTD ADV of 13,772 contracts. Compared with October’s record levels, November still shows solid year‑on‑year growth. Investors may watch how options and futures volumes trend into year‑end, the trajectory of MIAX Pearl’s equity market share, and how these metrics tie into upcoming financial results.
AI-generated analysis. Not financial advice.
November 2025 and Year-to-Date Highlights
- MIAX Exchange Group set a year-to-date (YTD) market share record of
17.1% through November 2025, a14.0% increase from the same period in 2024. - MIAX Exchange Group reached a YTD average daily volume (ADV) record of 9.6 million contracts through November 2025, a
45.0% increase from the same period in 2024. - MIAX Futures reached a record YTD ADV of 13,772 contracts through November 2025, a
6.4% increase from the same period in 2024.
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 | |||||||
Nov-25 | Nov-24 | % Chg | Oct-25 | % Chg | Nov-25 | Nov-24 | % Chg | |
Trading Days | 19 | 20 | 23 | 228 | 231 | |||
62,132 | 50,547 | 22.9 % | 67,193 | -7.5 % | 56,000 | 44,012 | 27.2 % | |
MIAX Exchange Group Options ADV (000's) | 10,915 | 8,152 | 33.9 % | 13,057 | -16.4 % | 9,570 | 6,600 | 45.0 % |
MIAX Exchange Group Options Market Share | 17.6 % | 16.1 % | 8.9 % | 19.4 % | -9.6 % | 17.1 % | 15.0 % | 14.0 % |
18,794 | 14,601 | 28.7 % | 20,996 | -10.5 % | 17,712 | 11,927 | 48.5 % | |
MIAX Pearl ADV (Millions) | 181 | 188 | -3.9 % | 218 | -16.9 % | 189 | 199 | -5.0 % |
MIAX Pearl Market Share | 1.0 % | 1.3 % | -25.3 % | 1.0 % | -7.2 % | 1.1 % | 1.7 % | -36.0 % |
MIAX Futures Exchange | ||||||||
Trading Days | 19 | 20 | 23 | 229 | 231 | |||
MIAX Futures ADV | 13,153 | 17,117 | -23.2 % | 7,286 | 80.5 % | 13,772 | 12,949 | 6.4 % |
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.
Contact:
Investors
investor.relations@miaxglobal.com
Media
media@miaxglobal.com
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SOURCE MIAX
FAQ
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