MIAX operates four of the 18 U.S. options exchanges, putting it in competition with Cboe Global Markets, Intercontinental Exchange, and Nasdaq.
Shares of Miami International Holdings (MIAX) jumped as much as 42% in their debut on the New York Stock Exchange (NYSE) on Thursday, marking a strong public market entry for the U.S. exchange operation after raising $345 million.
MIAX stock opened at $31 compared to its $23 IPO price, which valued the company at $1.8 billion. The company sold 15 million shares above the earlier marketed range of $19 to $21. MIAX’s stock price went as high as $33 after listing. The company is the first U.S. financial exchange to go public in 15 years, according to data cited by Reuters.
Miami International currently operates four of the 18 U.S. options exchanges, putting it in direct competition with Cboe Global Markets (CBOE), Intercontinental Exchange (ICE), and Nasdaq (NDAQ), according to a Bloomberg report. CME Group (CME) was the first U.S. exchange to go public in 2002, while Cboe Global was the latest, listed in 2010.
The company has also signaled it may expand its product lineup, with plans to launch futures and options tied to the Bloomberg 500 Index in late 2025 or early 2026, followed by index options later that year, according to regulatory filings.
Founded in 2007 by Chairman and CEO Thomas Gallagher, the company has grown from a niche player into a network of nine U.S. exchanges spanning equities, futures, and options. While relatively unknown outside professional trading circles, the company has carved out a place in the crowded derivatives market.
“I’m not worried about fragmentation. I’m not worried about the aspects of having a very diverse set of exchanges,” Gallagher told Reuters in an interview. “I just think it’s a matter of those that have the right technology, those that have the right infrastructure, the right relationships with their market participants.”
The firm’s equity rights program, launched in 2013, has been a key growth driver. It allows exchange members to acquire MIAX equity in exchange for upfront cash or prepaid fees, contingent on meeting certain trading volume targets.
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