Form 4: Director Boosts Stake in Miami International Holdings

Murray Stahl, a director and 10% owner, reported an acquisition of 34,470 shares of Miami International Holdings common stock.

Summary

• Murray Stahl, a Director of Miami International Holdings, Inc. and Chairman, CEO, and CIO of Horizon Kinetics Asset Management LLC, reported changes in beneficial ownership.
• An indirect acquisition of 34,470 shares of Common Stock occurred on August 28, 2025, at a price of $36.1 per share.
• Following this transaction, the total beneficial ownership of Common Stock is 4,557,919 shares, held indirectly through Horizon Kinetics Asset Management LLC.
• The filing also details various vested derivative securities held by Mr. Stahl, including options and warrants.
• Options with exercise prices ranging from $16.14 to $25.98 and expiration dates between May 31, 2031, and March 26, 2033, are directly owned.
• Warrants with exercise prices of $15 and $20.5 and expiration dates between April 8, 2026, and February 5, 2027, are indirectly owned via Horizon Kinetics Asset Management LLC.
• The reported Common Stock beneficial ownership includes 5,000 shares of Series B Preferred Stock and 14,998 shares of Non-Voting Common Stock, both converted to Common Stock upon the company's IPO.

Sentiment

Score: 7

Explanation: The acquisition of common stock by a director and 10% owner, along with the vesting of substantial derivative holdings, indicates a positive sentiment and confidence in the company's future prospects from a key insider.

Positives

• A director and 10% owner, Murray Stahl, increased his indirect stake in the company by acquiring 34,470 shares of common stock, signaling confidence in the company's future.
• All reported options held by Mr. Stahl are fully vested, indicating immediate exercisability.
• All reported warrants are currently vested and presently exercisable until their respective expiration dates.

Negatives

• Shares were inadvertently excluded from a prior Form 3 filing made on August 13, 2025, requiring a correction in this Form 4.

Future Outlook

The filing does not provide explicit forward-looking statements or guidance, focusing solely on past insider transactions and beneficial ownership changes.

Management Comments

• Murray Stahl serves as Chairman, Chief Executive Officer, and Chief Investment Officer of Horizon Kinetics Asset Management LLC, which manages funds and accounts that hold securities of the Issuer.
• Mr. Stahl does not exercise investment discretion with respect to the securities of the Issuer that are beneficially owned by the Managed Accounts.
• Mr. Stahl disclaims beneficial ownership over the securities reported, except to the extent of his pecuniary interest therein, if any.
• The filing of this Form shall not be deemed an admission that Mr. Stahl is the beneficial owner of such securities for purposes of Section 16 or any other purpose.

Industry Context

This Form 4 filing is a standard disclosure of insider trading activity, reflecting a director's and significant shareholder's investment decisions. It does not provide broader industry context or trends.

Related Party Transactions

• Murray Stahl's indirect beneficial ownership of securities through Horizon Kinetics Asset Management LLC, where he serves as Chairman, CEO, and CIO, represents a related party arrangement for reporting purposes.

Stakeholder Impact

• Shareholders may view the director's purchase of additional common stock as a positive signal, potentially increasing investor confidence in the company's valuation and future performance.
• The disclosure of significant insider holdings, including vested options and warrants, provides transparency to investors regarding management's alignment with shareholder interests.

Key Dates

Recommendation

The significant purchase of common stock by a director and 10% owner, Murray Stahl, signals strong insider confidence in Miami International Holdings, Inc.'s future prospects. This direct investment, coupled with substantial vested derivative holdings, suggests a positive outlook from a key stakeholder, making it a compelling signal for potential investors.

Keywords

Miami International Holdings, MIAX, Murray Stahl, Horizon Kinetics Asset Management, Insider Trading, Form 4, Stock Purchase, Director Ownership, Options, Warrants, Beneficial Ownership