Exchange companies rarely go public, because only a few exist. Miami International Holdings was one of the newcomers. Founded in 2007, it built a family of electronic options exchanges under the MIAX name, then bought its way into futures. Its rivals were the giants that run Wall Street's markets. When it went public in August 2025, it priced above its range, and its stock rose 34 percent on day one.

Building Exchanges From Scratch

The company was founded in 2007 and is based in Princeton, New Jersey. The bet was that options trading would keep growing, and that a new exchange with fast technology could take a share from incumbents. It launched MIAX Options, then added more options and equities exchanges. It also bought older markets to enter futures trading. Its customers were the market makers and brokers who route orders every second.

A Rare Exchange IPO

MIAX priced at $23 a share on August 13, 2025, above its range of $19 to $21. It sold 15 million shares and raised about $345 million. The stock began trading on the New York Stock Exchange the next day and closed up about 34 percent. The company announced plans to open a trading floor in Miami. It still trades on the NYSE under MIAX.

Cover: Morning on St. John's, Florida, Thomas Moran. Art Institute of Chicago, public domain. Chosen for a Florida river at morning (Miami).