8-K: MIAX Completes 90% Sale of MIAXdx to Robinhood JV

Miami International Holdings announced the completion of the sale of 90% equity in MIAX Derivatives Exchange to a joint venture formed by Robinhood Markets and Susquehanna International Group.

Summary

• Miami International Holdings (MIAX) completed the sale of 90% of the issued and outstanding equity in MIAX Derivatives Exchange (MIAXdx).
• The buyer is a joint venture established by Robinhood Markets, Inc. in partnership with Susquehanna International Group.
• MIAX has retained a 10% equity stake in MIAXdx.
• The transaction was effective as of January 20, 2026.
• MIAXdx is a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO) with regulatory approval from the Commodity Futures Trading Commission (CFTC) to list and clear fully collateralized futures, options on futures, and swaps.

Sentiment

Score: 7

Explanation: The transaction is presented as a strategic positive, reaffirming MIAX's growth strategy, unlocking shareholder value, and providing exposure to a growing market. The completion of a previously announced deal is generally well-received.

Positives

• The sale reaffirms MIAX's strategy of partnering with industry leaders to accelerate growth strategies.
• MIAX gains exposure to the growing prediction market through its retained 10% equity stake in MIAXdx.
• The sale of 90% of MIAXdx is believed to unlock significant value for MIAX shareholders.
• MIAX can now laser-focus on organic growth opportunities within its core exchanges.
• Robinhood expects the purchase of MIAXdx to accelerate its investment in prediction markets and improve customer experience in this growing asset class.

Risks

• Forward-looking statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected.
• Actual results may differ materially from those projected in forward-looking statements.
• Additional risks and uncertainties are listed in Miami International Holdings, Inc.'s public filings with the Securities and Exchange Commission.

Future Outlook

MIAX is focused on organic growth within its core exchanges and remains invested in MIAXdx's long-term success. Robinhood anticipates accelerating its investment in prediction markets and enhancing customer experience in this asset class, while also looking forward to exploring future partnership opportunities with MIAX.

Management Comments

• "Our sale of MIAXdx reaffirms our strategy of partnering with industry leaders to accelerate our growth strategies and we're pleased to gain exposure to the growing prediction market through our retained equity stake in the exchange." Thomas P. Gallagher, Chairman and Chief Executive Officer of MIAX.
• "MIAX is laser focused on organic growth opportunities within our core exchanges and believe the sale of 90% of MIAXdx unlocks significant value for our shareholders. We look forward to seeing what's ahead for MIAXdx and remain invested in its long-term success." Thomas P. Gallagher, Chairman and Chief Executive Officer of MIAX.
• "The purchase of MIAXdx accelerates our investment in the prediction markets and improves our position to deliver a better experience for customers in this growing asset class." JB Mackenzie, VP and GM of Futures and International at Robinhood.
• "We're grateful to MIAX for their trust and retained investment in the venture, and we look forward to exploring future partnership opportunities with a technology driven leader in the exchange industry." JB Mackenzie, VP and GM of Futures and International at Robinhood.

Industry Context

The transaction highlights the growing interest and investment in prediction markets, with major players like Robinhood expanding their presence. MIAX continues to strategically partner and divest to focus on core strengths in regulated financial markets, aligning with broader trends of specialization and strategic alliances within the financial exchange industry.

Stakeholder Impact

• Shareholders are expected to benefit from unlocked value and MIAX's focused organic growth strategy.
• Customers of Robinhood are anticipated to receive a better experience in the growing prediction market asset class.

Next Steps

• MIAX will focus on organic growth opportunities within its core exchanges.
• MIAX will remain invested in MIAXdx's long-term success.
• Robinhood will accelerate its investment in prediction markets.
• Robinhood will work to improve customer experience in the prediction market asset class.
• Robinhood looks forward to exploring future partnership opportunities with MIAX.

Key Dates

Recommendation

The completion of the MIAXdx sale is a strategic move that allows MIAX to focus on its core exchange businesses and provides exposure to the growing prediction market. While positive for long-term strategic alignment and potential value unlocking, the filing lacks specific financial details of the transaction (e.g., sale price, financial impact) to warrant a 'buy' or 'sell' recommendation. A 'hold' position is appropriate as investors await further financial disclosures and observe the execution of MIAX's focused growth strategy.

Keywords

MIAX, Robinhood, Susquehanna, MIAXdx, Derivatives Exchange, Prediction Markets, Asset Sale, Joint Venture, Financial Markets, Exchange Industry, CFTC