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Intriguing IPOs: Miami International Holdings (MIAX)

Miami International's market exchanges have been well positioned to reap the benefits of the options trading boom of the 2020s.

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Misfit Alpha
Aug 20, 2025
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The Old Exchange of Amsterdam, Job Adriaenszoon Berckheyde, circa 1670, oil on canvas, (Museum Boijmans Van Beuningen)

Fintech IPOs have been a hot commodity so far this year. Between highly touted IPOs such as Circle Internet Group (NYSE: CRCL) and Chime Financial (NASDAQ: CHYM) and slightly less heralded ones such as eToro (NASDAQ: ETOR) or Accelerant Holdings (NYSE: ARX), the market has served up loads of disruption in banking and capital markets in 2025.

Most of them are looking to put a unique spin on staid industries like payment processing, insurance exchanges, and brokerages.

Miami International Holdings (NYSE: MIAX) is also looking to take market share from one of the oligopolies in finance: equities and options exchanges.

While most investors probably haven’t seen too many companies with a MIAX listing instead of a NYSE or a NASDAQ listing, the company is finding some profitable niches and taking market share from the big players.

Here’s a quick look at the upstart exchange company that recently went public.


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