MIAX Financial exchanges · Market infrastructure · Options · Recent IPO · Thesis updated August 11, 2026

MIAX pairs options scale with a new futures test

Options remain the core business with a 16.5% market share in Q2 2026.
Adjusted EBITDA margin reached 54% in Q2 2026, showing continued strong operating leverage.
The first group of proprietary Bloomberg index futures is now live on the exchange.
Management is focused on retail distribution through a new clearing membership to drive futures volume.
The bear case is simple: non-options revenue is still small, and new product growth needs regulatory approval and real trading volume.

01 Running thesis

Options strength, futures question

MIAX is winning share in U.S. options. Its four options exchanges, including MIAX Sapphire, give traders more places to send orders. The company says its edge is fast, predictable exchange technology. In Q2 2026, options market share remained strong at 16.5%.

The business is showing real operating leverage. Adjusted EBITDA margin expanded to 54% in Q2 2026, up from previous periods. That means more of each dollar of net revenue is turning into profit before interest, taxes, depreciation, amortization, and certain adjustments.

The newest catalyst is now a reality. The first group of proprietary Bloomberg index futures is live on the exchange. The next step is connecting retail brokers through clearing memberships to drive adoption and volume.

The bear case is that MIAX is still mostly an options company. Equities, futures, and international listings help, but they are much smaller today. Future growth depends on approvals for new options products and whether the new futures can pull enough volume away from bigger rivals.

Aug 2026▲Q2 2026 results showed adjusted EBITDA margins expanding to 54%. The company also announced that the first group of Bloomberg index futures is live.

May 2026▲Q1 2026 showed more operating leverage. Adjusted EBITDA margin reached 51.4%, options share rose to 17.3%, and equities capture turned positive.

May 2026▲Management confirmed the first Bloomberg 100 Equity Index futures product would launch on May 17, 2026. It also clarified that the 10% Rothera stake should not be treated as run-rate revenue.

Mar 2026→The 2025 10-K clarified the Rothera transaction and the Bloomberg license. MIAX sold 90% of MIAXdx, retained 10%, and recorded a gain on the sale in January 2026.

Feb 2026▲Q4 2025 results strengthened the options thesis. MIAX reported record multi-listed U.S. options share of 18.2% and a 50% adjusted EBITDA margin.

Nov 2025▲The post-IPO balance sheet improved after MIAX used IPO proceeds to repay the $140.0 million term loan principal balance. The same filing added a watch item around order flow after ERP incentives expired.

Nov 2025→The first public-company thesis centered on options growth, exchange technology, and the upcoming Bloomberg futures catalyst. Non-options scale was the main open question.

02 Business model

Fees on trading activity

MIAX makes money by running regulated markets. The largest source is transaction and clearing fees, which are paid when trades happen on its exchanges. Volume, market share, and revenue per contract decide how much it earns.

It also earns non-transaction fees. These include access fees for firms that connect to MIAX systems, market data fees for price and trading data, and listing fees from international exchanges. These can be steadier than trading fees, but they still depend on the value of MIAX's markets to traders and issuers.

The company often pays rebates, called liquidity payments, to attract orders and market makers. That can help MIAX gain volume, but it can also hurt profit if the payments are too high. Recent quarters have seen a favorable mix of revenue per contract offsetting mild share dips.

The balance sheet is cleaner than before the IPO. MIAX used IPO proceeds to repay a $140.0 million term loan in 2025. It also sold 90% of MIAXdx in January 2026, kept a 10% Rothera stake, and recorded a $50.5 million gain, but management said investors should not model that stake as run-rate revenue.

03 Product portfolio

What MIAX operates

Cash cow

Options exchanges

This is the main business. MIAX runs MIAX Options, MIAX Pearl, MIAX Emerald, and MIAX Sapphire for multi-listed equity and ETF options.

Growth engine

MIAX Sapphire trading floor

Sapphire adds a physical trading floor to the electronic network. The bull case is that it helps MIAX win more order flow and deepen customer ties.

Steady

MIAX Pearl Equities

This exchange trades U.S. stocks and exchange-traded products. It is still small, but pricing changes have helped improve its capture.

Option

MIAX Futures and clearing

This segment includes futures trading, clearing, and Dorman Trading. It is the main place MIAX can diversify beyond options.

Steady

International listings

BSX and TISE list securities such as debt, funds, insurance-linked securities, and private equity debt. TISE added scale after the June 2025 acquisition.

Growth engine

Bloomberg index products

MIAX has a 10-year exclusive license to list futures and options on selected Bloomberg indexes. The first products are now live and aim to create a differentiated revenue stream.

Option

Rothera stake

MIAX sold 90% of MIAXdx to a Robinhood and Susquehanna joint venture and kept 10% of the renamed Rothera. Management says this is long-term optionality, not revenue to count on today.

04 Business segments

Options dominate the mix

Options83%growing fast

Equities9%modest

Futures7%declining

International2%growing fast

The mix uses total revenue by reported segment. Options supply the vast majority of revenue, meaning diversification is still a work in progress.

05 Risk factors

What could break the thesis

Regulatory approval delays

High impact · Medium odds

New products can require approval before they trade. MIAX's upside from 0DTE and short-dated single stock options depends on regulators allowing those products. A delay would not break the current options business, but it could slow the next leg of growth.

We watchSEC and CFTC filings or approvals for 0DTE and short-dated single stock options.

Order flow walks away

High impact · Medium odds

MIAX has used Equity Rights Programs, or ERPs, to link some participants to the exchange. The periods to earn warrants under all ERPs expired as of June 30, 2024. After the IPO, participants may have less reason to keep sending the same volume.

We watchMIAX options market share, especially if it falls significantly below the 16.5% level.

Futures fail to scale

Medium impact · High odds

Futures are the main path to diversify beyond options. The first Bloomberg futures products are live, but they require retail distribution to succeed. If Bloomberg futures do not gain volume, the company stays highly dependent on options.

We watchFutures average daily volume and volume in Bloomberg B100 and B500 products.

Rebates eat the economics

Medium impact · Medium odds

Exchange operators often pay liquidity providers to attract trading. If MIAX must pay too much to keep volume, market share can rise while profit per trade falls. The company relies on a favorable revenue per contract mix to offset rebate costs.

We watchOptions revenue per contract, Equities capture, and liquidity payments as a share of transaction revenue.

Customer concentration

Medium impact · Medium odds

MIAX relies heavily on a few large customers. No customer is required to keep using MIAX. Losing or repricing one large relationship could move results materially.

We watchCustomer concentration disclosures and any drop in access fees, market data fees, or exchange volume.

06 Quick answers

In one breath

What does MIAX actually do?

MIAX runs regulated financial exchanges. Traders use its markets to trade listed options, U.S. equities, futures, and some international listed securities.

Why is the options business so important?

Options are the largest segment and the main source of growth. In Q2 2026, MIAX options market share was 16.5%, and options supplied most of the company's revenue.

What are the Bloomberg index products?

MIAX has a 10-year exclusive license to list certain products tied to Bloomberg indexes. The first products are now live, and the key question is whether retail traders will use them enough to create a new profit stream.

Should investors count the Rothera stake as revenue?

Management said no. MIAX kept a 10% stake in Rothera after selling 90% of MIAXdx, but it should be viewed as long-term optionality and possible dividend income.