Jul. 27 at 6:53 PM
$MIAX is the kind of name I want on my radar when markets get ugly.
Panic is actually good for exchanges. Volatility jumps, options volume picks up, and MIAX gets paid for the activity regardless of who wins the trade.
The numbers back it up: Q1 net revenue jumped 40% to
$128.6M, while adjusted EBITDA surged 66% to
$66.1M. That’s a 51% margin.
Then there’s the piece I think the market is underappreciating.
$MIAX kept 10% of Rothera after selling 90% to the Robinhood/Susquehanna venture, booking a
$50.5M gain.
Core exchange growth + prediction markets optionality. Interesting setup.
