Miami International Holdings, Inc. (MIAX) took flight today – and it didn’t need a travel agent. MIAX finished its first day of New York Stock Exchange trading at $30.74 – up $7.74 from its IPO price of $23.00 for a 33.7 percent gain – on volume of about 18.5 million shares. MIAX opened at $31.65 – up $8.65 for a 37.6 percent gain from its IPO price – in its NYSE debut after noon EDT today – Thursday, Aug. 14, 2025. The financial exchange operator’s stock quickly touched a high above $32.00 – gaining nearly 40 percent – and bounced off a low of $30.74 – before trading at $30.37 at about 12:45 p.m. EDT on volume for the day so far of about 9.8 million shares.
The IPO pros – from big institutional names to smaller players – liked this deal from the start. Some viewed it as a nuanced way to ride the crypto wave – and make some money.
MIAX – known as the parent of four U.S. options exchanges – offers cash-settled binary Bitcoin options on the MIAX Derivatives Exchange (MIAXdx). The company bought the crypto derivatives platform, also known as LedgerX, from the bankrupt crypto firm FTX in a deal announced in April 2023.
Allocations were small, the IPO pros said. Some big retail firms were said to have not received any stock to divvy up to their hungry high-net-worth clients.
“That’s how it goes with the really good deals,” a veteran IPO pro said.
MIAX raised $345 million in its IPO on Wednesday night, Aug. 13, 2025 – pricing the deal at $23.00 – or $2.00 above the top of its $19.00-to-$21.00 range – on 15 million shares – the number in the prospectus. At pricing, MIAX had a market cap of about $1.83 billion.
J.P. Morgan, Morgan Stanley and Piper Sandler were the lead joint book-running managers. Keefe, Bruyette & Woods (A Stifel Company), Raymond James, William Blair and Rosenblatt were joint book-running managers.
Wellington Management had indicated an interest in buying up to $40 million of stock in Miami International Holdings’ IPO, the prospectus said.
Miami International Holdings, Inc. (MIAX), based in Princeton, New Jersey, entered into a 10-year index development deal with Bloomberg in July 2024. MIAX operates nine securities and derivatives exchanges and a futures brokerage.
Some of the IPO proceeds will go toward paying off debt, which totaled $146.5 million as of June 30, 2025, the prospectus said. The debt included a $100 million financing in August 2024 from a Warburg Pincus affiliate and a $40 million financing in June 2025 from an affiliate of the private equity firm.
Principal stockholders include Warburg Pincus, with a post-IPO stake of 4.56 percent, down from 5.56 percent before the deal; Wolverine Holdings LP, with a post-IPO stake of 4.81 percent, down from 5.93 percent before the deal, and Susquehanna Securities, with a post-IPO stake of 4.15 percent, down from 5.12 percent before the deal, according to the prospectus.
Miami International Holdings reported net income of $1.79 million on revenue of $347.81 million for the 12 months that ended June 30, 2025.
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