SCHEDULE: Horizon Kinetics Boosts Stake in Miami International Holdings

Horizon Kinetics Asset Management LLC has increased its beneficial ownership in Miami International Holdings, Inc. to 11.7%, primarily for investment purposes.

Summary

• Horizon Kinetics Asset Management LLC (HKAM) beneficially owns 9,499,995 shares of Common Stock in Miami International Holdings, Inc.
• This ownership represents 11.7% of the outstanding Common Stock of the Issuer.
• The total beneficial ownership comprises 9,221,128 shares held by Managed Accounts and warrants exercisable for 278,867 shares.
• The warrants are currently vested and exercisable with expiration dates ranging from April 8, 2026, to August 9, 2027.
• HKAM acquired these securities for investment purposes on behalf of its clients.
• Murray Stahl, Chairman, Chief Executive Officer, and Chief Investment Officer of HKAM, was appointed to the Issuer's Board of Directors on July 15, 2025.
• HKAM intends to regularly review its equity interest and may acquire additional shares or sell existing shares from time to time due to client requests, regulatory or investment limitations, or other reasons.
• HKAM engaged in numerous buy transactions of the Issuer's common stock between September 25, 2025, and November 24, 2025, at prices ranging from $39.53 to $49.85 per share, with one small sell transaction on November 24, 2025, at $44.28.

Sentiment

Score: 7

Explanation: The increased beneficial ownership by a reputable investment firm and the appointment of its key executive to the board suggest a positive long-term view and potential for strategic engagement, which is generally favorable for the company's outlook.

Positives

• A significant investment by Horizon Kinetics Asset Management LLC, a registered investment adviser, indicates confidence in Miami International Holdings, Inc.
• The appointment of Murray Stahl, a key executive from HKAM, to the Issuer's Board of Directors suggests potential for strategic influence and alignment of interests between a major shareholder and the company.
• Consistent buying activity by HKAM over the past 60 days, even at varying price points, demonstrates sustained investment interest.

Risks

• Horizon Kinetics Asset Management LLC may sell shares from time to time for various reasons, including client requests, regulatory or investment limitations, which could potentially impact the Issuer's share price.
• HKAM expressly disclaims beneficial ownership of the Common Stock for purposes of Sections 13(d) and 16 of the Securities Exchange Act of 1934, except to the extent of its pecuniary interest therein.

Future Outlook

Horizon Kinetics Asset Management LLC intends to regularly review its equity interest in Miami International Holdings, Inc. and may acquire additional shares or other securities, or sell shares, from time to time. Murray Stahl, as a director, may seek to influence the corporate activities of the Issuer.

Management Comments

• Horizon Kinetics Asset Management LLC acquired the securities reported herein on behalf of the Managed Accounts for investment purposes.
• Horizon Kinetics Asset Management LLC intends to regularly review its equity interest in the Issuer and may, from time to time, acquire additional shares or other securities of the Issuer.
• While Horizon Kinetics Asset Management LLC has no present intention to dispose of all or any portion of the shares beneficially owned by Managed Accounts, it may sell shares from time to time for a number of reasons, not limited to client requests, regulatory or investment limitations or other reasons.
• Murray Stahl, in his capacity as a director of the Issuer, may have influence over the corporate activities of the Issuer, including activities which may relate to items described in subparagraphs (a) through (j) of Item 4 of Schedule 13D.

Industry Context

This filing indicates a significant institutional investor's increased stake in a company, which is often interpreted as a vote of confidence in the company's prospects. Such Schedule 13D filings are standard for active investment managers who acquire a substantial ownership percentage, signaling their intent to potentially influence or closely monitor their portfolio companies.

Management Changes

Corporate Governance

Stakeholder Impact

• Shareholders: The increased institutional ownership and board representation by a significant investor could be perceived as a positive signal, potentially leading to more robust oversight and strategic direction for the company.
• Management: The presence of a representative from a major shareholder on the board could lead to increased collaboration or scrutiny on strategic decisions and corporate performance.

Next Steps

• Horizon Kinetics Asset Management LLC will regularly review its equity interest in Miami International Holdings, Inc.
• Horizon Kinetics Asset Management LLC may acquire additional shares or other securities of the Issuer.
• Horizon Kinetics Asset Management LLC may sell shares from time to time.
• Murray Stahl, as a director, may seek to influence management or the board of directors of the Issuer with respect to its business and affairs.

Key Dates

Recommendation

The filing indicates a significant institutional investor, Horizon Kinetics Asset Management LLC, has increased its stake to 11.7% and has a representative on the board. This suggests a long-term investment thesis and potential for strategic influence. While the increased ownership is a positive signal, the filing itself does not provide new financial performance data to warrant a 'buy' or 'strong buy' recommendation. The stated intent is for 'investment purposes,' and the possibility of future sales is noted. Therefore, a 'hold' is appropriate for existing investors, acknowledging the positive institutional interest without new performance catalysts.

Keywords

Miami International Holdings, Horizon Kinetics Asset Management, Schedule 13D, Beneficial Ownership, Common Stock, Investment Adviser, Corporate Governance, Warrants, Equity Stake