MIAX Posts Record Growth
MIAX Exchange Group Reports Record May Trading Volume, Up 23.7% Year-Over-Year
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MIAX Exchange Group posted a record year-to-date average daily volume of 10.8 million contracts through May 2026, a 23.7% jump from the same period last year, AP News reported. The options trading platform also hit a record market share of 17.1% — up from 16.4% a year ago — cementing its standing as one of the fastest-growing exchange operators in the U.S.
CEO Thomas Gallagher said the results reflect "the scalability of our technology platform" and "the momentum we carry into what we expect will be another exciting year of growth," according to MarketScreener. The strong numbers come just one day after MIAX shares slid 7.8% on June 2, driven by a supply surge from early investors selling their stakes post-IPO.
Record Options Volume Powered by Four-Exchange Strategy
MIAX runs four separate U.S. options exchanges: MIAX, MIAX Pearl, MIAX Emerald, and the newly launched MIAX Sapphire. Each exchange targets a different slice of order flow. This "multi-exchange" approach has driven total options volume well past rivals. Q1 2026 net revenue hit $128.6 million, up 40% from $91.9 million in Q1 2025, according to MarketScreener.
MIAX Sapphire, the newest exchange, recorded its first million-contract trading day on April 14, 2026. Profit margins are expanding fast. Adjusted EBITDA margin — a measure of operating profitability — grew 800 basis points to 51% in Q1 2026. That means for every dollar of revenue, MIAX keeps 51 cents before interest and taxes.
MIAX Bets on Retail Futures to Break Options Dependence
Options trading still makes up 86% of MIAX's revenue. To change that, the company launched "Tini" Bloomberg index futures — small-sized contracts built for everyday investors. MIAX Futures CEO Shelly Brown called the rollout "very smooth," with 25,000 contracts traded in the opening days. The Tini Bloomberg 100 futures listed on May 17–18, followed by the Bloomberg 500 on June 1, AP News reported.
The Tini contracts put MIAX in direct competition with CME Group and Cboe in the retail futures space. By May 2026, the Bloomberg 100 futures were averaging 13,105 contracts per day. That is a small number compared to CME's established products, but analysts see it as an early proof of concept for a new revenue stream.
Wall Street Split Between Growth Story and Stretched Valuation
Analyst Chris Brendler at Rosenblatt raised his price target to $61.00 in May 2026, pointing to a "material top-line beat driven by continued strength in the core options business." JP Morgan analyst Kenneth Worthington is more cautious, holding a "Neutral" rating with a $45.00 target. The stock went public in August 2025 at $23.00 per share and has returned roughly 55% since then.
Not everyone is convinced the price is fair. Some financial models suggest the stock is deeply overvalued, trading at a trailing price-to-earnings ratio of 38.8 times — compared to a peer average of roughly 10 times for traditional exchange operators. The tension between strong operating results and a high stock price is the central debate heading into the second half of 2026, according to MarketScreener.
Post-IPO Selloff Clouds an Otherwise Strong Outlook
MIAX went public on the NYSE in August 2025, raising roughly $345–$400 million. Early private equity backers are now selling their stakes. On June 2, a major holder distributed shares "in-kind" to managed accounts, flooding the market with supply and sending the stock down 7.8% in a single day. Investors are watching SEC filings closely for more of these distributions.
The company also sold 90% of its crypto exchange unit, MIAXdx — now rebranded as Rothera Exchange — to a joint venture led by Robinhood Markets and Susquehanna International Group in January 2026. CFO Lance Emmons has set full-year 2026 adjusted operating expense guidance at $265–$275 million, signaling management expects cost discipline to hold even as growth accelerates, AP News reported.
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