MIAX Q2 Revenue Surges 18% to $388M; Nasdaq Litigation Settled for $30M
MIAX sits 64% above its 52-week low of $28.63.
Summary
MIAX reported record Q2 revenue of $387.6M (+18% YoY) and net income of $44.2M, while settling its long-running patent litigation with Nasdaq for $30M—removing a key legal risk.
Key Events · Earnings and Guidance · MIAX
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Q2 Revenue Hits $387.6M
Total revenue rose 18.3% year-over-year to $387.6 million, driven by a 26.8% increase in options market average daily volume and higher access fees.
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Net Income More Than Doubles
Net income reached $44.2 million ($0.40 diluted EPS) vs. $23.5 million a year ago, despite a $30 million litigation settlement charge. Six-month net income was $214.4 million, boosted by a $50.6 million gain on the MIAXdx sale and an $85.6 million tax benefit.
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Nasdaq Litigation Settled for $30M
All claims and counterclaims in the seven-year patent dispute with Nasdaq were dismissed with prejudice. MIAX paid $30 million and retains full freedom to operate its technology without any license from Nasdaq.
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Cash Position Strengthens to $660M
Cash and equivalents rose to $660.5 million from $433.6 million at year-end 2025, providing ample liquidity for growth initiatives and new product launches.
Analysis · MIAX · Crypto Assets
A strong second quarter saw revenue climb 18% year-over-year to $387.6 million, fueled by a 26.8% surge in options market volume. Net income more than doubled to $44.2 million, even after absorbing a $30 million charge to settle the long-running Nasdaq patent litigation—a dispute that had cast a shadow over the company's technology freedom. The settlement, paid in July, removes a major legal overhang and allows MIAX to operate all its exchanges without any license from Nasdaq. The balance sheet is flush with $660 million in cash, and the company is investing in new products, including financial futures launched in May. Two insiders adopted 10b5-1 trading plans, but the amounts are modest relative to the company's size.
At the time of this filing, MIAX was trading at $47.01 on NYSE in the Crypto Assets sector, with a market capitalization of approximately $4.4B. The 52-week trading range was $28.63 to $57.14. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.