MIAX Stock Explained: Why the Miami Stock Exchange Could Be a 10x Investment

Why Most Investors Miss This

MIAX is boring on the surface.

No flashy consumer brand.
No retail hype.
No TikTok crowd.

But that’s exactly where real compounding hides.

While everyone argues about AI tools and meme stocks, MIAX quietly:

• Processes billions of trades

• Sells mission-critical infrastructure

• Locks in clients with massive switching costs

That’s how generational businesses are built.

The Core Thesis: A Hidden Infrastructure Play

MIAX is not “a stock exchange.”

It’s a technology company running multiple exchanges:

• 4 options exchanges (Pearl, Emerald, Sapphire, MIAX)

• Equities platforms

• Futures platforms

• International exchanges (incl. Bermuda)

Once the tech is built, each extra trade costs almost nothing to process.
Revenue scales. Costs barely move.

That’s operating leverage — and it’s just starting to show up.

The Moat Is Real

Ask yourself this:

“If I gave you $20 billion today, could you build a competitor?”

You can’t.

Why?

• 🚧 Regulatory barriers (nearly impossible to fast-track)

• ⚙️ Proprietary trading tech built from scratch

• 🌐 Network effects (institutions don’t switch lightly)

This is the same reason nobody actually disrupts Visa or Mastercard — despite decades of attempts.

Once you’re installed as the platform, you’re sticky.

The Numbers That Made Me Act 📊

Here’s what pushed me over the edge:

• 📈 2.4B options contracts traded in 2025

• 🚀 +40% growth YoY

• 💰 Adjusted earnings up 383% YoY

• 📊 EBITDA margins expanded from 27% → 44%

• 🧱 Fortress-like balance sheet (9/10)

And here’s the kicker 👇
Market cap: $3.6B

Comparable exchanges trade closer to $40B.

Same business model.
Slower growth.
Much higher valuation.

That gap doesn’t stay open forever.

Futures: The Quiet Power Move ⚡

This part is underappreciated.

MIAX already controls 22% of U.S. futures trading.
The New York Stock Exchange? 17%.

That’s not “up and coming.”
That’s already structural relevance.

Once institutions build workflows around you, you’re embedded.

The Sprint Score 🟡

We rate companies internally using a Sprint Score (0–100).

MIAX today: 72 / 100
That puts it top-10 across everything we track.

Why not higher?

• It’s still young as a public company

• Capital returns are low (they’re reinvesting aggressively)

Why that’s fine:

• This is growth phase, not harvest phase

• Reinvestment now = dominance later

Timing: Are You Late? ⏱️

Short answer: No.

Like most IPOs:

• Overpriced at launch

• Pulled back

• Now stabilizing

We entered around $40–42.
It’s ~$43 now.

If macro shocks hit?
This could drop 30% in a day.

And honestly?
I’d happily buy more.

The Real Bet 🎯

This is not about next quarter.

It’s a bet that:

• Financial markets keep growing

• Institutions need faster, cheaper infrastructure

• Network-effect businesses keep winning

I believe 12–15 years is realistic for a 10x.
Possibly sooner.

And that’s why I opened the position.

Over to You 👇

Does MIAX fit your portfolio?
Is this smart infrastructure investing, or am I early?

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