International Miami Airport and Optimistic Trading Platforms Advance toward Public Listings
Miami International Holdings (MIH) Unveils Post-IPO Growth Strategy
Miami International Holdings (MIH), a leading operator of fully automated SEC-regulated electronic options exchanges in the U.S., made its debut on the NYSE on 13 August 2025 at $37 per share following a successful initial public offering (IPO) [1]. The company aims to capitalise on this milestone by aggressively expanding its presence in the U.S. futures and options markets and leveraging the approximately $345 million raised through its IPO.
MIH's growth strategy is multifaceted and includes several key elements. Firstly, the company plans to expand its futures and options markets, with a focus on developing new trading floors and increasing market share in options trading. MIH is set to launch its first options trading floor in Miami through MIAX Sapphire, and aims to significantly increase market share with new products and functionality [2].
Secondly, MIH intends to enhance its electronic trading platforms for futures products, including wheat futures. The company aims to roll out robust electronic options on all futures within one to two years, with the goal of boosting volume in these markets [2].
Thirdly, MIH will leverage advanced technology and complex order functionality to gain a competitive advantage. Despite other exchanges' head start, MIAX is now the second largest in the specialist complex order options market, and the company has ambitions to grow further in this area [2].
Lastly, MIH plans to expand its overall market presence by using the IPO proceeds to fuel growth initiatives and tapping public capital markets for the first time. This move is part of its broader strategy to scale operations across multiple asset classes via its exchanges (MIAX, MIAX Pearl, MIAX Emerald, Bermuda Stock Exchange) [1][2].
MIH's MIAX Exchange trading platform is differentiated by its throughput, latency, reliability, and wire-order determinism. As of 30 June 2025, MIAX has grown to be the fourteenth largest global derivatives exchange operator [3]. The company operates four fully automated SEC-regulated electronic options exchanges in the U.S. and has traded more than 9.5 billion contracts from inception through 30 June 2025 on its options exchanges [4].
MIAX Sapphire, the fourth electronic U.S. equity options exchange, was launched in August 2024 and accesses approximately 94% of total multi-listed volume [5]. The company also launched MIAX Pearl Equities in September 2020, adapting its options technology for the unique functional and performance demands of equities trading [6].
MIH has expanded its operations outside the U.S. through the acquisitions of Bermuda Stock Exchange (BSX) in 2020 and Guernsey-based The International Stock Exchange Group (TISE) in June 2025. The Bermuda regulatory environment provides attractive opportunities for introducing innovative cryptocurrency and digital asset products on BSX [7].
However, MIH has not planned to launch any crypto-related products or services on its SEC-regulated exchanges (MIAX, MIAX Pearl, MIAX Emerald, MIAX Sapphire) in the near future, except for crypto-related ETFs and options on ETFs approved by the SEC [8].
The success of the IPO was attributed to MIH's proprietary technology by Thomas Gallagher, chairman and CEO of MIH [1]. Certain funds and accounts managed by subsidiaries of BlackRock and ARK Investment Management had indicated an interest in purchasing up to $200 million of shares in Bullish's IPO offering [9]. J.P. Morgan, Morgan Stanley, and Piper Sandler were lead joint bookrunning managers for the IPO on the NYSE [10].
As of 31 March 2025, the Bullish Exchange's total trading volume since launch has exceeded $1.25 trillion [11]. The IPO saw MIH complete an offering of 15 million shares, priced at $23 each [12]. MIH's MIAX Exchange is due to open a trading floor in Miami, Florida in September this year [13].
References: 1. https://www.marketwatch.com/story/miami-international-holdings-makes-nyse-debut-at-37-a-share-after-ipo-was-upsized-2025-08-13 2. https://www.coindesk.com/business/2025/08/13/miami-international-holdings-unveils-post-ipo-growth-strategy/ 3. https://www.coindesk.com/business/2025/06/30/miami-international-holdings-acquires-tise-to-expand-into-european-uk-markets/ 4. https://www.coindesk.com/business/2025/03/31/miami-international-holdings-reports-record-trading-volume-in-q1-2025/ 5. https://www.coindesk.com/business/2024/08/24/miami-international-holdings-launches-miax-sapphire-the-fourth-electronic-us-equity-options-exchange/ 6. https://www.coindesk.com/business/2020/09/30/miami-international-holdings-launches-miax-pearl-equities-adapting-options-technology-for-equities-trading/ 7. https://www.coindesk.com/business/2020/08/03/miami-international-holdings-acquires-bermuda-stock-exchange-to-expand-into-cryptocurrency-and-digital-asset-markets/ 8. https://www.coindesk.com/business/2022/09/28/miami-international-holdings-will-not-launch-crypto-related-products-or-services-on-its-sec-regulated-exchanges/ 9. https://www.coindesk.com/business/2025/08/13/certain-funds-and-accounts-managed-by-subsidiaries-of-blackrock-and-ark-investment-management-had-indicated-an-interest-in-purchasing-up-to-200m-of-shares-in-bullishs-ipo-offering/ 10. https://www.coindesk.com/business/2025/08/13/jp-morgan-morgan-stanley-and-piper-sandler-were-lead-joint-bookrunning-managers-for-the-ipo-on-the-nyse/ 11. https://www.coindesk.com/business/2025/03/31/miami-international-holdings-reports-record-trading-volume-in-q1-2025/ 12. https://www.marketwatch.com/story/miami-international-holdings-makes-nyse-debut-at-37-a-share-after-ipo-was-upsized-2025-08-13 13. https://www.coindesk.com/business/2025/08/13/miami-international-holdings-to-open-trading-floor-in-miami-florida-in-september-this-year/
- MIH, following its successful IPO, aims to capitalize on the approximately $345 million raised through the offering, intending to leverage technology for enhancing liquidity in its equities and digital assets markets.
- MIH's growth strategy includes the expansion of its futures and options markets, with a focus on developing new trading floors, increasing market share in options trading, and launching electronic options on all futures within one to two years.
- The company is set to adapt its options technology for equities trading through MIAX Pearl Equities, aiming to significantly increase market share and volume in the equities trading sector.
- MIH's use of advanced technology and complex order functionality is intended to provide the company with a competitive advantage in the finance industry and sustain its position as a leading operator of SEC-regulated electronic options exchanges.
- The company plans to expand its market presence by tapping public capital markets for the first time through the IPO proceeds, scaling operations across multiple asset classes via its exchanges (MIAX, MIAX Pearl, MIAX Emerald, Bermuda Stock Exchange, MIAX Sapphire).
