Form 4: Director Paul Stahlin Boosts MIAX Stake

MIAMI INTERNATIONAL HOLDINGS, INC. Director Paul Stahlin increased his beneficial ownership of common stock through conversions and option exercises.

Summary

• Paul Stahlin, a Director of MIAMI INTERNATIONAL HOLDINGS, INC. (MIAX), reported transactions on August 15, 2025.
• He acquired 10,000 shares of Common Stock through the conversion of Series B Preferred Stock.
• He also acquired 14,083 shares of Common Stock through the conversion of Nonvoting Common Stock.
• Following these conversions, his direct beneficial ownership of Common Stock is reported as 25,083 shares.
• Additionally, he exercised stock options to acquire a total of 207,778 shares of Common Stock. These options, which were fully vested, had exercise prices ranging from $12.00 to $16.14.

Sentiment

Score: 7

Explanation: The filing indicates a significant increase in a director's direct and indirect holdings of common stock through conversions and option exercises. This is generally viewed positively as it signals confidence from an insider. While it's a routine transaction for vested options, the sheer volume of shares acquired is notable.

Positives

• Significant increase in direct beneficial ownership of Common Stock by a Director, signaling confidence in the company.
• Exercise of a large number of fully vested stock options indicates the director is realizing value from his compensation and converting it into direct equity.
• Conversion of preferred and nonvoting common stock into common stock simplifies the capital structure for these holdings.

Risks

• Form 4 filings primarily report insider transactions and do not typically contain risk factor disclosures. No specific risks were mentioned.

Future Outlook

This Form 4 filing does not provide forward-looking statements or guidance. It is a report of past transactions.

Industry Context

This filing reports an individual insider transaction and does not provide broader industry context or trends. However, insider buying/exercising can be seen as a positive signal within the financial services industry, indicating confidence from those with intimate knowledge of the company.

Comparison to Industry Standards

• This filing details specific insider transactions and does not provide data for comparison to global benchmarks or specific comparable companies/projects. Insider transactions are typically evaluated based on the individual's role, the volume of shares, and the context of the company's recent performance.

Related Party Transactions

• 10,000 shares of Series B Preferred Stock were held jointly with the reporting person's spouse with right of survival, converted to Common Stock.
• 4,083 shares of Nonvoting Common Stock were held jointly with the reporting person's spouse with right of survival, converted to Common Stock.

Stakeholder Impact

• Shareholders may view the director's increased stake as a positive signal of confidence in the company's future prospects.

Key Dates

Recommendation

The significant increase in a director's direct and indirect beneficial ownership through both conversions and the exercise of a large volume of stock options suggests strong insider confidence in the company's future performance. While option exercises are often pre-planned, the decision to convert these into common stock and hold them, rather than sell, indicates a positive outlook. This insider activity could be interpreted by seasoned investors as a bullish signal for MIAMI INTERNATIONAL HOLDINGS, INC.

Keywords

MIAMI INTERNATIONAL HOLDINGS, MIAX, Paul Stahlin, Director, Insider Trading, Form 4, Stock Options, Common Stock, Equity Conversion, Beneficial Ownership