MIAX MIAMI INTERNATIONAL HOLDINGS, INC. Insider Trading

CFO Emmons Lance sells 35,000 MIAX shares at $56.36 via pre-arranged 10b5-1 plan; stock up 20.7% in 30 days.

Emmons Lance, EVP and CFO, executed a scheduled sale of 35,000 shares at $56.36 under a 10b5-1 trading plan adopted on 2025-12-17, reducing his holdings by -29.3% to 84,262 shares post-transaction. The sale occurs as MIAX stock has risen 20.7% over the past 30 days and 33.3% over the past 90 days, though current price of $54.51 sits 4.6% below the 52-week high of $57.14. Since this transaction is part of a pre-arranged schedule rather than discretionary timing, the sale reflects contractual execution rather than a market judgment call. Investors should note the company generated $369,690,000.00 in latest quarterly revenue and $170,224,000.00 in net income, though full-year net income was negative, suggesting the quarterly profit may not be sustainable at the reported magnitude.

Chairman & CEO Gallagher executes net 15.8K-share sell via same-day buy-then-sell; prior MIAX sales poorly timed as stock rose after each exit.

Thomas P. Gallagher, the Chairman and CEO of Miami International Holdings, executed a same-day purchase and sale of roughly 15,800 shares on May 5, 2026—buying at one price and immediately selling at a substantially higher price, a technical maneuver often used for tax or accounting purposes rather than a signal of market confidence. The concerning pattern is his track record in this stock: every prior sale he's made has been poorly timed, with the shares rising afterward each time, suggesting he has consistently misjudged exit points. The stock is currently trading modestly below its recent highs and has gained significantly over the past three months, yet the company remains unprofitable with negative earnings, adding friction to the case that he's selling from a position of strength. This combination—the mechanical nature of the transaction structure, a history of poor timing on exits, and an unprofitable underlying business—raises questions about what the CEO knows and doesn't know about near-term prospects.

Chairman & CEO Thomas Gallagher executes matched buy-sell pairs totaling $2.56M in MIAX stock on same day.

Thomas Gallagher, the Chairman and CEO of Miami International Holdings, executed a same-day matched buy-sell transaction involving identical share quantities—a pattern typical of equity collar arrangements or rebalancing maneuvers that don't necessarily signal conviction about the stock's direction. The sale at elevated prices relative to recent trading history occurred while the stock is trading below its recent highs, and the company is unprofitable with recent quarterly results showing significant losses despite strong revenue growth. This type of mechanical paired transaction lacks the clarity of true discretionary selling—Gallagher may be executing a pre-arranged portfolio management strategy rather than expressing bearish sentiment about MIAX's prospects. Without visibility into whether this trade was pre-planned or represents a spontaneous decision, the filing warrants monitoring but shouldn't be read as a clear negative signal from leadership.

MIAX Chief Strategy Officer sells 16K shares same day as simultaneous purchase in mixed signal transaction

Shelly Brown, the company's Chief Strategy Officer, executed an unusual paired transaction: buying 16,000 shares at a lower price while simultaneously selling an identical 16,000 share block at a significantly higher price. This same-day swap—rather than a straightforward sell or buy—suggests a tactical portfolio rebalancing move rather than conviction about the stock's direction. The proceeds of roughly $756K dwarf the $192K purchase, indicating a net reduction in her economic exposure to MIAX despite holding the CSO role. The company faces headwinds: it is unprofitable with losses deepening in recent quarters, even as revenues have grown. Brown is timing her exit as the stock has recovered sharply in recent months and trades well below its recent highs, making this an opportune window to lock in gains. While the pattern lacks the clarity of a pure insider sell-off, it reflects an executive who appears to be de-risking her position in a company that has yet to reach profitability.

EVP and CIO sells 48k shares while purchasing same quantity; net liquidation reflects timing strategy amid operational losses.

Douglas M. Schafer Jr., the company's EVP and CIO, executed a same-day buy-sell transaction: purchasing 48,000 shares at a lower price while immediately selling the same volume at a much higher price. This pattern suggests a deliberate liquidity or tax-optimization strategy rather than a conviction-driven insider move. More significantly, the timing is notable: Schafer is selling into strength—the stock is up sharply over recent months and trading modestly below its highs—while the company is burning cash with consecutive quarterly losses and unprofitable fundamentals. An insider liquidation during a period of operational pressure and rapid share appreciation, even if driven by tax planning, suggests caution about valuation at these elevated levels. The overall transaction is modest in size relative to his holdings, but the asymmetry between the buy and sell prices and the unprofitable baseline warrant a closer look at his broader trading pattern.

EVP GC exercises options and immediately sells shares at near-peak valuation amid unprofitable operations.

Barbara Comly, the company's EVP, General Counsel & Corporate Secretary, exercised stock options and sold the entire position on the same day at a price near the stock's recent highs, converting approximately $336,000 in option value into $1.32 million in proceeds. This is a routine vest-and-sell pattern typical of officers executing equity compensation, not a signal of confidence in the business. The timing is notable because the stock is trading well below its recent peaks and the company remains unprofitable with declining earnings, meaning Comly is liquidating near-term gains rather than holding through a recovery. The exercise volume itself (roughly 3% of her holdings) is modest and consistent with scheduled equity vesting, making this a standard housekeeping transaction rather than an unusual expression of conviction about the company's direction.

EVP/CRO exercises options, immediately sells all shares at 3.9x cost basis in same-day wash.

Edward Deitzel, the company's Executive Vice President and Chief Risk Officer, exercised 11,000 stock options at $12 per share and sold the entire position the same day at $47.28, banking a substantial gain of approximately $388,000 net. This is a mechanical exercise-and-sell transaction with no meaningful increase in his stock ownership—he ended with the same number of shares he held before the trade. However, his execution timing stands out: across three prior sales at MIAX, the stock subsequently gained in each instance, indicating consistently poor timing on his exits. This current transaction occurs while the stock trades near its 52-week high after climbing sharply over the preceding months, and while the company continues to operate at a loss despite growing revenue. Deitzel's repeated pattern of selling into strength—combined with the company's ongoing unprofitability—suggests he is prioritizing liquidity and profit-taking rather than demonstrating conviction in the business. The fact that this is his fourth open-market sale in the past three years, with no offsetting open-market purchases during the same period, reinforces a net-reduction trend in his insider holdings.