We got here throughout a bullish thesis on Miami Worldwide Holdings, Inc. on Chip Inventory Investor’s YouTube Channel. On this article, we’ll summarize the bulls’ thesis on MIAX. Miami Worldwide Holdings, Inc.’s share was buying and selling at $41.85 as of January thirteenth.
Miami Worldwide Change, or MIAX, is a just lately public firm that operates important infrastructure for international monetary markets, positioning itself as a digital, know-how pushed change centered totally on choices and futures buying and selling. Quite than serving retail traders, MIAX permits giant institutional members, market makers, and liquidity suppliers to transact effectively, functioning because the middleman that facilitates trades and manages the related information.
Its position is akin to different change primarily based enterprise fashions like Visa or Mastercard, the place worth is created by sitting on the middle of excessive quantity transactions. MIAX has constructed most of its buying and selling know-how in home over the previous decade, complemented by selective acquisitions, and operates as a digital native change with a bodily buying and selling flooring set to open in Miami.
The corporate competes with established gamers comparable to Nasdaq, CBOE, and Intercontinental Change, although CME Group presently acts extra as a accomplice by distributing MIAX merchandise. Exchanges like MIAX have lengthy been early adopters of knowledge middle and low latency compute, making them oblique beneficiaries of ongoing semiconductor and cloud infrastructure funding.
Financially, MIAX reported first half 2025 income of $655 million, up 21% 12 months over 12 months, although a big portion is returned to merchants by way of liquidity funds that incentivize energetic markets. Even so, adjusted EBITDA margins of roughly 45% align with different extremely worthwhile change operators, and the inventory worth since its IPO has seen a 47.52% enhance.
MIAX raised almost $400 million in its IPO, with proceeds earmarked for debt compensation and steadiness sheet strengthening, an vital step given its present free money circulate profile. Whereas GAAP profitability and sustained money era stay key uncertainties, buying and selling volumes proceed to develop and leverage is ready to say no.
At roughly 16x to 17x adjusted EBITDA, the valuation displays each the sturdiness of the change mannequin and the necessity for additional execution, making MIAX a enterprise value monitoring carefully as a newly public market infrastructure supplier.
Beforehand we lined a bullish thesis on Nasdaq, Inc. (NDAQ) by Magnus Ofstad in January 2025, which highlighted robust progress in recurring revenues, know-how integration, and international market attain. NDAQ’s inventory worth has appreciated roughly 21.39% since our protection, reflecting its transition to a data-driven change mannequin. Chip Inventory Investor, covers Miami Worldwide Holdings, Inc. (MIAX), which shares the same give attention to change know-how however emphasizes MIAX’s latest IPO, excessive EBITDA margins, and growth in institutional buying and selling infrastructure.
