Financial exchange MIAX’s IPO soars, eyes Miami expansion

Miami International Holdings, also known as financial markets exchange MIAX, raised over $345 million in its IPO Wall Street debut. 

Shares, which priced at $23, rose over 33% on the first day of trading and are listed on the New York Stock Exchange under the ticker MIAX.

CEO Thomas Gallagher led his team in ringing the opening bell on the NYSE floor Thursday. 

JETBLUE ADDS NEW AND OLD FLORIDA ROUTES

SOCIAL SECURITY UPDATES COST-OF-LIVING ESTIMATES

“We are a technology-driven leader in building and operating regulated financial marketplaces across multiple asset classes and geographies. Our MIAX Exchange marketplaces are enabled by our in-house-built, proprietary technology,” according to a filing with the Securities and Exchange Commission.

“We believe the speed and performance of our proprietary technology coupled with our fully integrated, award-winning customer service, sets us apart from our competitors.”  

Those asset classes include U.S. options, equities, futures and listings, according to the company. Proceeds from the IPO will go toward general corporate purposes. 

Total options volume across all classes rose 42.9% year-over-year to a record 1.1 billion contracts. Total market share sits at 16.2%.

While the exchange doesn’t list exchange-traded funds, it trades options on ETFs, including iShares Bitcoin Trust ETF, iShares Ethereum Trust, Grayscale Ethereum Mini Trust and Bitwise Ethereum ETF, to name a few. 

VIDEO: MARKETS BRACE FOR LOWER INTEREST RATES

The exchange will open a state-of-the-art trading floor in Miami in September, a MIAX spokesperson told FOX Business.