Miami International Holdings Reports 19.6% Revenue Growth but $70M Net Loss for Fiscal Year 2025

**Miami International Holdings, Inc. Reports Fiscal Year 2025 Results**

Miami International Holdings, Inc. (MIH), operator of the MIAX Exchanges, MIAX Futures, and other international marketplaces, reported total revenues of $1.36 billion for the fiscal year ended December 31, 2025, compared to $1.14 billion in 2024, representing a 19.6% increase. The growth was primarily driven by a $230.8 million increase in Options transaction and clearing fees, a $15.2 million increase in Options access fees, an $11.3 million increase due to the TISE Acquisition in June 2025, and an $8.1 million increase in Options market data fees. The company reported a net loss attributable to MIH of $70.0 million, compared to a net income of $102.1 million in the previous fiscal year. This shift was largely due to a $107.7 million loss on debt extinguishment related to the repayment of the 2029 Senior Secured Term Loan following the company's initial public offering.

Key operational developments included a 41.1% increase in multi-listed U.S. options contracts traded on MIAX Exchanges, reaching 2.4 billion contracts in 2025. The average daily volume in U.S. options on the MIAX Exchanges increased to 9.5 million contracts in 2025, compared to 6.7 million contracts in 2024. Total volume of futures and options on futures on the MIAX Futures exchange reached 3.3 million contracts in 2025, a 2.2% increase from the 2024 total. MIAX Pearl Equities reported a volume of 45.8 billion shares in 2025, representing a market share of 1.0%. The company also launched the MIAX Sapphire physical trading floor in Miami, Florida, in September 2025.

Strategic initiatives during the year included the acquisition of The International Stock Exchange Group Limited (TISEG) on June 5, 2025, expanding MIH's international capabilities. In July 2024, MIH entered into a master index services license agreement with Bloomberg Index Services Limited to develop a suite of proprietary products based on Bloomberg’s portfolio of indexes. Effective January 20, 2026, MIH sold 90% of the issued and outstanding equity of MIAX Derivatives Exchange (MIAXdx) to a joint venture established by Robinhood Markets, Inc. in partnership with Susquehanna International Group, retaining a 10% equity stake.

Looking ahead, MIH plans to exclusively list certain Bloomberg Products on its exchange in the second quarter of 2026, including small notional futures contracts on the B100Q Index and the B500 Index, as well as futures on the B500 Index. The company also intends to list other products, such as additional agricultural futures products and financial futures products, on the MIAX Futures Onyx trading platform, subject to certain regulatory filings. MIH will continue to focus on expanding its market share across its options exchanges, growing its futures markets, increasing its international presence, and further monetizing and enhancing its data and analytics capabilities.