Miami International Holdings, Inc. — Cyborg Score 7/10
Strong
Financial Exchanges & Market Infrastructure
Strategic Profile
MIH owns LedgerX, the first-ever approved exchange and clearinghouse for derivatives contracts in digital currencies in the U.S. MIAX Exchange Group executed a record 2.4 billion multi-listed options contracts in 2025, a 41.1% increase over 2024. In September 2025, the company announced plans to launch financial futures on MIAX Futures using its proprietary Onyx trading platform.
Cyborg Score Rationale
Record 41.1% growth in multi-listed options contracts in 2025 demonstrates robust market execution and 57% year-over-year net revenue growth to $109.5 million shows strong financial momentum post-IPO. Strategic expansion into digital assets and multi-asset classes positions the company competitively, though recent losses reflect IPO integration costs.
Top Insights
Recent 41.1% year-over-year growth in multi-listed options contracts demonstrates strong market traction and execution
57% revenue growth to $109.5 million shows accelerating financial performance despite IPO-related expenses
Strategic digital currency leadership via LedgerX and plans for financial futures expand addressable market
November 2025 sale of 90% stake in MIAXdx to Robinhood partnership indicates focus on core exchange operations
Named Competitors
Cboe Options Exchanges — Leading options and derivatives exchange operator
Nasdaq Exchanges — Major equities and derivatives exchange operator
CME Futures — Leading global derivatives marketplace
Recent Developments
(January 2026) MIAX Exchange Group reports record 2.4 billion multi-listed options contracts in 2025 with 41.1% YoY increase
(February 2026) Continued strong performance with 25.1% year-over-year increase in multi-list options average daily volume
(November 2025) Agreement to sell 90% equity in MIAX Derivatives Exchange (MIAXdx) to Robinhood Markets and Susquehanna International Group
(September 2025) Announced plans to launch financial futures on MIAX Futures using proprietary Onyx platform
Open the full interactive Miami International Holdings, Inc. report
Strategic research, analyst-debate audio, full Cyborg Score breakdown across 11 dimensions, and saved-company audio playlists.