MIAX insider filing: 4.56M indirect shares; vested warrants/options
Rhea-AI Filing Summary
Murray Stahl and Horizon Kinetics Asset Management LLC reported coordinated Section 16 transactions in Miami International Holdings, Inc. (MIAX). On 10/03/2025 a purchase (code P) of 2 shares of common stock was executed at $41.97, leaving 4,557,925 shares beneficially owned indirectly through Horizon Kinetics. The filing discloses multiple vested stock options (totaling 44,831 options across various strike prices) and vested, presently exercisable warrants (totaling 137,656 warrants) with exercise prices between $15.00 and $20.50 and expirations through 05/31/2031 to 02/05/2027 and beyond. Disclosure states Mr. Stahl is Chairman, CEO and CIO of Horizon Kinetics, that the reported ownership is indirect, and that certain preferred and non-voting shares converted one-for-one to common stock upon the company's IPO.
Positive
- Significant indirect stake of 4,557,925 shares held by Horizon Kinetics suggests sustained investor interest
- Options and warrants are vested and exercisable, enabling structured alignment of management/manager incentives with shareholder outcomes
Negative
- Potential future dilution from 44,831 options and 137,656 warrants if exercised
- Ownership held indirectly through an asset manager, with the reporting person disclaiming direct investment discretion
Insights
Minor direct purchase; material indirect stake held by investment manager.
The filing shows a small direct purchase of 2 common shares at $41.97 alongside a large indirect stake of 4,557,925 shares held through Horizon Kinetics Asset Management LLC. The report clarifies that Murray Stahl is Chairman, CEO and CIO of the asset manager and disclaims direct investment discretion over the managed accounts' holdings.
This structure means voting and economic exposure are held through an investment adviser vehicle rather than personally. Investors should note the distinction when assessing insider alignment; any change in the asset manager's mandate or ownership could affect these holdings over time.
Multiple vested derivatives increase potential future common dilution/exposure.
The Form 4 lists vested options totaling 44,831 and vested, exercisable warrants totaling 137,656 with strike prices from $15.00 to $25.98 and expiration dates spanning 04/08/2026 to 03/26/2033. These instruments, if exercised, would convert into additional common shares and increase outstanding share count.
Key near-term items to monitor are warrant expiration dates in 2026 and option exercise windows beginning as early as 08/13/2025, which determine potential dilution timing and cash inflows if exercised.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Purchase | Common Stock | 2 | $41.97 | $83.94 |
| holding | OPTIONS | -- | -- | -- |
| holding | OPTIONS | -- | -- | -- |
| holding | OPTIONS | -- | -- | -- |
| holding | OPTIONS | -- | -- | -- |
| holding | Warrants | -- | -- | -- |
| holding | Warrants | -- | -- | -- |
| holding | Warrants | -- | -- | -- |
| holding | Warrants | -- | -- | -- |
Footnotes (1)
- Murray Stahl serves as Chairman, Chief Executive Officer, and Chief Investment Officer of Horizon Kinetics Asset Management LLC ("HKAM"), which manages funds and accounts (the "Managed Accounts") that hold securities of the Issuer. Mr. Stahl does not exercise investment discretion with respect to the securities of the Issuer that are beneficially owned by the Managed Accounts. Mr. Stahl disclaims beneficial ownership over the securities reported, except to the extent of his pecuniary interest therein, if any. The filing of this Form shall not be deemed an admission that the Mr. Stahl is the beneficial owner of such securities for purposes of Section 16 or any other purpose. Includes 5,000 shares of Series B Preferred Stock that have been converted into Common Stock on a one-for-one basis upon the closing of the Company's initial public offering and which have no expiration date and 14,998 shares of Non-Voting Common Stock that have been converted into shares of Common Stock on a one-for-one basis upon the closing of the Company's IPO and which have no expiration date. The Options given to Mr. Stahl are fully vested. The Warrants are currently vested and presently exercisable until the expiration date show.
