The American exchange operator MIAX's parent company, Miami International Holdings, has landed on the US stock market, with opening stock prices rising over 38%

According to Zhitong Finance APP, the parent company of the U.S. exchange operator MIAX, Miami International Holdings (MIAX.US), has listed on the New York Stock Exchange. The opening stock price rose over 38%, reaching $32.67.

Miami International Holdings, headquartered in Princeton, New Jersey, sold 15 million shares on Wednesday at a price above the offering range of $19 to $21 per share, raising $345 million, with the final IPO pricing set at $23, making it one of the largest listings of an exchange operator in U.S. history.

Since the 2000s, there have been very few exchange operators that have gone public in the U.S. The Chicago Mercantile Exchange Group was the first to go public in 2002, followed by Cboe Global Markets, which completed its listing in 2010. Miami International Holdings had secretly submitted its IPO application as early as 2022, making this listing a "long-awaited" event.

This year, benefiting from increased market volatility, several U.S. exchanges have seen record trading volumes and improved profitability, leading to a high level of industry prosperity.

MIAX was established in 2007, during a wave of consolidation among U.S. equity and options exchanges. The company is led by one of its co-founders, Thomas Gallagher, who stated in an interview with Reuters: "I am not worried about market fragmentation, nor am I concerned about the issues that come with having diverse exchanges. I believe the key is who has the right technology, robust infrastructure, and good relationships with market participants."

MIAX currently operates nine exchanges covering multiple asset classes, including stocks and futures, but most of its revenue comes from options trading. The company launched its first options exchange in 2012 and has continuously captured market share from competitors over the past decade. According to data from the Options Clearing Corporation, MIAX's market share in the U.S. options market reached 16% in the first half of 2025, second only to NYSE, Nasdaq, and Cboe. Last year, MIAX also launched its fourth U.S. stock options exchange.

Although the company has not yet ventured into cryptocurrency futures products, Gallagher revealed that the company would be happy to expand into related businesses if opportunities arise. "If there are partners in the crypto space who come to us wanting to jointly launch crypto products, whether on our futures exchange or options products based on a certain crypto index, we welcome the collaboration."

The shareholder lineup of Miami International Holdings includes acquisition firm Warburg Pincus and well-known trading companies Susquehanna and Wolverine