Miami International Holdings, Inc. (MIAX) is gaining investor attention amid a theoretical bull case highlighting its strategic position in U.S. market infrastructure. The analysis underscores MIAX’s growing liquidity share, operational efficiency, and expansion into new asset classes as key catalysts.
- MIAX captured 12.3% of U.S. equity trading volume in Q4 2025, up from 9.7% in Q4 2024.
- MIAX Pearl holds 18.6% share of U.S. options trading volume in 2025.
- New ETF and fixed-income platform launched in early 2025 with projected 14% annual revenue growth.
- MIAX’s low-latency infrastructure and fee advantage are cited as key drivers of market share gains.
- Institutional demand for high-speed, cost-efficient execution venues is increasing.
- Market positioning suggests potential outperformance in the financial infrastructure sector.
Miami International Holdings, Inc. (MIAX) is emerging as a focal point in equity market infrastructure discussions, driven by a recently published bull case theory that emphasizes its competitive edge in the exchange landscape. The analysis positions MIAX not merely as a traditional exchange operator but as a high-growth, low-latency market infrastructure provider with increasing influence across U.S. equity and options trading. The bull case centers on MIAX’s 12.3% share of U.S. equity trading volume in Q4 2025, up from 9.7% in the same period the prior year, reflecting a sustained shift in market participants toward its faster execution and lower fees. Additionally, MIAX’s MIAX Pearl exchange has captured 18.6% of U.S. options trading volume in 2025, surpassing several established competitors. These figures underscore its growing market relevance and operational efficiency, particularly in high-frequency trading environments. Further fueling the optimism is MIAX’s expansion into ETF and fixed-income trading, where it launched a new clearing and settlement platform in early 2025. This move positions the company to capture incremental revenue streams beyond traditional equity and options, with projected annualized revenue growth of 14% over the next three years based on current contract commitments. The broader market impact includes heightened interest from institutional investors and passive fund managers seeking low-cost, high-speed execution venues. As MIAX continues to gain share, its stock performance may be further supported by sector rotation toward infrastructure-focused financial services, particularly amid increasing regulatory scrutiny on existing exchange operators.