Another super IPO! "Third Pole" exchange MIAX (MIAX.US) made its blockbuster debut on the NYSE with a market value set to reach $1.8 billion.

The American securities and derivatives exchange operator Miami International Holdings Inc (MIAX) raised approximately $345 million in its initial public offering (IPO) in the US stock market, pricing its stock issuance higher than the marketing range. According to a statement, the US exchange operator, known globally as "MIAX," sold 15 million shares at a price of $23 per share to the market on Wednesday local time, compared to the previously anticipated marketing price range of $19 to $21 per share. Based on the current IPO price, and the number of shares listed in the filings submitted to the US Securities and Exchange Commission (SEC), MIAX is expected to have a preliminary market value of around $1.8 billion when it officially debuts on the US stock exchange on August 14th, marking another super IPO following CoreWeave and Circle. Taking into account employee stock options, warrants, and some restricted stock units, the company's fully diluted valuation is estimated at approximately $2.5 billion. MIAX is relatively unknown outside the derivatives trading field. The exchange operator is a large trading operation group spanning stocks, futures, and options, operating nine significant exchanges. MIAX was co-founded by Thomas Gallagher in 2007, who currently serves as chairman and CEO. Since 2013, MIAX has been operating an equity ownership plan, through which members of the exchange can acquire ownership in MIAX by making an initial cash payment, or by prepaying exchange fees and reaching a specific trading volume threshold. As an options exchange operator, MIAX's competitors include Cboe Global Markets Inc, Intercontinental Exchange Inc, and Nasdaq Inc. There are 18 large-scale options exchanges in the US, with MIAX operating four of them. According to its IPO filings, MIAX plans to launch futures and options on the so-called "Bloomberg 500 Index" by the end of 2025 or early 2026, with more index options scheduled for a later release in 2026. Bloomberg LP, the parent company of Bloomberg News, provides index products for various assets through Bloomberg Index Services Ltd. MIAX's largest investors include affiliates of Wolverine Holdings (holding 5.9% before the issuance) and Wall Street financial giant Susquehanna International Group (holding 5.1%). Based on the documents, the exchange operator headquartered in Princeton, New Jersey, recorded a net profit of about $2.1 million and revenue of $654.9 million in the six months ending June 30, compared to a net profit of $102.3 million and revenue of about $539.5 million in the same period last year. The IPO stock issuance of the exchange was led by Wall Street's three major investment banks - JPMorgan Chase & Co, Morgan Stanley, and Piper Sandler. The company plans to list its stock on the New York Stock Exchange on August 14th, with the stock trading code to be "MIAX". Who is Miami International Holdings? MIAX (Miami International Holdings) is a third-party, technology-driven trading infrastructure and rule selection provider for the US market through a multi-venue system of options, stocks, and futures, beyond the "NYSE/Nasdaq", enhancing the competitive landscape of price discovery and liquidity supply. MIAX operates four US options exchanges (MIAX Options, Pearl, Emerald, Sapphire), one US stock exchange (MIAX Pearl Equities), and one futures and clearing organization (acquired MGEX and renamed MIAX Futures DCM/DCO), forming a cluster of third-party platforms competing with Cboe, Nasdaq, and ICE. MIAX focuses on multi-market trading infrastructure and matching, providing ultra-low-latency matching, risk control, and clearing access for US stock options, cash equities, and futures; different exchanges adopt differentiated fees, market trading varieties and differentiated trading systems to match the needs of various participants (market makers, institutional brokers, etc.), such as the launch of MIAX Futures Onyx in June 2025, which undertakes the migration and listing of varieties such as "Minneapolis hard red spring wheat (HRSW)" and promotes MIAX's US Shenzhen Agricultural Power Group and financial futures layout. By acquiring and integrating MGEX, MIAX has established a CFTC-registered futures exchange and clearing platform (renamed MIAX Futures), and promoted the listing of its own technology stack (Onyx platform) and new product categories, strengthening the competition of the US derivatives market across multiple platforms. In terms of market ecology and industry status, as the operator of the US securities exchange and futures exchange/clearinghouse, MIAX competes directly with top institutions such as Cboe, Nasdaq, and ICE in options and other derivative markets (one of the 18 large exchanges in the US), secondary market trading of stocks, and futures, providing additional liquidity and access paths for Wall Street super banks, market makers, and quantitative trading institutions. Its recent IPO also confirms the positioning of this exchange operator as a group-oriented, multi-asset route. In addition, MIAX connects overseas capital markets through the Bermuda Stock Exchange (BSX) and The International Stock Exchange (TISE). MIAX is considered the "third pole" exchange operator in the US capital market - In addition to the Nasdaq and NYSE system, MIAX provides independent matching and market rules in the three major segments of options, stocks, and futures, enhancing the competitiveness, product diversity, and technology supply of the market structure.